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Motorcycle Racing Apparel Market 2024 - By Industry Demand, Sales, Growth Rate, Key Application, Future Trends And Outlook By 2033
Motorcycle Racing Apparel Market
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According to The Business Research Company's, The motorcycle racing apparel market size has grown strongly in recent years. It will grow from $1.99 billion in 2023 to $2.12 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to emergence of e-sports, rise of motorsport culture, globalization and market expansion, rider preferences and comfort, fashion and style evolution.
The motorcycle racing apparel market size is expected to see strong growth in the next few years. It will grow to $2.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to innovations in material science, demand for customization, safety regulations and standards, fashion and design trends, economic factors. Major trends in the forecast period include marketing and branding strategies, customization and personalization, safety and protection, aesthetic and design trends, ergonomics and comfort.
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Market Drivers and Trends:
The increasing number of accidents is driving the growth of the motorcycle racing apparel market. The number of accidents is increasing mainly due to speeding/reckless driving followed by other reasons such as the absence of safe procedures, open violation of the traffic rules by the drivers, poor road lighting increasing encroachment, and others. Motorcycles are more prone to accidents as motorcyclists and their passengers are more exposed to weather and road risks than drivers in enclosed automobiles. This rise in the number of accidents will create a huge demand for motorcycle racing apparel and gears that act as a protective shield to ensure the safety of riders and provide comfort during the ride. For instance, in December 2022, according to the Ministry of Road Transport and Highways, an India-based government department, in 2021, States/UTs in India reported a total of 153,972 road accident fatalities, surpassing the 2020 figure of 131,714. Therefore, the rising number of accidents will drive the growth of the motorcycle racing apparel market.
Technological advancement is the key trend gaining popularity in the motorcycle racing apparel market. The market is witnessing the implementation of advanced technologies in motorcycle racing apparel such as GPS-connected devices, heads-up displays, intelligent sensor helmets, automated airbags, and others to decrease the accidents and fatalities during the rides. Major companies operating in motorcycle racing apparel are focusing on providing technologically advanced apparel to strengthen their market position. For instance, in April 2022, Alpinestars, an Italian manufacturer of apparel and protective gear for motorsports and action sports, introduced Tech-Air 10, a full upper-body and hips protection system created with Alpinestars' MotoGP riders. Tech-Air 10 is an innovative autonomous slim airbag covering the rider's shoulders, chest, full back, and hips to offer body protection to racers, track day riders, and road riders. The new airbag contains an active electronic system featuring 12 sensors with an AI (artificial intelligence) crash detection algorithm to monitor the deployment of the airbag in the event of a crash, enabling more safety and security during rides.
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Major Key Players of the Market:
Yamaha Motor Corporation, Fox Head Inc., Ferrari S.p.A, Dainese SpA, BMW SA, Alpinestars SpA, Scott Sports SA, FLY Racing Jackets, REV'IT!, OMP Racing S.p.A., Troy Lee Designs, Gerbing Heated, Klim Technical Riding Gear, Tucano Urbano, SIDI, Furygan, Vardenchi, Joe Rocket Jackets, ICON Motosports, ThorMX, Blackchrome Sportswear, FirstGear, AGVSport, HKM Sports Equipment GmbH, RST, Kushitani Hamamatsu Ride, Royal Enfield Gear, Spartan Pro Gear Co, Rynox Gears India Pvt Ltd., Helite, ScorpionEXO
Motorcycle Racing Apparel Market 2024 Key Insights:
• The motorcycle racing apparel market size is expected to see strong growth in the next few years. It will grow to $2.73 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Rising Number Of Road Accidents To Drive Market Growth
• Technical Advancements Driving Innovations In Motorcycle Racing Apparel Market
• North America was the largest region in the motorcycle racing apparel market in 2023
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