Cycling wear consists of clothing, footwear, and accessories designed for cycling activities. Cycling clothing offers improved breathability, moisture-wicking properties, and flexibility which enhances comfort during cycling. Cycling footwear features cleats for mechanical coupling with pedals for efficient power transfer and riding control. Growing concerns regarding health issues like obesity have encouraged many individuals to adopt cycling as a fitness activity. This in turn is propelling the demand for specialized cycling wear for safety, comfort, and performance during rides.
The global Cycling Wear Market is estimated to be valued at US$ 4889.04 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Increased Participation in Recreational and Professional Cycling: With growing health awareness and environmental concerns, participation in recreational cycling is on the rise globally. Many cities are promoting cycling for both daily commute and leisure purposes by developing dedicated infrastructure like bike lanes and paths. This has encouraged many amateur cyclists to participate in charity and competitive cycling events. The professional cycling industry is also expanding rapidly. The increase in recreational and competitive cycling is anticipated to drive the demand for high-performance cycling wear among enthusiasts and athletes alike during the forecast period.
Porter’s Analysis
Threat of new entrants: The high capital investment required for manufacturing facilities and ongoing R&D acts as a barrier for new players.
Bargaining power of buyers: Due to the presence of numerous established players, buyers have high bargaining power as they can easily switch to substitutable alternative products.
Bargaining power of suppliers: The suppliers of raw materials like fabrics have moderate bargaining power due to the availability of substitutes.
Threat of new substitutes: The threat from substitute products like sportswear is moderate as cycling wear offers breathability and customization specific to cycling activities.
Competitive rivalry: Intense rivalry exists among existing players to gain market share through product innovation, brand promotion and competitive pricing.
SWOT Analysis
Strength: Products offer enhanced comfort, breathability and safety features preferred by cyclists. Established brands enjoy strong brand loyalty.
Weakness: Heavy dependence on seasonality and weather conditions affects demand. High research and quality standards increase production costs.
Opportunity: Growing health awareness and popularity of cycling as recreation and fitness activity presents new growth avenues. Rising disposable incomes in developing regions boosts market prospects.
Threats: Competition from substitute categories like general sportswear. Sensitivity to economic slowdowns impacting discretionary consumer spending.
Key Takeaways
The Global Cycling Wear Market Share is expected to witness high growth over the forecast period.
Regional Analysis: The market in North America dominates currently owing to rising health consciousness and cycling culture. However, Asia Pacific is likely to emerge as the fastest growing region supported by growing middle class, increasing health awareness and government initiatives to develop cycling infrastructure in major countries like China and India.
Key players operating in the cycling wear market are Alpha MOS, E-Nose Pty, The E-nose Company, Electronic Sensor technology, Scent Science Corporation, Airsense Analytics GmbH, Scentsational Technologies, Scensive Technology, Envirosuite Limited, RoboScientific Ltd., Chromatotec and Intelligent Optical Systems, Inc. These companies hold a significant share of the market and are focusing on new product launches and partnerships to strengthen their presence.
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The global Cycling Wear Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the cycling wear market include Lumiere Cycling, Giro Sport Design, Castelli Cycling, Rapha Racing Limited, Champion System, United Apparel Solution Ltd., Assos of Switzerland GmbH, Endura Limited, Isadore apparel, 2XU.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cycling Wear Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cycling-wear-market/download-sampleMarket DynamicsAn increasing number of health issues like diabetes, obesity, high blood pressure, and the eagerness to maintain a healthy lifestyle have motivated many people to integrate cycling as a part of their lifestyle.
Awareness about environmental issues is also an essential factor in the popularity of cycles and cycling wear.
Numerous cycling events are held throughout the year, and the increasing importance of adventure sports is also influencing the market for cycling wear positively.
