Apparel & Accessories Segment Is The Largest Segment Driving The Growth Of Cycling Wear Market
The global Cycling Wear Market is estimated to be valued at US$ 4889.04 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cycling wear includes clothing such as jerseys, pants, jackets, shorts, tights, gloves etc. worn for cycling. Cycling apparel and accessories provide many benefits such as moisture wicking, breathability, protection from UV rays, increased visibility etc.
Market key trends:
Growing popularity of cycling: With increasing awareness regarding health benefits of cycling and regular exercise, cycling has become a popular recreational activity as well as a mode of transport. This has fueled the demand for specialized cycling wear. Cyclists prefer breathable and moisture wicking fabrics that keep them dry and comfortable during long rides.
Emphasis on safety: Manufacturers are focusing on designing hi-visibility and reflective clothing for better nighttime visibility of cyclists. Features such as reflective prints/strips are being incorporated in cycling jackets, pants, gloves etc. to reduce collision risks.
SWOT Analysis
Strength: The cycling wear market has strong demand as participation in cycling activities such as road cycling, mountain biking, and competitive cycling is increasing. Rising health awareness is driving more people towards cycling as an exercise activity.
Weakness: Availability of low-cost counterfeit products impacts the sales of established brands. Fluctuations in raw material prices can reduce profit margins for manufacturers.
Opportunity: Growing popularity of e-bikes provides an opportunity to capture the demand from recreational cyclists. Expanding into underpenetrated regions will help companies grow their customer base.
Threats: Intense competition among existing players may lead to price wars. Strict regulations regarding production and labor can increase compliance costs for companies.
Key Takeaways
The global Cycling Wear Market Size is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing health consciousness among people and popularity of cycling as a fitness and recreational activity. Various initiatives by governments to promote cycling are also driving the market.
Regional analysis: North America is expected to dominate the cycling wear market during the forecast period. Increased participation in sports and more opportunities for road cycling are driving the demand. However, Asia Pacific is likely to exhibit the highest growth due to rising health awareness, improving cycling infrastructure, and increasing discretionary spending on sportswear.
Key players operating in the 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. Companies are focusing on product innovation and expansion into new geographies to strengthen their market position.
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