Global Cycling Wear Market Is Estimated To Witness High Growth Owing To Rising Demand for Sustainable and Functional Apparel
The global cycling wear market is projected to be valued at US$3,743.8 million in 2021 and is expected to exhibit a CAGR of 6.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Cycling wear refers to the specialized clothing worn by cyclists for comfort, safety, and performance enhancement. These garments are designed to provide aerodynamic benefits, moisture-wicking properties, UV protection, and cushioning for long-duration rides. With the increasing popularity of cycling as a recreational and fitness activity, the demand for high-quality and functional cycling wear has witnessed significant growth. The market includes various products such as cycling jerseys, shorts, gloves, shoes, and helmets that cater to the specific needs of cyclists.
B) Market Dynamics:
The global cycling wear market is primarily driven by two key factors:
1. Growing health and fitness consciousness: The increasing focus on personal health and fitness has led to a surge in the adoption of cycling as a recreational and exercise activity. Cycling offers numerous health benefits, including cardiovascular fitness, weight management, and stress reduction. As a result, there has been a growing demand for appropriate clothing that ensures comfort and enhances performance during cycling.
2. Rising popularity of sustainable and eco-friendly apparel: The growing environmental awareness among consumers has led to a shift in preference towards sustainable and eco-friendly products. This trend has extended to the cycling wear market, with consumers increasingly seeking apparel made from recycled materials or organic fabrics. Manufacturers are incorporating sustainable practices in their supply chain, such as reducing water usage and utilizing eco-friendly dyes, to meet the demand for environmentally conscious cycling wear.
C) SWOT Analysis:
- Strength:
1. Technological advancements in cycling wear materials, such as the development of lightweight and breathable fabrics, enhance the comfort and performance of cyclists.
2. Increasing collaborations between cycling wear manufacturers and professional athletes or teams to promote their products and gain brand recognition.
- Weakness:
1. High competition among key players in the market, leading to pricing pressures and profit margins.
2. Limited customer base due to the niche nature of the cycling wear market compared to general sportswear.
- Opportunity:
1. Growing popularity of cycling as a competitive sport, especially in regions like Europe and North America, presents opportunities for market expansion.
2. Increasing number of women participation in cycling activities, leading to a higher demand for women-specific cycling wear.
- Threats:
1. Availability of counterfeit products in the market, which can undermine the reputation of genuine cycling wear manufacturers.
2. Fluctuating raw material prices, such as spandex and polyester, can impact the manufacturing costs of cycling wear.
D) Key Takeaways:
- The global Cycling Wear Market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing health and fitness consciousness among consumers and the rising demand for sustainable and eco-friendly apparel.
- Regionally, Europe is anticipated to be the fastest-growing and dominating region in the cycling wear market, owing to the strong cycling culture and the presence of renowned cycling races such as the Tour de France.
- Key players operating in the global cycling wear market include Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. - C.F., Capo, and Pedla.
In conclusion, the global cycling wear market is witnessing significant growth due to the increasing popularity of cycling as a fitness activity and the rising demand for sustainable and functional apparel. Market players are focused on technological advancements and sustainability initiatives to cater to the evolving needs of cyclists. The market is expected to flourish in the coming years, driven by the growing adoption of cycling as a means of transportation and the emergence of new cycling events and competitions.
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