There is remarkable growth in demand for bicycle accessories in all worldwide locations. Key reason behind this situation is the ability of bicycle accessories to advance various features such as comfort and visibility of bicycles. In addition to this, these accessories are widely used to improve the safety and efficiency. Some of the products available in the bicycle accessories market include mirror, led lights, front basket and luggage carrier, bottle cage, pump, gloves and warmers, and helmets.
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Government bodies of many countries from all across the world are taking initiatives to support environmental-friendly mode of transportation. As a result, they are encouraging the use of bicycles in various cities. This factor is working as a driver for the expansion of the global bicycle accessories market.
Growing Number of Bicycle Sharing and Rental Services Generates Demand Avenues for Market Players
Major enterprises working in the bicycle accessories market are gathering prominent revenues in recent period. This success is attributed to sizeable increase in the number of bicycle sharing and rental services in several cities across the world. The global bicycle accessories market is gaining upward cure of sales owing to increased trend among major population across the world to give a smart and sleek look to their bicycles.
Asia Pacific: Emerging Region in Market for Bicycle Accessories
The bicycle accessories market is expected to witness prominent expansion opportunities in Asia Pacific during the forthcoming years. Key reasons supporting this estimation is presence of emerging economies in this region.
Major countries such as South Korea, China, Singapore, and Japan are supporting the use of bicycles as an environmental-friendly and cost-effective tool for commuting. Key reason for this initiative is to reduce the burden of traffic in major cities from these countries. This scenario depicts that the Asia Pacific bicycle accessories market holds considerable scope for expansion in the upcoming years.
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