Press release
Driving Apparels: Savvy Companies Resort to Strategic Partnerships and Mergers and Acquisition in the Global Driving Apparels Market
The global market for driving apparels was worth US$11.8 bn in 2015. Expanding at a CAGR of 4.6% from 2016 to 2024, it is predicted to attain a value of US$17.2 bn by the end of 2024.
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What factors are stoking demand for driving apparels?
At the forefront of stimulating demand in the global market for driving apparels is the alarming increase in the number of accidents. This has led to the crafting of strict rules mandating the use of helmets, jackets, and other protective clothing while riding or partaking in motorsports. The soaring popularity of motorsports such as Formula One, IndyCar, and MotoGP has also stoked demand for jackets, knee caps, gloves, elbow caps, helmets, etc.
Driving apparels by dint of being thicker and heavier than normal clothing protect from injuries in case of sudden impact. Their other unique features are weatherproof closures and pockets, substantial zips, and higher collars. Driving their market is also product innovation and rising spending power of people around the world which has led to higher uptake of quality gear for safety purposes.
How are cheaper products crimping growth in the market?
Leading players in the global driving apparels market are faced with tough competition from local players threatening to dent their market shares. The small and medium-sized players comprise what is known as the unorganized sector, especially in the densely populated fast growing economies of China and India. They are increasingly changing the current market dynamics by flooding the market with cheaper and poorer quality products. This has put a downward pressure on prices of goods thereby hampering growth in the market. Duplicate products available in markets in another cause of worry for big names in the industry as it lowers sales of their products.
What is driving growth in leading Asia Pacific market?
Asia Pacific, powered by the emerging economies of China and India, accounts for a dominant share in the global driving apparels market. The growing penetration and popularity of international brands and a host of government regulations to bring about road safety has majorly contributed to the market in the region. Going forward, Asia Pacific is predicted to acquire a leading share of 35.77% in the global driving apparels market by 2024. Besides Asia Pacific, the market in Europe will likely see solid growth too because of technological advancements in designs and growing awareness about safety among people in the region.
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