Cycling Wear is Estimated to Witness High Growth Owing to the Increased Focus on Health and Fitness
Cycling wear consists of clothing items worn by cyclists during cycling activities. This includes jerseys, shorts, tights, jackets, eyewear, and gloves. These clothing items are designed to enhance comfort during cycling by offering features such as moisture wicking, UV protection, breathability, and padding in contact points. The increasing number of people participating regularly in cycling for recreation, commuting, and sports is driving the demand for specialized cycling wear.
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 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the cycling wear market is the increasing participation in cycling activities. According to data, the number of people regularly cycling for recreation and sports has increased significantly over the past few years. The health benefits of cycling such as low impact, full body workout, and stress reduction are encouraging more people to take up cycling. Further, growing cycling infrastructure in major cities in the form of dedicated lanes and trails is making cycling safer and more convenient. This is positively impacting the adoption of cycling wear. The specialized features and functions offered by cycling wear such as moisture wicking and UV protection also play a crucial role in providing comfort during long hours of cycling. This drives the demand for technologically advanced cycling wear.
SWOT Analysis
Strength: The cycling wear market is gaining significant traction among recreational cyclists as well as professional athletes. Growing health awareness among consumers regarding the importance of physical activities and exercising is driving the demand for premium cycling wears. Manufacturers are introducing innovative fabrics and designs to provide optimum comfort and protection to cyclists.
Weakness: Availability of low cost counterfeit products impacting sales of established brands. Significant price differences between premium and low cost products may discourage some customers. Dependence on seasonality affects demand-supply dynamics.
Opportunity: Expanding bicycling infrastructure in many cities worldwide along with cycling promotion programs by municipal corporations offer new opportunities. Growing popularity of electric bicycles increases scope for protective wear. Advancing fabric technologies will enhance features of cycling gears.
Threats: Strict environmental regulations on disposal of non-biodegradable material used in some cycle wears. Intense competition from other fitness activities may reduce exclusive focus on cycling. Trade tariffs and geo-political tensions impact sourcing and sales across borders.
Key Takeaways
The Global Cycling Wear Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising health awareness.
Regional analysis: North America accounts for over 35% market share currently led by the US where cycling is a popular recreational activity as well public transportation option in some cities. Presence of leading manufactures and availability of premium products drive sales. Europe is the second largest regional market supported by strong cycling culture and infrastructure in Western European countries like Germany, France and Italy. However, Asia Pacific region is expected to emerge as the fastest growing cycling wear market between 2023-2030 with double digit CAGR. China, India and Southeast Asian countries offer high sales potential backed by expanding middle class,fitness obsession and development of cycling networks.
Key players operating in the cycling wear market are Alpha MOS, E-Nose Pty, The E-nose Company, Electronic Sensor technology, Scent Science Corporation, Airsense Analytics GmbH, Scentsational Technologies, Scensive Technology, Envirosuite Limited, RoboScientific Ltd., Chromatotec and Intelligent Optical Systems, Inc. The market remains fairly competitive with focus on new product development and customizable options for varied cycling requirements. Strategic partnerships and mergers/acquisitions remain common in this industry.
Get More Insights Here
https://www.newswirestats.com/cycling-wear-market-size-share-growth-outlook-2023/
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