Cycling Apparel Market to expand at a steady CAGR of 3.5% by 2018 to 2028
Fact.MR has compiled various aspects of cycling apparel and presented in a new research report. According to the report, the cycling apparel market is projected to expand at a significant pace during the 2018-2028 timeline (review period), largely driven by increasing number of cyclists across developed as well as emerging regions worldwide.
Cycling apparel demand continues to be influenced by increasing preference for cycling as a health promoting activity. The growing number of people adopting cycling as a sustainable mode of transport is anticipated to present lucrative growth pathways for manufacturers of cycling apparel, which is likely to fuel cycling apparel market growth during the assessment period.
The report on cycling apparel market revealed that the sales of cycling apparel are expected to remain concentrated in European countries as compared to North America region. Europe is expected to reflect higher market attractiveness as compared to North American countries such as United States and Canada. On the other hand, emerging economies of Asia Pacific excluding Japan (APEJ) are expected to spearhead in terms of demand and adoption of cycling apparel during the forecast period with China to remain at the forefront of growth. That said, manufacturers of cycling apparel can expect a cohort of growth opportunities from Europe and APEJ regions in the coming years.
Cycling Apparel Market: Growing Number of Cyclists to Augment Demand
According to World Bank analysis, around 2 billion bicycles are in use across the globe and there is a strong likelihood that the number might reach five billion mark by end of 2050. Furthermore, more than 100 million bicycles are being manufactured per year. In addition, World Bicycle Relief (WBR) has distributed more than 200,000 specially designed bicycles to healthcare workers and students across South America, Africa and Southeast Asia. This aspect has significantly fuelled the use of cycling apparel, in turn pushing the growth of the cycling apparel market during the period of forecast.
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Cycling Apparel Market: Electrification of Bicycles Opening New Frontiers
While manufacturers have been delivering cycling apparels for standard bicycle, retail shelves of sports variety stores and other retail outlets are expected to witness a new addition of cycling apparel specifically for electric bikes including quickly removable body armor parts. Moreover, according to Institute for Transportation and Development Policy (ITDC), electric bicycles accounted for a significant percentage last year and is expected to touch 11 percent by 2030 end. Albeit higher costs associated with the product, the preference for electric bicycles is expected to influence the use of cycling apparel, in turn supporting the growth of the cycling apparel market during the period of forecast.
Cycling Apparel Market: Social Media Enhancing Sales
Pervasiveness of social media has largely enhanced the visibility scope for various brands and products and cycling apparel is no exception to this. Social media has proactively supported manufacturers in enhancing sales of their cycling apparel, and is trending across the entire supply chain of cycling apparel industry. With growing preference for cycling coupled with widespread marketing of cycling apparel products, it has become convenient for customers to select between brands and various cycling apparel products such as big shorts, t-shirts, gloves, jerseys and body insulators, to name a few, according to their cycling requirements. With social media boosting the cycling apparel visibility, the market for cycling apparel is projected to expand at a moderate rate during the period of forecast.
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