Europe Driving Apparel Market is Anticipated to Register 5.7% CAGR through 2017 - 2025
Besides the aforementioned strategies, mergers and acquisitions are widely followed across the Europe driving apparel market. Strategic collaborations are most sought after as these allow companies to expand their product portfolio as well as regional footprint. The Europe driving apparel market is forecast to exhibit a CAGR of 5.7% between 2017 and 2025. At this pace, the market’s valuation is expected to reach US$4.71 bn by the end of 2025, from its valuation of US$2.93 bn in 2016.
Germany to Continue Exhibiting Most Lucrative Opportunities
By product type, the market witnesses the maximum demand for protection gear, which also constituted the dominant share of 51.7% in the Europe market in 2016. During the forecast period, the market is also forecast to witness rising demand for clothing. Based on vehicle type, the two-wheeler segment emerged dominant with a share of 52.5% in the overall market in 2016. By geography, Germany have the most lucrative prospects in basket. In 2016 it accounted for over 35.3% of the overall Europe driving apparel market. Through the forthcoming years, the market’s dominance is expected to remain intact.
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Stringent Regulations Aimed at Improving Road Safety to Boost Growth
In Europe, governments have stringent regulations in place to ascertain improved road safety. This is a primary driver of the driving apparel market in the region. In the last few years, Europe has witnessed increasing cases of road accidents due to lack of proper driving skills, street racing, impairment due to alcohol, notable speeding, and reckless driving. According to the Cooperative for Assistance and Relief Everywhere and European Commission, nearly 26,000 fatalities were recorded in Europe in November 2016. The alarming rise in cases of road accidents have compelled governments to enforce stringer regulations. These would encourage the use of various protection gears, which in turn will boost the driving apparel market in Europe.
The market is also expected to gain from the rising popularity of motor sports in Europe. Leading automotive manufacturers such as General Motors, Ford, Honda, and Toyota are backing these events through dealer promotions and advertising. They also offer financial and technical support to the teams. The rising popularity of motor sports in turn spurs the demand for jackets, gloves, helmets, knee caps, elbow caps, and other driving gears, thus enabling the driving apparel market gain momentum.
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Competition from Unorganized Sector to Emerge as Key Challenge
On the downside, the fierce competition gripping enterprises is a key factor inhibiting the market’s trajectory. Besides established players, the companies operating in the Europe driving apparel market are also experiencing huge competition from the unorganized sector. Various local and small scale players are engaged in the production of helmets and other automotive gears thus making the competition prevailing in the market even fiercer. However, to tackle the challenge, the established manufacturers are taking efforts to expand and diversify their product range. Considering these factors, the effect of the restraint is likely to remain medium through the forecast period.
Furthermore, with the introduction of advanced materials such as fiberglass reinforced plastic and carbon fiber, the market players are able to offer more lightweight but sturdy helmets. Such innovations will reflect positively in the long run.
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