New York, US, March 15, 2023 (GLOBE NEWSWIRE) -- Bicycle Apparels & Accessories Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Bicycle Apparels & Accessories Market: Information by Type, by Category, by Distribution Channel, and Region—Forecast till 2027, the market size is projected to register a CAGR of 5.05% and reach a value of USD 9,529.1 million by 2027.
Market Scope:
The clothing that is specifically made to be worn while cycling gives the rider comfort and safety. These include gloves, pants and shorts, socks, and tees and jerseys. The parts that go with a bicycle are called accessories, and they include safety equipment, kickstands, mirrors, and bottle cages. The popularity of triathlons and participation in outdoor activities have contributed to the expansion of the global market for bicycle apparel and accessories.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 9,529.1 million |
| CAGR | 5.05% |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, by Category, by Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Stringent Government Regulations |
| Participation in Outdoor Activities |
Competitive Dynamics:
The participants are concentrated on making investments in R&D. Additionally, they implement strategic growth activities like product launches, joint ventures, partnerships, and expansion to improve their market position and attract a sizable client base.
Prominent players in the global bicycle apparels & accessories market include
- Adidas AG (Germany),
- Giant Bicycles, Inc (Taiwan),
- Specialized Bicycle Components, Inc. (US),
- Trek Bicycle Corporation (US),
- ASSOS of Switzerland GmbH (Switzerland),
- Rapha Racing Limited (UK),
- POC Sports (Sweden),
- Fox Head Inc (US),
- 100% Speedlab, LLC (US),
- PEARL iZUMi (US),
- Manifattura Valcismon S.P.A. (Italy),
- Black Sheep Cycling (Australia),
- Velocio. (US),
- Pas Normal Studios (Denmark),
- Vaude (Germany).
Market USP:
Market Drivers
Bicycle clothing and accessories are used to improve riding safety. In many nations, bicycle riders are required to wear personal protective equipment, such as helmets and protective clothes. Many nations adopt different safety standards, such as the EN1078 standard in European nations. The authorities' enforcement of safety laws and regulations pertaining to helmets, jackets, and other protective clothing is anticipated to drive the market's expansion for bicycle apparel and accessories.
Several nations have also noticed a rising trend in outdoor activity participation. As a result, in recent years, the global market for cycling apparel and accessories has been driven by rising outdoor activity levels as well as rising public awareness of the positive effects these activities have on children's health. Nonetheless, the COVID-19 outbreak has had a negative effect on the population's participation in outdoor activities. Yet, when things return to normal in the near future, this element is anticipated to fuel market growth.
Because social media bridges the distance between marketers and customers, it presents a significant opportunity for boosting product introductions and branding. Bicycle apparel and accessory producers' strategic sales plans call for the use of internet marketing and distribution channels in addition to product promotions at trade shows and other events.
Browse In-depth Market Research Report (99 Pages) on Bicycle Apparels & Accessories:
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Market Limitations
To boost revenue creation, retailers all over the world want to provide cycling gear and accessories through their brands. Local manufacturers provide bicycle clothing and accessories that meet consumer demand and merchant inventory plans. Also, these producers provide their goods in unorganized markets for substantially less money, which restricts the expansion of competitors in the world market for cycling gear and accessories.
COVID-19 Analysis:
The COVID-19 epidemic has caused border restrictions, transit network breakdowns, and widespread lockdowns. Due to the growing number of infected people and the lack of certainty regarding when the crisis will end, the economic uncertainty caused by the COVID-19 outbreak is significantly higher than that caused by previous outbreaks like the severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola. The majority of the consumer's spending was diverted to necessities, while non-essential firms experienced a significant decline. Non-essential companies were instructed to stay closed throughout the first half of the epidemic as additional cities fell into lockdown. Since bicycle clothing and accessories are not necessities, their demand was significantly impacted. Due to border restrictions and government-issued lockdown orders, the COVID-19 epidemic has significantly hindered outdoor activities like cycling and forced people to stay indoors. Schools, colleges, and other educational institutions were closed, and businesses around the world conducted work from home days. During the pandemic, these variables had a negative impact on the sales of bicycle apparel and accessories.
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Market Segmentation:
By Type
In 2019, the jerseys and tees segment held the biggest market share. Professional cyclists frequently wear jerseys and t-shirts.
By Category
The sector for mountain bikes is anticipated to have the greatest CAGR of 5.34% throughout the projection period. It is projected that the increased popularity of mountain biking among young people in developed North American and European economies will fuel the segment's expansion.
By Distribution Channel
In 2019, the sector located in stores held a greater market share. Given that cycling gear and accessories are sold most frequently through these channels, the supermarkets & hypermarkets sub-segment is anticipated to be the largest.
Regional Analysis:
One of the most important growth factors of the regional market is the expanding product portfolio of leading manufacturers with innovation in colors, materials, and designs of various product kinds. The regional market for cycling gear and accessories is anticipated to develop as a result of technological advancements like the usage of LEDs and airbags in helmets. It is predicted that the US will continue to rule during the prediction period. The growing trend of professional cycling and an increase in product launches by major companies are anticipated to fuel the US market. Also, the popularity of triathlon in the US is increasing sales of cycling clothing and accessories.
2019 saw the largest proportion of the global market for cycling clothing and accessories in Europe. In 2019, Germany, the UK, France, and Italy owned the majority of the market share; throughout the projected period, Italy is anticipated to have the fastest-growing country-level market. Every year, the area hosts a number of bicycle events in which a large number of people take part. This boosts sales of bicycle clothing and accessories. The development of the cycling gear and accessory business in Europe is being favorably impacted by strict government restrictions regulating riders' safety. The top countries with the highest per capita purchases of outdoor clothing are Germany, the UK, Norway, Sweden, and Switzerland, which also helps the region's sales of cycling clothing.
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