The United States & Europe professional cycling apparels market is estimated to garner a market revenue of USD 1825.71 Million by the end of 2028 from a revenue of USD 1256.15 Million in 2019, by growing with a CAGR of 5.32% during the forecast period, i.e., 2020-2028. The growth of the market in the regions can be attributed to the increasing number of cyclists, along with the growing number of cycling events, which is driving the demand for cycling apparels. Further, increasing availability of cycling apparels in online stores, backed by the rising sales of e-commerce industries, is also anticipated to create numerous opportunities for market growth. On the other hand, rapid advancements in the clothing material of these apparels through extensive research and developments, is also anticipated to drive the market growth during the forecast period.
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In Europe, especially due to the impact of the COVID-19 pandemic, a massive surge in the use of cycles have been witnessed in the year 2020. According to the statistics by the Department for Transport of the Government of United Kingdom, the traffic of cyclists on public highways and paths next to them in Great Britain, witnessed an increase by 45.7% above the 2019 levels. The statistics also stated that this was the highest level of cycling monitored in Great Britain since the 1960s. The traffic registered from cyclists was 5.0 billion vehicle miles (bvm).
Further, growing investments in both the regions to develop the cycling infrastructure, is also anticipated to contribute to the market growth. The European Union recently announced investments worth USD 3.68 Billion during the financial period 2021-2027 from its EU funds to support the EU Cycling Strategy. Furthermore, growing popularity of adventure sports amongst sports and adventure enthusiasts, along with the numerous international cycling events planned ahead, such as Tour de Singkarak, Tour de Flores, Tour de Siak, and others, along with the upcoming Olympic games coming up in Paris in 2024, in Milano Cortina (Italy) in 2026, and in Los Angeles (California) in 2028, are some of the additional factors anticipated to drive the market growth during the forecast period. The market is also projected to grow on account of the growing awareness amongst individuals for cycling as sports, and for the availability of professional infrastructure for cycling in both Europe and the United States.
United States and Europe Professional Cycling Apparels Market Geographical Synopsis
The professional cycling apparels market in the United States is anticipated to grow with a CAGR of 4.69% during the forecast period. Alternatively, the market in Europe is expected to garner a revenue of USD 1203.05 Million by the end of 2028. The growth of the market in the region can be attributed to the rising frequency of cyclists in various small and medium sized cities, as well as for the growing awareness amongst individuals for cycling as a career. Moreover, several countries in the region are also known for holding annual cycling events, which is expected to drive the demand for cycling jerseys and other cycling apparels. The market in the region is further segmented by country into United Kingdom, Germany, Italy, France, Spain, Russia, Benelux, Nordic, Poland, Portugal, and Rest of Europe. Amongst these countries, the market in Germany is anticipated to hold the largest market share of 18.72% and further attain a market revenue of USD 225.21 Million by the end of 2028. The market in France, on the other hand, is expected to grow with the highest CAGR of 6.14% during the forecast period.
The professional cycling apparels market in the United States and Europe is segmented by product type into jerseys, bib shorts, tights & pants. In the U.S., the jerseys segment is anticipated to gain the largest market revenue of USD 227.95 Million by the end of 2028. The segment is also expected to grow with the highest CAGR of 4.71% during the forecast period. Jerseys for cycling professionals are categorized on the basis of the individual’s comfort such as technical tee, fitted or recreational. The jersey is generally made from two types of fabrics which is specially used in professional cycling apparels, namely, lycra and spandex. In Europe, the bib shorts segment is projected to grow with the highest CAGR of 5.68% over the forecast period. Based on sales channel, the market is segmented into online and offline. In the U.S., the offline segment is anticipated to hold the largest market share during the forecast period. In Europe, the online segment is expected to grow with the highest CAGR of 6% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the United States & Europe professional cycling apparels market that are included in our report are Cinelli USA (Cyclone Bicycle Supply), Moa Sport Mantovani Vincenzo srl (Nalini), PEARL iZUMi USA, Inc., Velocio, Rapha Racing Limited, ASSOS of Switzerland GmbH, Manifattura Valcismon S.p.A. (Castelli), Marcello Bergamo, Attaquer Pty Ltd., Lumiere Cycling, and others.
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FREQUENTLY ASKED QUESTIONS
The rising number of professional cyclists in Europe and the U.S., along with the numerous cycling events lined up in the coming years, are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 5.32% over the forecast period, i.e., 2020-2028.
The presence of counterfeit products is one of the major factors estimated to hamper the market growth.
The major players in the market are Cinelli USA (Cyclone Bicycle Supply), Moa Sport Mantovani Vincenzo srl (Nalini), PEARL iZUMi USA, Inc., Velocio, Rapha Racing Limited, ASSOS of Switzerland GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, sales channel, and by country.
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