Market Overview and Market Insights: In terms of single-track vehicles, bicycles are also referred to as pedal cycles. Generally, the entire bicycle frame is supported by two wheels. The extra parts that are fastened to a bicycle are called accessories. Motor assistance and human power power the majority of the on-road vehicle. In addition to being a part of the entire bicycle application, bicycle accessories also guarantee the comfort and safety of the user. Bike horns, kid seats, cycle mirrors, cycle covers, cycle panniers, bags, and backpacks, as well as other specially made items, are among the most popular cycling accessories. Cycling is highly recommended in Singapore due to its compact land area and advanced infrastructure.
Based on SPER Market Research, the report titled "Singapore Bicycle Accessories Market Size - By Product Type, By Bicycle Type, By Sales Channel - Regional Outlook, Competitive Strategies, and Segment Forecast to 2033" projects that the Singapore bicycle accessories market will reach USD XX billion by 2033, growing at a compound annual growth rate (CAGR) of XX%.
Drivers: Favourable macroeconomic variables are another reason for the expanding bicycle market in Singapore. Bicycles are affordable for people in Singapore to use for recreation or transportation because of the country's high GDP per capita and robust purchasing power. The government's efforts to lessen traffic and encourage a car-lite society have also helped to foster an atmosphere that is favourable for the bicycle industry to flourish. Finally, it should be noted that the growing e-bike and folding bike trends, local unique conditions including bike-specific infrastructure, shifting consumer tastes, and underlying macroeconomic reasons are all contributing to the expansion of the bicycle market in Singapore. The growing number of people who see cycling as a healthy and sustainable form of transportation is predicted to drive up demand for bicycles.
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Restraints: The proliferation of alternate modes of transportation, including cars, buses, trains, and others, is probably going to impede market expansion. Trade restrictions pertaining to bicycles and related accessories in many nations across the world are anticipated to impede manufacturing at the affiliated companies' production facilities. Additionally, because of the high cost of the battery and technology, e-bikes are more expensive than scooters or motorcycles. Consequently, people believe that classic motorbikes or scooters offer better performance for the same or lower price. It is therefore expected that the scarcity of charging stations and the increased cost of electric cycles will limit market expansion.
COVID-19 Impact: Bicycle accessory sales have been significantly impacted by the COVID-19 pandemic. A discernible increase in demand for bicycles and cycling-related products has been observed in recent years, owing to the closing of gyms, the need for safe and socially isolated transportation, and an increase in outdoor activities. Conversely, a surge in online bike orders during the pandemic's peak, plant closings, and disruptions to the supply chain have resulted in an increase in the complexity of the supply chain. Due to the pandemic, the bicycle accessory industry has experienced a variety of complex and wide-ranging effects, including supply chain difficulties and increased demand.
Due to the early industrialization in the region and the quick expansion of several sectors, Asia Pacific has the largest market share. Some of the Key Players are- Bike Haus Intl, Hello, Bicycle! Showroom Bugis, Hup Leong Company, Jet Cycle Pte Ltd, Rodalink Singapore, Tay Junction.
Singapore Bicycle Accessories Market Segmentation:
By Product Type: Based on the Product Type, Singapore Bicycle Accessories Market is segmented as; Apparels (Cycling Clothes, Cycling Gloves, Cycling Shoes, Protective Gears, Others), Components (Air Pumps & Tyre Pressure Gauge, Bar Ends/Grips, Fenders & Mud Flaps, Kickstands, Lighting System, Lock, Mirrors, Pedals, Saddles, Water Bottle Cages, Others.
By Bicycle Type: Based on the Bicycle Type, Singapore Bicycle Accessories Market is segmented as; Cargo Bikes, Hybrid Bikes, Mountain Bikes, Road Bikes, Others.
By Sales Channel: Based on the Sales Channel, Singapore Bicycle Accessories Market is segmented as; Offline, Online.
By Region: This report also provides the data for key regional segments of Eastern Region, Northern Region, Southern Region and Western Region.
For More Information in Singapore Bicycle Accessories Market, refer to below link –
Singapore Bicycle Components Market Growth Drivers
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