The Asia Pacific Cycling Wear Market Is Driven By Increasing Health Awareness Among Consumers
The Global Asia Pacific Cycling Wear Market is estimated to be valued at US$ 1900.57 Bn in 2024 and is expected to exhibit a CAGR of 30% over the forecast period from 2024 to 2031.
The rising health and fitness awareness among urban populations coupled with growing cycling infrastructure and events in Asia Pacific cities are encouraging more people to take up cycling regularly. This is directly translating into increased sales of specialized cycling apparel, footwear, eyewear and accessories. Furthermore, availability of affordable apparel and gear options online is reducing entry barriers for new cyclists and supporting overall market growth.
The current geopolitical conflicts are impacting the growth of Asia Pacific Cycling Wear market. The tensions between China and countries like India, Japan are escalating which is causing disruptions in supply chains and trade in the region. Many companies sourcing raw materials and components from China are facing difficulties due to rising costs and delays. This is negatively impacting the production volume and availability of cycling wear products in countries like India, Japan. The brands are exploring options to diversify their sourcing regions to manage supply risks. However, shifting entire supply networks involves huge investments and will take time. The spending power of consumers is also decreasing due to rising inflation caused by disruptions. This is reducing the demand for non-essential items like cycling wear in short term.
The brands and retailers need to devise dynamic strategies to deal with uncertainties. They should focus on building multiple manufacturing and sourcing partners across regions to decrease dependence on any single country. Using this strategy, the impact of local conflicts can be minimized. The companies should also invest in advanced technologies like 3D printing to manufacture certain components closer to markets. This will make supply chains more agile and resilient. Meanwhile, targeting affordable price points and offering installment/EMI based payment options can boost demand amid low consumer confidence. The brands must also explore co-operating with governments and international agencies to reduce trade barriers and facilitate cross border commerce in the region.
In terms of value, the Asia Pacific Cycling Wear Market Growth is currently concentrated in countries like China, Japan and India. China dominates with around 30% share due to presence of large production capacity and sizeable domestic demand. Japan and India together account for over 25% share due to popularity of cycling as recreation and transportation option in major cities.
The South East Asian countries especially Indonesia, Vietnam, Malaysia, Thailand, Philippines are emerging as the fastest growing geographical markets for cycling wear. This is because of improving living standards, growing health and fitness awareness and investments in developing cycling infrastructure like dedicated lanes. The warm tropical climate also encourages cycling for daily commute. The governments launching campaigns to promote cycling as sustainable mode of transport is further boosting the adoption. With rising exports, these countries will continue dominating the Asia Pacific cycling wear market in coming years surpassing major markets.
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