Summary

The integration of bicycles into daily commuting routines has become a common sight in South Korean cities. Commuters are increasingly adopting bicycles as a sustainable and efficient means of navigating urban environments. The South Korean consumer market is known for its emphasis on quality and innovation. This is reflected in the bicycle accessories sector, where consumers seek products that not only meet functional needs but also incorporate the latest advancements in technology and design. Domestic and international brands are responding to this demand with innovative accessory offerings. The South Korean government has recognised the positive impact of cycling on public health and the environment. Supportive policies, campaigns promoting cycling, and investments in cycling infrastructure have created an environment conducive to the growth of the bicycle accessories market. Incentives for businesses in the cycling industry further contribute to market expansion. South Korea's picturesque landscapes and well-organised cycling events contribute to the popularity of cycling tourism. Enthusiasts participating in or attending such events drive the demand for specialised accessories, including those designed for long-distance rides, bikepacking, and recreational touring. The cultural shift towards wellness and a more active lifestyle has positioned cycling as a preferred choice for physical activity. As South Koreans increasingly prioritise health and fitness, the bicycle accessories market stands to benefit from the demand for products that support and enhance the cycling experience.

According to the research report "South Korea Bicycle Accessories Market Overview, 2029," published by Bonafide Research, the South Korea Bicycle Accessories market is expected to reach a market size of more than USD 190 Million by 2029. The South Korean government has actively supported and invested in initiatives to promote cycling. This includes the development of dedicated bicycle lanes, cycling-friendly infrastructure, and the implementation of bike-sharing programs. Government support has played a crucial role in creating a conducive environment for cycling. South Korea's focus on sustainable urban development has led to the integration of cycling into city planning. Urban areas are designed to be more bicycle-friendly, encouraging commuters to choose bicycles as a sustainable mode of transportation. The emphasis on eco-friendly alternatives aligns with global efforts to reduce carbon emissions. Increasing awareness of health and wellness has prompted more South Koreans to adopt active lifestyles. Cycling, as a low-impact exercise with cardiovascular benefits, has gained popularity. The desire for a healthier lifestyle contributes to the growth of the bicycle market as people incorporate cycling into their fitness routines. There has been a cultural shift in South Korea regarding the perception of bicycles. Beyond being a mode of transportation, bicycles are increasingly viewed as recreational vehicles. This shift has led to a growing market for high-quality bicycles designed for leisure and sport. Organised cycling events and tourism initiatives have gained popularity in South Korea. The country's scenic landscapes and well-organised cycling events attract enthusiasts and tourists alike. This trend contributes to the demand for specialised bicycles and accessories designed for long-distance rides, bikepacking, and touring.

Based on the product types, they are segmented into components and apparel. In South Korea, the apparel market is growing. The increasing popularity of cycling in South Korea has led to a growing demand for specialised apparel. As more people embrace cycling for fitness, leisure, and commuting, there is heightened interest in apparel that enhances the overall cycling experience, providing comfort, performance, and style. South Korea has witnessed a growing emphasis on health and wellness, and cycling is seen as a healthy and sustainable activity. This emphasis on well-being has translated into increased interest in specialised cycling apparel designed to meet the unique needs of cyclists, including moisture-wicking fabrics, breathability, and ergonomic designs. The trend of using bicycles for urban commuting has gained traction in South Korea. Commuters, especially in urban areas, seek apparel that combines functionality with a modern and urban aesthetic. Cycling-specific commuter apparel, including reflective and weather-resistant clothing, caters to the needs of individuals navigating city streets. In terms of the bicycle types, they are segmented into electric, road bikes, mountain bikes, hybrid bikes, youth bikes, comfort bikes, and others. Among them, in South Korea, the hybrid Bikes lead the market; hybrid bikes are known for their versatility, making them suitable for a wide range of riding conditions. They can handle both on-road and off-road terrain, making them appealing to riders who want a bike that can serve multiple purposes. Hybrid bikes are often designed to accommodate various accessories, such as racks, fenders, and lights. This makes them suitable for riders who use their bikes for commuting or errands, as they can easily add accessories to enhance functionality.

According to the types that are segmented into OEM and aftermarket, among them, OEM has the highest market share. South Korea has a reputation for manufacturing excellence and technological innovation. Local OEMs are producing high-quality and technologically advanced bicycle accessories; they gain prominence in the market. Consumers often value products with superior manufacturing standards. As the cycling culture grows in South Korea, the demand for high-quality and diverse bicycle accessories increases. OEMs that can cater to the evolving needs and preferences of cyclists experience growth in the market. Based on the sales channel, they are segmented into specialty bicycle retailers, full-line sporting goods stores, department stores, others, and online. In South Korea, the department store market is growing. A rise in interest in cycling for both recreational and commuting purposes can drive the demand for bicycle accessories. This interest may be influenced by factors such as a growing awareness of the health benefits of cycling, environmental concerns, and government initiatives to promote cycling. The involvement of department stores plays a role in promoting and popularising bicycle accessories.

Considered in this report:
• Geography: South Korea
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report:
• South Korea Bicycle Accessories market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Products
• Components
• Apparel

By Type
• OEM
• Aftermarket

By Bicycle Types
• Electric
• Road Bikes
• Mountain Bikes
• Hybrid Bike
• Youth
• Comfort
• Others

By Sales Channel
• Specialty Bicycle Retailers
• Full-Line Sporting Goods Stores
• Department Stores & Others
• Online

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Bicycle Accessories, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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