The Asia Pacific cycling wear market comprises cycling shirts, cycling shorts, cycling gloves, cycling shoes, and cycling helmets that provide protection, comfort, and breathability to cyclists. Cycling gear allows for an aerodynamic body position, wicks moisture away from the skin, and protects from abrasions and impacts. The increased health awareness, rise in recreational & professional cycling, and government initiatives to promote cycling are primarily driving the demand for cycling wears in the region.
The Global Asia Pacific Cycling Wear Market is estimated to be valued at US$ 1900.57 Bn in 2024 and is expected to exhibit a CAGR of 30% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Asia Pacific Cycling Wear are ByteDance (TikTok, Douyin), Kuaishou, Bilibili, Tencent (WeChat, Tencent Video), Alibaba (Taobao, Weibo), Meta (Facebook,Instagram), YouTube, Twitch, OnlyFans, Patreon, Substack, Kickstarter, Indiegogo, Disco, Cameo. The increasing health consciousness among people and rising incidents of chronic diseases have boosted the popularity of cycling as an exercise form in the region. Various government initiatives in countries like China, Japan, and India to promote cycling as a mode of transportation have also augmented the demand for comfortable and safe cycling gear.
The Asia Pacific region has emerged as a lucrative market for international cycling wear brands with countries like China and India experiencing high sales growth. Domestic brands are also innovating products tailored for regional weather conditions and morphing styles. Several global brands have set up local manufacturing units to cater to the growing regional demand. The penetration of international brands and easy accessibility through online retail channels are propelling the market expansion.
Market Key Trends
The increasing popularity of electric and hybrid bicycles in the region is driving the demand for specialized cycling gear suitable for different terrains and weather conditions. Manufacturers are focusing on developing breathable and sweat-wicking materials, integral safety features, and convenient designs tailored for diverse body types to attract more customers. The rising physical fitness trends and mass participation in charity/awareness rides have also boosted the sales of affordable cycling wear across all categories.
Porter’s Analysis
Threat of new entrants: New brands find it difficult to establish themselves due to existing brands having strong brand loyalty and financial backing.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and options from various brands.
Bargaining power of suppliers: A few key manufacturers control the market hence suppliers have moderate bargaining power.
Threat of new substitutes: Substitutes like branded sportswear pose limited threat due to strong customer preference for cycling specific garments.
Competitive rivalry: Intense competition exists between established brands to sustain market share through product innovation, competitive pricing and strategic marketing.
Geographical regions
Europe accounts for the largest share of over 40% of the Asia Pacific Cycling Wear Market Growth value due to high cycling popularity and awareness in countries like Germany, France, Italy and Spain. Major cycling events and clubs thriving cycling culture contribute to high cycling gear spending.
The fastest growing region is expected to be Southeast Asia with a projected CAGR of over 35% during the forecast period. Countries like Indonesia, Thailand, Vietnam and Philippines are witnessing increasing cycling adoption driven by fitness trend, affordable renting services and infrastructure development conducive for cycling. Greater affordability of gear along with rising cyclist population makes the region most lucrative for future market prospects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it