Research Nester has released a report titled “Cycling Apparels Market – Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the global optical coatings market in terms of market segmentation by product type, sales channel, demographics and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global cycling apparels market is segmented by product type into topwear, bottomwear, gloves and accessories, out of which, the topwear segment held the largest market share of 41.15% in the year 2019 and is anticipated to grow by 1.49x during the forecast period, i.e. 2020-2028. The segment is further anticipated to gain an absolute $ opportunity of 809.4 million during the forecast period, along with an incremental $ opportunity of USD 217 million in the year 2028 as compared to the previous year. Additionally, the segment is also anticipated to cross a value of USD 2454.2 million in the year 2028 by growing at a CAGR of 5.13% during the forecast period.
The global cycling apparels market is anticipated to achieve a CAGR of 5.23% across the globe over the forecast period. The market held a value of USD 4206.7 million in the year 2019 and is expected to garner a value of USD 6013.7 million by the end of 2028. Increasing opportunities generated by the launch of new, advanced and cost-effective products in the market, along with the rising preference for advanced apparels over old products, rising number of working women populations, increasing concern for health, growing consumer preference towards the use of electric bicycles and the rising interests for sports activities around the world are some of the factors anticipated to contribute towards the growth of the global cycling apparels market. Moreover, the global cycling apparels market is anticipated to gain an absolute $ opportunity of USD 2013.5 million during the forecast period, along with an incremental $ opportunity of USD 539.7 million in the year 2028 as compared to the previous year.
Regionally, the global cycling apparels market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Europe held the largest market share of 40.89% in the year 2019, and is primarily driven by nations such as Germany, U.K., France and Italy amongst others, where Germany held the largest market share of 24.57% in the year 2019. The cycling apparels market in Europe held a value of USD 1720.1 million in the year 2019 and is expected to cross a value of USD2518.4 million by the end of 2028 by registering a CAGR of 5.55% during the forecast period.
Cycling and Its Numerous Benefits to Promote the Growth of the Global Cycling Apparels Market
In the statistics by the World Bank, Asia Pacific’s GDP growth was 4.2 annual %. Moreover, the GDP growth in North America was 2.8 annual %.
Increasing GDP across nations worldwide is helping the government of nations to take key initiatives that help to promote cycling. The building of sufficient safe cycling infrastructure, tax concessions for low-income individuals to purchase bicycles and the spreading of awareness about the benefits of cycling are some of the key steps taken by the governments of nations, which is considered as one of the major driving factors for the growth of the global cycling apparels market. Cycling also contributes majorly to a green environment as it helps to reduce pollution. Moreover, cycling as a fitness exercise also promotes good health and wellbeing. Such factors are anticipated to drive the growth of the global cycling apparels market.
However, concerns regarding the unavailability of proper roads and lanes for cycling, along with the increasing prices of bicycles and the developments in the automotive industry are some of the factors anticipated to hamper the growth of the global cycling apparels market.
This report also provides the existing competitive scenario of some of the key players of the global cycling apparels market, which includes company profiling of Specialized Bicycle Components, Adidas Group, ASSOS of Switzerland GmbH, Black sheep Cycling, Upland Sports Group, Giant Bicycles (TPE: 9921), Rapha Racing Limited, Trek Bicycle Corporation, Velocio International and Ornot. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cycling apparels market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.