Bicycle Accessories - UK - June 2015
“There is potential to take wearable technology to the next level, with the development of smartwear. In some sectors this is already a reality – a good example being eyewear. However, there is also scope to develop smart clothing and smart helmets.”
– Michael Oliver, Senior Leisure & Media Analyst
This report looks at the following areas:
- Wearable tech set to offer significant growth potential
- Aerodynamics: The last unconquered frontier
- Dominance of specialist suppliers offers opportunities for global brands
- Online – A channel that suppliers should eschew or embrace?
Although the bicycles market is the one which often captures the headlines, for the cycle trade in the UK, it is the parts, accessories and clothing (PAC) market which accounts for the largest share of their business and which is also more profitable in terms of margins.
Fortunately, the market for PACs has out-performed the bicycles market in terms of value growth during the past five years, and the prospects for the next five years look even rosier, as pressure on household incomes begins to ease and there is more investment in cycling infrastructure.
This report assesses the current status of the market, together with the factors driving demand, innovations, the leading companies, distribution channels, and consumer purchasing behaviour and attitudes. It also looks into the future in terms of likely trends and opportunities as well as forecasts for market value.
A healthy market for bicycle parts, accessories and clothing (PACs) is good for the bicycle trade because PACs account for the largest proportion of cycle retailers’ turnover and is also the most profitable aspect of their business.
The market is poised for a further period of growth after increasing faster in value than sales of bicycles in the past five years. The main reasons for this positive outlook are the easing of pressure on household incomes, growing cycling participation rates and the improvements being made to cycling infrastructure, particularly in major towns and cities, which will stimulate demand for products aimed at commuter cyclists.
Mintel’s consumer research finds that online channels have achieved a high rate of penetration of this market and this trend is set to continue. Additionally, digital sources such as specialist websites are also becoming more significant as means of finding out about new products, so this is a vital channel for suppliers to have representation in.
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