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The Cycling Wear Market Size is estimated to grow by USD 1,303.95 million at a Compound annual growth rate (CAGR) of 6.36% between 2022 and 2027. The growth of the market depends on several factors, including increased adoption of cycling to maintain fitness, the growing participation of women in cycling activities, and the high influence of celebrity endorsements on purchase decisions.
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The increased adoption of cycling to maintain fitness is notably driving the market growth, although factors such as the availability of counterfeit products may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increased adoption of cycling to maintain fitness. Globally, hectic lifestyles and the lack of physical activity are the major reasons for a surge in the number of health conditions and other diseases. Participation in sports or other physical activities, such as cycling, significantly reduces the chances of diseases such as type 2 diabetes, metabolic syndrome, stroke, arthritis, and certain types of cancer.
Regular physical activities improve physical and mental wellness and are known to alleviate depression, anxiety, tension, and anger. The growing awareness about life-threatening diseases is encouraging people to engage in regular exercise routines and sports activities. Hence, sports and fitness activities such as cycling are gaining popularity, and participation in various amateur and professional cycling events is increasing. Therefore, awareness about the benefits of healthy lifestyles is propelling the demand for fitness equipment such as bicycles and add-on products such as cycling wear.
The customization of cycling wear, especially for corporate users, associations, and clubs is one of the major market trends. Customization is available for various types of wear. The customization is based on designs, colors, names, branding, and raw materials. In the last five years, the popularity of customized products has increased in developed regions such as the Americas and Europe. Emerging countries such as China and India are witnessing a growing demand for customized goods, including customized cycling wear.
Customized cycling wear is priced higher than regular cycling wear. The company offers these products at different price points to suit different customer needs and budgets. The company offers customization based on the logo, pattern, and choice of color based on customer selection. Globally, customization of cycling wear has increased wear purchases. During the forecast period, the customization of cycling wear is expected to increase the revenues of companies.
The availability of counterfeit products is one of the key challenges hindering market growth. The growing market prospects for sportswear such as cycling wear and the surging demand for such sportswear are increasing the penetration of counterfeit wear, especially in developing regions. Another major reason for the increased demand for and the availability of counterfeit products is the high cost of original brand cycling wear.
Counterfeit products are made of low-quality raw materials and are less durable. E-commerce channels with their widespread networks propel the distribution, sales, and reach of counterfeit products by making them accessible across regions. Sometimes, customers face difficulties in differentiating genuine and counterfeit products as they appear similar. This proves to be a severe price challenge for brands across the world.
The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adidas AG - The company offers cycling wear such as the padded cycling BIB shorts and the short sleeve cycling jersey.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth of the online segment will be significant during the forecast period. Nowadays, most consumers make their purchase decisions based on online research on websites, blogs, and social media, which drives the growth of the online segment of the market in focus. This shift is mostly led by the wide penetration and geographical reach of e-retailers such as Amazon.com Inc. (Amazon), Alibaba Group Holding Ltd. (Alibaba), and JD.com Inc. (JD.com). The increase in Internet penetration and smartphone adoption is also increasing the preference for online distribution channels.
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The online segment was valued at USD 942.21 in 2017 and continued to grow until 2021. The increasing Internet penetration and the surge in the number of smartphone users globally allow manufacturers to expand their distribution networks by partnering with third-party e-retailers and expanding their geographical presence. Convenient logistics facilities and access to popular e-retailers can ensure streamlined business activities for Companies in the market. Therefore, retailers are also gradually expanding their online operations, along with their offline retail presence.
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Europe is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In European countries, especially Eastern Europe, cycling is widely adopted as a leisure, recreational, and sports activity. Cycling, along with proper cycling accessories, is considered to be fashionable and fun. European countries, particularly Western European countries, have well-known brands. The wide availability of cycling accessories is a key factor in the growth of the market in Europe. In this region, there is a high preference for premium products mainly because of high living standards, the introduction of innovative products, and the strong brand value of premium products offered in the market. France, Italy, and the UK account for a major share of the market in the region.
The global cycling wear market is witnessing a surge in demand, driven by increasing awareness related to health and fitness, especially in urban areas. With rising concerns over diabetes, high blood pressure, obesity, and cholesterol doctors, health trainers, and medical professionals advocate for cycling as an effective exercise regimen. Manufacturers of cycling wears and gears are innovating to meet consumer needs, focusing on the fabric's moisture-wicking ability for comfort during rides. European nations (Netherlands, Finland, Germany) host renowned cycling events such as Tour de Singkarak,Tour de Singkarak, Tour de Flores, Tour de Siak International Tour de, Banyuwangi Ijen, further boosting market growth. Leading brands like Decathlon, Nike, and adidas offer a variety of cycling wear apparel, including leggings, shorts, gloves, beanies, tights jackets, jersey along with items from cycle wear apparel segments such as headgear, helmets. Despite challenges posed by the coronavirus pandemic, the market continues to expand through hypermarket, supermarket stores, and the e-commerce channel, exhibiting a promising growth.
The market forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Cycling Wear Market Scope |
|
Market Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.36% |
Market growth 2023-2027 |
USD 1,303.95 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.95 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 35% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
adidas AG, ASSOS of Switzerland GmbH, Black Sheep Cycling, CCN Sport Ltd., Cycle Clothing Ltd., Garmin Ltd, Giant Manufacturing Co. Ltd., Jaggad Pty Ltd., Le Col, Manifattura Valcismon SpA, Mysenlan, Nike Inc., Pentland Brands Ltd, Rapha Racing Ltd., Recreational Equipment Inc., SHIMANO INC., Trek Bicycle Corp., Troy Lee Designs Inc., Velocio LLC, and Vista Outdoor Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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