Driving Apparels Market: Popularity of Motorsports to Offer Lucrative Opportunities

The top three players leading their way in the global driving apparels market are Fox Head, Inc., Alpinestars S.p.A, and Dainese S.p.A. Collectively, these companies held a share of 25.5% in the global market in 2015. Transparency Market Research states that the competitive landscape in the overall market is highly fragmented due to presence of several small and medium-size businesses. “Companies are expected to emphasize on product innovation to stay ahead of competition along with ensuring technological advancements and acquisitions between 2016 and 2024,” states the lead author of this research report.

According to the research report, the global driving apparels market was worth US$11.8 bn in 2015 and is expected to reach a valuation of US$17.2 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is expected to register a CAGR of 4.6%.

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China Contributes Significantly to Asia Pacific Market’s Soaring Revenue

On the basis of product, the global market is segmented into clothing, footwear, and protection gear. Of these, the clothing segment is estimated to exhibit the highest CAGR of 5.0% between 2016 and 2024. The high demand for clothing will be due to the excellent protection they provide in case of an accident. Clothing designed for driving is known to be resistant to abrasion. Thus, as it covers the most vulnerable parts of the body it prevents the user from sustaining injuries.

In terms of geographies, the global driving apparels market is segmented into North America, Europe, the Middle East and Africa, and Latin America. As of 2015, Asia Pacific held a dominant share in the global market. This regional market is expected to acquire a leading share of 35.77% in the global driving apparels market by the end of 2024. China is expected to be the biggest contributor to the soaring revenue of the Asia Pacific driving apparels market during the forecast period.

Rising Cases of Road Accidents Accelerate Uptake of Driving Apparels

The growing number of road accidents across the globe is the primary driver for the global driving apparels market. Accidents due to speeding, street racing, negligent driving skills, and impairment due to alcohol and drugs have become common across the globe. The surging number of mishaps on the road has been the predominant factor encouraging the uptake of protection gear and other safety accessories amongst users. The growing participation in motorsports has become an important driver for the global market. The rising popularity of motorsports has increased the sales of helmets, jackets, gloves, elbow caps, and knee caps in order to protect the participants in whichever way possible. The extensive usage of driving apparels is largely attributable to the popularization of motorcycle racing events such as IndyCar, Formula One, and MotoGP among others.

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Duplicity and Negative Brand Image to Hamper Market Growth

The stiff competition from local players is the biggest challenge for several leading players operating in the global driving apparels market. The unorganized sectors, especially in the emerging economies of China and India have made the market dynamics for existing players exceptionally complicated. The persistent efforts to cut down the prices of protective gear has led to compromised quality of products, thereby tarnishing brand value and restraining growth of the market. Duplicity is yet another factor hampering the growth of the market.

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This release was published on openPR.