Cycling Apparel Market Overview
The growth of the global cycling apparels market is thriving on the back of the several opportunities generated by the launch of new, advanced and cost-effective products in the market, coupled with the growing preference for advanced apparels over old products. Moreover, increase in the number of working women populations, who are also concerned for their health, have significantly adopted fitness and wellness activities, which is also anticipated to contribute significantly towards the growth of the global cycling apparels market. Additionally, factors such as the increasing consumer preference towards the use of electric bicycles as an eco-friendly travel solution, coupled with increasing sports and activities around the world, including cycling, and the advent of new products through increasing research and development are some of the factors anticipated to promote significantly towards the growth of the global cycling apparels market.
The global cycling apparels market reached 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 by registering a CAGR of 5.23% across the globe over the forecast period, i.e. 2020-2028. Further, the 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. Moreover, the market is expected to expand at by 1.50x during the forecast period.
Growth Highlights based on Region during 2019-2028
The global cycling apparels market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of Europe, which held a value of USD 1720.1 million in the year 2019, also held the largest market share of 40.89%, 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. The factors that can be attributed for the growth of the market in the region are on account of the rising frequency of cyclist in small and medium sized cities of Europe for all purpose utility, including commutation to work, sports activity or for health and fitness amongst others. Additionally, the development and expansion of the network of cycling tracks for the bicycle riders in European cities is also anticipated to drive the growth of the cycling apparels market in Europe. The market in the region 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, along with a value of USD 422.6 million in the same year, and is further anticipated to reach a value of USD 554.5 million by the end of 2028 by growing at a CAGR of 4.27% during the forecast period. Additionally, the nation is anticipated to gain an absolute $ opportunity of USD 157.5 million during the forecast period and also gain an incremental $ opportunity of USD 45.7 million in the year 2028 as compared to the previous year. On the other hand, the market in North America is anticipated to gain a significant CAGR of 4.54% over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Product Type
The global cycling apparels market is segmented by product type into topwear, bottomwear, gloves and accessories. The topwear segment held the largest market share of 41.15% in the year 2019, along with a value of USD 1731.1 million in the same year, and is further 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. Additionally, the segment is also 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. Topwears in global cycling apparels market include jersey, jackets, body warmers, and T-shirts. Sweating during cycling is a very common aspect for every cyclist, and thus the Topwears are made up of special materials which allow for moisture wicking. The climate condition is an important aspect for this market. The regions with humid climate and hot temperature such as India and UAE, in the summer, requires these functional apparels which have advanced features to keep the cyclist cool and comfortable. Materials used for the Topwears include polyesters, nylon, merino wool, and others. Moreover, the topwear segment is anticipated to grow by 1.49x during the forecast period.
Market Drivers and Challenges
According to the statistics by the World Bank, GDP growth in Asia Pacific was 4.2 annual %, followed by North America with 2.8 annual %.
Backed by the increasing GDP across nations from around the globe, government of nations have taken keen initiatives to support the extensive use of bicycles, including tax concessions for low income individuals, building of sufficient safe cycling infrastructure, along with spreading awareness for the benefits associated with cycling amongst others, which is considered as one of the major driving factors for promoting cycling as a means of transport. Moreover, numerous benefits associated with cycling, such as reduction in pollutions levels, including noise, GHG levels and lowered carbon footprints, coupled with the promotion of several cycling events, that also provides information on cycling and associated benefits, and the rising awareness amongst people for the need of health and fitness regimes are some of the factors anticipated to drive the growth of the global cycling apparels market.
Lack of undeveloped roads and lanes for cycling in many nations worldwide, coupled with the increasing prices of cycles that raises the issues regarding the affordability of cycles by the middle and lower class individuals and the increasing developments in the automotive industry are some of the factors anticipated to impact negatively towards the growth of the global cycling apparels market.
Top Featured Competitive Landscape
Some of the affluent industry leaders in the global cycling apparels market are Specialized Bicycle Components, Adidas Group, ASSOS of Switzerland GmbH, Black sheep Cycling, Upland Sports Group, Giant Bicycles, Rapha Racing Limited, Trek Bicycle Corporation, Velocio International and Ornot.