Cycling Wear Market 2020 and Forecast 2021-2027

  • TBI767651
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Cycling Wear Market

The global cycling wear market size was valued at USD 4.38 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.5% from 2021 to 2027. Market growth is attributed to rise in awareness related to health and fitness among consumers across the globe. There has been a rise in the health-related problems, such as diabetes, high blood pressure, and obesity, amongst the youth and middle-aged people. Many doctors and health trainers advise regular cycling practices to people, which helps to reduce the ill effects of many aforementioned medical conditions. Additionally, consumers in urban areas nowadays prefer riding bicycles as a sustainable mode of transportation, which is expected to propel market growth over the forecast period 2021-2027. Manufacturers of cycling wears and gears have been coming up with a wide range of cycling apparel and gears to gain customer loyalty towards cycling wear products. There has been an increase in the adoption of the high visibility cycling jacket in the market. For instance, in 2017, As per a conducted study conducted in Demark on more than 6900 cyclists, cyclists who wear high visibility jackets had 47% less accident rate to those who are not wearing jackets. These jackets make the wearer more visible to vehicular traffic and make them stand out against their background environment. Highly visible colors such as orange and yellow neon with designer retro-reflective tape are commonly used for this application. Bicycle riding has been gaining traction amongst people in many European nations, such as the Netherlands, Finland, and Germany. For instance, in April 2018, according to a report published by the Netherland Institute for Transport Policy, bicycles account for 25% of daily mobility by the people in the country for various purposes, such as leisure, work, and shopping education. Increasing preference for bicycle usage for daily activities is expected to have a positive influence on market growth over the forecast period. The climate and environment can affect cycling sports significantly, thus manufactures are focusing on fabric of the cycling wear. These wears are typically made of a unique material that has the moisture-wicking ability. Moisture-wicking is the process in which the fabric pulls sweat off the skin and brings it outside of the garment, helping the wearer to stay cool. Companies are investing significantly in research and development in these lines to design innovative products and reduce the sweating problem. Moreover, many cycling events are organized every year around the globe with the growing popularity of adventure sports and events. For instance, international cycling races such as Tour de Singkarak, Tour de Flores, Tour de Siak International Tour de, and Banyuwangi Ijen are some of the famous events that are organized every year in order to promote cycling and cycling tourism across the world. However, the outbreak of coronavirus pandemic in 2020 is expected to restrain the market growth for a couple of years owing to a decrease in regional and international cycling competitions.

Product Insights: Cycling Wear Market

The cycle wear apparel segment accounted for the largest revenue share in 2019 with a share of 68.8% in 2019 and is expected to maintain its lead over the forecast period. There are a wide range of cycling wear apparel and clothing available in the market. The cycling wear apparel segment includes products such as leggings, shorts, gloves, beanies, tights jackets, and jersey. These products are designed with high category clothing material offering good comfort to the rider, along with other attributes including durability, moisture resistance, waterproof, windproof, and high visibility. Cycling wear apparels are designed to fit and support the body during riding, and thus are made up of stretchable material to offer extra comfort. Cycle wear accessories are expected to expand at the fastest CAGR of 4.7% from 2021 to 2027. One of the important cycling wears is headgear or helmets, which offer safety and comfort to the rider during cycling. Manufacturers have been coming up with new technologies and innovations in relation to the development of the helmet. Recently, a cycling product manufacturing company, Trek and Bontrager launched a new helmet with WaveCel technology that claims to provide 48 times more protection than standard EPS foam at preventing concussion from common cycling accidents.

Distribution Channel Insights: Cycling Wear Market

Hypermarket and supermarket stores held the largest revenue share of 39.9% in 2019. Several buying schemes and availability of a wide range of products in these stores with a special presence of sports product segments are driving the segment. Companies such Decathlon, Nike, and Adidas are some of the brands offering major discounts on products through these retail sales channels. Moreover, growing trend of sales representatives in these stores assist the consumers in attaining pleasant shopping experience has increased the importance of these channels. E-commerce channel is projected to expand at the fastest CAGR of 4.7% from 2021 to 2027. This is attributed to the increasing influence of digital marketing strategies implemented by the brands to sell their products. Additionally, factors such as various affordable discount rates and availability of a wide range of products at the same place are added advantages of this segment. Low delivery cost and customer reviews about various products on online sites are also playing a integral role in the growth of the segment. Amazon, Rapha, Dick’s sports good, decathlon, and JensonUSA are some of the known online platforms to purchase the product.

Regional Insights: Cycling Wear Market

Europe accounted for the largest revenue share of 29.1% in 2019 and is expected to maintain its lead over the forecast period. Europe has been witnessing impressive growth in promoting riding bicycles and that it has further penetrated the market with the introduction of electric bicycles. According to the World Bank in 2016, close to 70% of the population in Finland use bicycles for various activities, including office commute and leisure ride. Asia Pacific is anticipated to expand at the fastest CAGR of 4.9% over the forecast period. Countries such as South Korea, Japan, and China have shown great interest in cycling events, which is expected to drive the regional market. Consumers’ inclination towards use of quality cycling wear apparel and safety gear is increasing cycling activities in the country. China is one of the prominent markets in this region and Japan and South Korea are the upcoming markets in the field of cycling wear apparel in Asia Pacific.

Key Companies & Market Share Insights: Cycling Wear Market

Leading players in the market are stressing on product innovation and new product development in order to gain a greater market share at the global level. For instance, Rapha, a cycle product manufacturer, recently launched a new turbo- specific clothing range for indoor cycling. This clothing range includes sleeveless t-shirts, core cargo shorts, and indoor training towel, which will be effective in sweat reduction. Some of the prominent companies operating in the global cycling wear market are:

Key companies Profiled: Cycling Wear Market Report

  • LUMIERE CYCLING
  • GIRO SPORT DESIGN
  • Castelli Cycling
  • Rapha Racing Limited
  • Champion System
  • United Apparel Solution Ltd. (Cuore of Switzerland Inc.)
  • ASSOS of Switzerland GmbH
  • Endura Limited
  • Isadore apparel; 2XU
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global cycling wear market report on the basis of product, distribution channel, and region:

Product Outlook (Revenue, USD Million, 2016 - 2027)

  • Cycle Wear Apparel
  • Cycle Wear Accessories

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)

  • Hypermarket and Supermarket
  • Sports Variety Stores
  • E-commerce
  • Others

Table of Contents
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
    1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)
    1.3.2. IFF Internal Database
    1.3.3. Secondary Sources & Third-Party Perspectives
    1.3.4. Primary Research
1.4. Information Analysis 
    1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization  
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