Global Cycling Apparel Market Projected to Grow at a CAGR of 4.98% by 2028|Industry Crucial Players- Adidas AG, ASSOS of Switzerland GmbH, Black Sheep Cycling, Upland Sports Group, Giant Bicycles (TPE: 9921)
European Cyclists' Federation (ECF), in one of its statistics stated that global benefits of around USD 176.89 billion is produced by cycling per year. Moreover, out of all the benefits, longer and healthier lives contributed to the largest share.
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The statistics portray the increasing benefits provided to the individuals by preferring cycle as a transport vehicle. Increasing preferences for cycle on the back of numerous benefits associated with the transport vehicle, such as saving in commutation cost, greater contribution towards greener economy by promoting no pollution, long and healthy lives, easily affordable vehicle by low and middle-income groups, and several others, coupled with bicycles being a preferred choice amongst high-income groups owing to their personal liking and preference for sustainable awareness, popularity for bicycles is growing at a rapid pace. Moreover, several social events are held to promote bicycle riding so as to promote healthy life and lower pollution levels. The increasing popularity for bicycles amongst individuals is thereby anticipated to raise the need for apparels that help cyclists ride their cycles in comfort. Such a factor is anticipated to drive the growth of the global cycling apparels market.
The global cycling apparels market is anticipated to record a CAGR of 4.98% during the forecast period, i.e. 2020-2028. The market is segmented by product type into topwear, bottomwear, gloves, accessories and others. Among these segments, topwear and bottomwear sub segments are anticipated to hold the largest market share on account of increasing preference of both the product type amongst cyclists as they form the basic dressing of any cycling sport. Moreover, rising exports of special garments for professionals, sporting or other purposes is also anticipated to add towards the growth of the segment in the global cycling apparels market. International Trade Center (ITC), in one of its statistics, stated that export value of special garments for professional, sporting or other purposes around the globe reached to USD 8,595,844 thousand in the year 2018 from USD 4,412,765 thousand in the year 2010.
Geographically, the global cycling apparel market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, Europe is anticipated to hold the largest market share on account of presence of an impressive cycling culture in the region after the surge in electric and hybrid cycles, coupled with presence of infrastructure for cycling and promotion of cycling tourism by several governmental agencies.
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However, concerns for increasing cases of road fatalities, especially to pedestrian walking and cycling, along with the fear of changing dynamics where people might prefer developed automobiles, thereby impacting the sales of cycling garments negatively, are some of the factors estimated to act as a barrier to the growth of the global cycling apparels market.
This report also studies existing competitive scenario of some of the key players of the global cycling apparels market, which includes profiling of Adidas AG, ASSOS of Switzerland GmbH, Black Sheep Cycling, Upland Sports Group, Giant Bicycles (TPE: 9921), Rapha Racing Limited, Specialized Bicycle Components, Trek Bicycle Corporation, Velocio International, and Ornot.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Cycling Apparels Market - Global Demand Analysis & Opportunity Outlook 2028", analyses the overall cycling apparels industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global cycling apparels market in the near future.
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