Asia Pacific Cycling Wear Market Estimated To Witness High Growth Owing To Rising Health Consciousness
The Asia Pacific cycling wear market is estimated to be valued at US$ 1649.8 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cycling wear refers to the clothing and gear worn by cyclists for safety, comfort, and protection. It includes jerseys, jackets, bib shorts, tights, gloves, shoes, and helmets. Cycling wear offers benefits such as wicking away moisture, breathability, flexibility, and protection from sun exposure and wear & tear. With the increasing popularity of cycling as a recreational and fitness activity in Asia Pacific countries, the demand for high-quality cycling wear is growing steadily.
Market Dynamics:
The Asia Pacific cycling wear market is driven by the rising health consciousness among consumers and growing popularity of leisure cycling. According to a survey, over 50% of the Chinese population cycles weekly for fitness and leisure purposes. Furthermore, growing cycling tourism and participation in cycling events is also boosting the sales of cycling wear in the region. Some key players are focusing on production of breathable, lightweight, and wrinkle-free cycling wear using advanced fabric technologies to gain a competitive edge in the market.
SWOT Analysis
Strength: The Asia Pacific cycling wear market benefits from the growing popularity of cycling as a recreational and sporting activity in the region. The changing lifestyle and increasing health awareness among people is encouraging cycling adoption. Manufacturers are producing high-quality, comfortable and breathable fabrics which improve performance.
Weakness: The availability of low-cost counterfeit products impacts the sales of established brands. Fluctuations in raw material prices can squeeze the margins of manufacturers.
Opportunity: Rising disposable incomes in developing countries are allowing more people to purchase high-end cycling wear. The promotion of cycling as a mode of transportation by governments offers an avenue for market expansion. Growing e-bike adoption also drives the demand for related clothing and accessories.
Threats: Competition from other sportswear companies poses threat to market share. Strict environmental regulations around fabric and material production increase compliance costs.
Key Takeaways
The Asia Pacific Cycling Wear Market Demand is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing health consciousness and popularity of cycling as a sport in the region.
Regional analysis:
The Asia Pacific region dominates the cycling wear market, accounting for around 45% share of the global market revenue in 2023. Growing cycling culture in countries like China, India, Japan and Australia is a key factor behind the strong position of Asia Pacific. The Chinese market is growing at an impressive rate, driven by supportive government policies and initiatives promoting cycling.
Key players analysis:
Key players operating in the Asia Pacific cycling wear market are JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot. These companies are focusing on product innovation and expansion in high growth regional markets through collaborations.
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