Cycling Wear Market
The global cycling wear market is expected to experience significant growth over the coming years, driven primarily by the increasing popularity of cycling as a form of exercise, as well as the growing participation in cycling events.
According to market research, the cycling wear market is expected to reach a revenue of 5.49 billion USD by 2022, with a compound annual growth rate (CAGR) of 4.6%. By 2030, the market is expected to reach 7.8 billion USD.
The market is segmented into four main categories: tops, bottoms, accessories, and others. Tops, which include cycling jerseys, jackets, and baselayers, make up the largest share of the market at 35%, followed by bottoms (25%) which include cycling shorts, bib shorts, and tights. Accessories, including cycling shoes, gloves, helmets, and eyewear, hold a 20% share of the market, while the remaining 20% is divided among other items such as cycling bags, socks, and underwear.
Leading companies in the cycling wear market include Assos, Castelli, Giro, Pearl Izumi, and Specialized.
The North American region is currently the largest market for cycling wear, due to the high participation rates in cycling and a growing interest in cycling events. However, the Asia-Pacific region is expected to be the fastest-growing market for cycling wear over the coming years, driven by increasing adoption of cycling as a means of transportation, particularly in densely populated countries like China and India.
Although the market is poised for growth, there are still challenges that need to be addressed, such as the high cost of cycling apparel and limited availability of cycling wear in some developing countries. However, the development of new and innovative cycling apparel, expansion into new markets, and increased focus on sustainability are all opportunities for companies to capitalize on and continue driving growth in the cycling wear market.
- The cycling wear market is projected to grow significantly, with revenue expected to reach 5.49 billion USD USD Million in 2022 and 7.8 billion USD USD Million in 2030, with a CAGR of 4.6%.
- The market is segmented into tops, bottoms, accessories, and others, with tops having the largest share at 35%.
- Companies such as Assos, Castelli, Giro, Pearl Izumi, and Specialized are some of the major players in the market.
| Base Year | 2021 |
|---|---|
| Forecast Year | 2022 - 2030 |
| Revenue 2022 | 5.49 billion USD |
| Revenue 2030 | 7.8 billion USD |
| CAGR | 4.6% |
| Fastest Growing Region | North America |
| Largest Region | Asia-Pacific |
- North America is the largest region, while the Asia-Pacific is the fastest-growing region in the cycling wear market.
- Growing popularity of cycling as a form of exercise, increasing participation in cycling events, and the growing demand for cycling apparel from e-commerce channels are some of the drivers for market growth.
- High cost of cycling apparel and limited availability in some developing countries are some of the restraints for market growth.
- Opportunities in the market include the development of new and innovative cycling apparel, expansion into new regions, and increased focus on sustainability.
In the context of the cycling wear market, drivers, restraints, and opportunities refer to the factors affecting its growth or hindrance.
Drivers: Growing popularity of cycling as a form of exercise, increasing participation in cycling events, and growing demand for cycling apparel from e-commerce channels are some of the drivers in the cycling wear market. The rise in fitness awareness and health consciousness among people in different age groups is driving the demand for cycling wear as it provides comfort, protection, and style for the riders. Further, with the emergence of online retail channels, the availability and accessibility of cycling wear have increased, contributing to its growing demand.
Restraints: The high cost of cycling apparel and limited availability in some developing countries are some of the restraints for cycling wear market growth. Premium quality cycling wear is expensive due to the use of advanced materials and technology, which makes it unaffordable for a significant part of the population. Furthermore, inadequate infrastructure for cycling and low awareness in some developing countries lead to limited availability, hindering the access of the customers to cycling wear products.
Opportunities: Development of new and innovative cycling apparel, expansion of cycling apparel market into new regions, and increased focus on sustainability in the cycling apparel market are some of the opportunities for the cycling wear market. Manufacturers are continuously researching and developing new materials and designs to improve the comfort, performance, and sustainability of cycling wear. The expansion of the cycling wear market to untapped regions, such as the Asia-Pacific, can increase its customer base and provide growth opportunities. Additionally, increasing awareness of the environmental impact on the cycling wear market can lead to a focus on sustainable products to align with consumer expectations.
The cycling wear market is segmented into four categories: Tops, Bottoms, Accessories, and Others. Let's take a look at each segment's sub-segments and some analysis points:
1. Tops with 35% market share:
- Cycling Jerseys: Breathable and lightweight jerseys that offer full mobility to cyclists.
- Cycling Jackets: Lightweight jackets with a waterproof membrane that protect against moisture and wind.
- Cycling Baselayers: Thermal or breathable layers that cyclists can wear under their jerseys for added comfort.
The Tops segment holds the largest market share and is expected to dominate the cycling wear market throughout the forecast period. Factors contributing to the segment's growth include an increase in the number of cycling enthusiasts, the growing popularity of cycling events, and the demand for cycling tops from e-commerce channels.
2. Bottoms with 25% market share:
- Cycling Shorts: Shorts made with breathable materials and designed for maximum mobility.
- Cycling Bib Shorts: Similar to shorts but with straps that go over the shoulders to prevent them from slipping down.
- Cycling Tights: Full-length pants that offer thermal protection and gentle compression for a snug fit.
The Bottoms segment holds a significant market share and is expected to grow due to the rise in demand for cycling bottoms from female cyclists. Additionally, many cycling enthusiasts are looking for durable and high-quality bottoms that can withstand extended periods of use.
3. Accessories with 20% market share:
- Cycling Shoes: Shoes that offer exceptional grip and efficient power transfer, designed specifically for cycling.
- Cycling Gloves: Gloves designed for maximum grip and comfort while cycling.
- Cycling Helmets: Helmets designed to protect the head during a fall while providing adequate ventilation for comfort.
- Cycling Eyewear: Sunglasses that provide maximum protection against glare, wind, and other weather elements.
The Accessories segment holds a significant market share and is expected to grow due to the rising demand for lightweight, durable, and stylish accessories. Additionally, technological advancements, such as the introduction of smart helmets, offer significant growth potential in this segment.
4. Others with 20% market share:
- Cycling Bags: Durable and weather-resistant bags used for carrying cycling equipment.
- Cycling Socks: High-quality socks that offer padding, ventilation, and moisture-wicking properties for extended use.
- Cycling Underwear: Durable and comfortable underwear designed for cyclists.
The Others segment holds a significant market share and is expected to grow due to the development of innovative and sustainable cycling apparel. Additionally, the rise of e-commerce channels provides growth opportunities for new players to enter the market.
Overall, the cycling wear market is expected to grow significantly throughout the forecast period, with the tops and bottoms segments holding the largest market share. The growth of this market is attributed to the increasing popularity of cycling as a form of exercise, rising participation in cycling events, and the growing demand for cycling apparel from e-commerce channels.
The cycling wear market is expected to witness significant growth in the coming years, with an expected revenue of 5.49 billion USD in 2022 and a CAGR of 4.6%. North America currently holds the largest share of the market, while the Asia-Pacific region is expected to witness the fastest growth during the forecast period.
The growing popularity of cycling as a form of exercise, increasing participation in cycling events, and an expanding e-commerce market are among the key drivers propelling the growth of the cycling wear market. However, the high cost of cycling apparel and limited availability of cycling apparel in some developing countries pose challenges to market growth.
Despite these restraints, the development of new and innovative cycling apparel, expansion into new regions, and an increased focus on sustainability in the cycling apparel market present opportunities for market players. Some of the leading companies in the market include Assos, Castelli, Giro, Pearl Izumi, and Specialized.
One recent market trend in the cycling wear industry is the growing popularity of sustainable and eco-friendly materials in the production of cycling apparel. Many consumers are becoming more conscious of the environmental impact of the products they use, leading to an increased demand for sustainable apparel options. This trend presents an opportunity for companies in the industry to develop and market new innovative products.
Another trend is the increasing popularity of e-commerce channels for the purchase of cycling apparel. With the convenience and accessibility of online shopping, more consumers are opting to purchase cycling wear online rather than in physical stores. This trend is driving the growth of the online retail segment of the cycling wear industry.
In addition, the COVID-19 pandemic has led to an increased interest in cycling as a form of exercise and transportation, resulting in a surge in demand for cycling wear. As more people take up cycling, the market for cycling apparel is expected to grow further.
Overall, the cycling wear industry is expected to experience steady growth in the coming years, driven by various factors such as the growing popularity of cycling as a form of exercise, the increasing demand from e-commerce channels, and the development of sustainable and eco-friendly materials for the production of cycling apparel.
The global cycling wear market is projected to reach a revenue of 5.49 billion USD by 2022, with a CAGR of 4.6% from 2017 to 2022. By 2030, it is estimated to reach 7.8 billion USD. The market is segmented into four major categories: Tops, Bottoms, Accessories, and Others. Among these, Tops hold the largest share of 35%, with Cycling Jerseys, Cycling Jackets, and Cycling Baselayers as the sub-segments.
The key companies operating in the market include Assos, Castelli, Giro, Pearl Izumi, and Specialized. North America is currently the largest region for cycling wear, followed by Europe and Asia-Pacific. Asia-Pacific is expected to be the fastest-growing region, owing to the increasing popularity of cycling as a form of exercise and participation in cycling events.
The market drivers include the growing popularity of cycling as a form of exercise, increasing participation in cycling events, and growing demand for cycling apparel from e-commerce channels. However, the market is restrained by the high cost of cycling apparel and limited availability in some developing countries.
The opportunities in the cycling wear market include the development of new and innovative cycling apparel, expansion into new regions, and increased focus on sustainability. Overall, the global cycling wear market is poised for steady growth in the coming years, driven by a combination of market drivers, opportunities, and challenges.
The cycling wear market has witnessed significant growth in the past few years, with increasing popularity of cycling as a form of exercise, and growing participation in cycling events. The market is expected to continue growing in the coming years, with a projected revenue of 5.49 billion USD million in 2022 and a CAGR of 4.6%.
The market is segmented into various categories, with tops accounting for the highest share of 35%, followed by bottoms, accessories, and others. Top sub-segments include cycling jerseys, cycling jackets, and cycling baselayers, while bottom sub-segments include cycling shorts, cycling bib shorts, and cycling tights. The accessories segment includes cycling shoes, cycling gloves, cycling helmets, and cycling eyewear, while other sub-segments include cycling bags, cycling socks, and cycling underwear.
Several established companies, including Assos, Castelli, Giro, Pearl Izumi, and Specialized, dominate the market, with a significant presence in the largest market region of North America. However, the fastest-growing market region is Asia-Pacific, presenting significant opportunities for expansion into new regions.
The market is driven by the growing popularity of cycling, increasing participation in cycling events, and growing demand for cycling apparel from e-commerce channels. However, the high cost of cycling apparel and limited availability in some developing countries can act as restraints for the market.
Opportunities for growth in the cycling wear market include the development of new and innovative cycling apparel, expansion into new regions, and increased focus on sustainability in the cycling apparel market.
Overall, the cycling wear market is expected to experience steady growth in the coming years, driven by the increasing popularity of cycling as a form of exercise and the ongoing development of new and innovative cycling apparel.
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