Press release
Driving Apparel Market Size will Grow Profitably in the Near Future
The global market for driving apparel is primarily driven by the surge in adoption of protection gear and safety accessories among vehicle riders to prevent serious injuries and even death. Safety regulations and laws that mandate the use of helmets, jackets, and other protective clothing are in place in several countries around the world, which in turn, is fuelling the market’s growth. For instance, in developed countries such as the U.S., there are strict safety laws regarding the use of helmets and other protection gear for motorbike riders. In Germany, the government have legislated various strict laws for the usage of protection apparel while driving as these apparel minimize the risk of serious injurious by controlling the impact of collision on the rider’s body during an accident.
According to the TMR report, the global market for driving apparel will clock a CAGR of 5.3% for the 2017-2025 forecast period vis-à-vis revenue. Progressing at this pace, the market’s valuation of US$12,030.3 mn in 2016 will present an opportunity worth US$18,565.0 mn by the end of 2025.
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Driving apparel is also recommended by motor safety agencies as they are thicker and heavier than normal clothing along with features such as weatherproof closures and pockets, higher collars, substantial zips, and are even equipped with armor. For instance, jackets and pants are generally made of leather or specific fabrics. In addition, jackets used for driving include heavy padding on the spine, shoulder, and elbow. Gloves are usually made of leather and carbon fiber with knuckle protection. Driving boots, particularly the ones manufactured for sport riding comprise plastic caps on toes and ankle to provide ample protection.
Further, the rising popularity of motorsports that have their own perils are bound by government laws to use quality protective gear for individuals who participate in the spectacle. Moreover, easy availability of protective gear such as jackets, helmets, boots, and other protective clothing across a number of retail channels is likely to bolster the market’s growth.
Presence of Numerous Unorganized Product Manufacturers Crimps Growth
On the downside, the growth of the driving apparel market is challenged by intense competition from the unorganized sector. The presence of a large number of local manufacturers that are involved in the production of sub-standard products available at low prices is giving stiff competition to this market.
The vendor landscape of the global driving apparel market is marked by a high degree of fragmentation and intense rivalry between a handful of leading players, states Transparency Market Research (TMR) in a new report.
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Among the key product types, protection gear stood as the leading revenue contributor in 2016 accounting for almost 50% market share. The two wheelers segment, among the key vehicle types, held the leading market share in 2016. Going forward, the two wheelers segment is likely to grow at a significant rate for the 2017-2025 forecast period. Geography-wise, Asia Pacific emerged as the most lucrative market for driving apparels in 2016.
Leading players in this market, namely Alpinestars S.p.A., Dainese S.p.A., Fox Head Inc., Scott Sports SA, ThorMX, PUMA SE, and Adidas AG are hard-focused on product innovation and improvement of existing products to increase their competitiveness in the industry. They are also resorting to carefully crafted mergers and acquisitions and strategic alliances in order to strengthen their position, which will make the market somewhat consolidated.
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About us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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