Riding Gear Market Is Predicted To Reach US$ 29.4 Billion By The End Of 2033
According to Fact.MR, a provider of market research and competitive intelligence, the global riding gear market is valued at $19.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2023 to 2033.
The rising popularity of motorcycling as both a recreational activity and a mode of commuting across various demographics has driven market growth. Increased awareness about rider safety has led to a significant increase in the use of riding gear, such as helmets, gloves, jackets, and protective pads. As more individuals embrace the excitement of motorcycling, recognizing the importance of these safety measures has become crucial.
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Technological advancements have ushered in a new era of high-performance riding gear that offers exceptional protection while ensuring comfort, breathability, and style. Modern riders are increasingly discerning, looking for gear that not only protects but also fits seamlessly with their lifestyle. Stringent regulations and safety standards in many countries mandate the use of certified riding gear, encouraging enthusiasts to invest in quality products. Consequently, the global riding gear market is flourishing, mirroring the evolving preferences and heightened safety awareness of riders around the world.
Key Takeaways from Market Study
- The global riding gear market is projected to expand at 6.2% CAGR and reach US$ 29.4 billion by 2033-end.
- The market was pegged at US$ 18.6 billion in 2022, advancing at a CAGR of 2.9% from 2018 to 2022.
- Sales of motorcycle riding gear are predicted to increase at a CAGR of 4.1% during the forecast period (2023 to 2033).
- The market in the United States is projected to reach a valuation of US$ 3.6 billion by the end of 2033.
“Technological advancements have given rise to advanced, high-performance riding gear that offers superior protection, comfort, breathability, and style, which is a key factor driving product sales” says a Fact.MR analyst.
Key Companies Profiled
- Eicher Motors Limited - Royal Enfield
- Steelbird Hi-Tech Global Ltd.
- Vega Auto Accessories Pvt. Ltd.
- S- Mart Kumar Impex Pvt. Ltd. (SMK Helmets)
- Rynox Gears Pvt. Ltd.
- Dirtsack
- Studds Accessories Ltd.
- LS2 Helmets Global
- Spartan ProGear Co.
- Others
Market Growth Strategies
Market players are employing several growth strategies to stay competitive and expand their presence. One common approach is product innovation, where companies invest in research and development to create new and improved riding gear with advanced features, enhanced safety, and better aesthetics. Strategic partnerships with manufacturers, distributors, or retailers enable them to reach a wider audience and enter new markets.
Marketing and branding efforts, including social media campaigns, endorsements by professional riders, and participation in major events, enhance brand visibility and customer engagement. Additionally, e-commerce and digital platforms are increasingly utilized, offering a convenient buying experience and global reach.
Enhancing the customer experience through excellent post-sales service, warranty programs, and user communities fosters brand loyalty. Sustainability initiatives, such as eco-friendly materials and production processes, cater to environmentally conscious consumers. Furthermore, market diversification by introducing products for different types of riders and expanding into related sectors like accessories or motorcycle parts ensures a broader customer base.
By combining these strategies, market players adapt to evolving trends, enhance their competitive edge, and foster sustainable growth in the riding gear market.
Competitive Analysis:
In recent years, major riding gear companies have prioritized product innovation, heavily investing in research and development to create advanced riding gear with enhanced features, safety measures, and aesthetics. They are forming strategic partnerships with manufacturers, distributors, and retailers to expand their market presence and enter new territories.
Extensive use of e-commerce and digital platforms provides customers with a convenient purchasing process and global market access. To build brand loyalty, companies are improving customer experiences through exceptional post-sales services, warranty programs, and user communities.
- In October 2022, Steelbird Hi-tech India Limited, Asia's leading helmet manufacturer, launched 117 RiderZ Shoppe retail stores across India, Bangladesh, and Cambodia. The company is now focused on further expansion, aiming to establish an additional 1,000 Steelbird RiderZ Shoppe outlets within the next two years.
Segmentation of Riding Gear Market Research
- By Product Type :
- Motorcycle Riding Gear
- Helmets
- Jackets
- Pants & Riding Suits
- Gloves
- Boots
- Protective Gear Accessories (Armor Inserts, Back Protectors)
- Bicycle Riding Gear
- Helmets
- Jerseys & Tops
- Shorts & Bottoms
- Gloves
- Shoes & Footwear
- Protective Pads & Guards
- Equestrian Riding Gear
- Riding Helmets
- Equestrian Clothing (Jackets, Breeches, Show Shirts)
- Riding Boots
- Gloves
- Safety Vests & Protective Gear
- Riding Accessories (Whips, Spurs,.)
- Motorcycle Riding Gear
- By Material :
- Leather
- Textiles (Including Synthetic Fabrics & Blends)
- Composite Materials (Mix of Textiles & Protective Materials)
- Natural Fibers (e.g., Cotton for Casual Riding Attire)
- High-Tech Fabrics (Innovative Materials for Advanced Protection)
- By Customer Orientation :
- Men
- Women
- Kids
- By Distribution Channel :
- Online Channels
- Company-owned Websites
- e-Commerce Platforms
- Specialty Retail Stores
- Brand-Specific Stores
- Sporting Goods Stores
- Department Stores
- Online Channels
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Read More: https://www.factmr.com/report/riding-gear-market
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