The cycling wear market is estimated to be valued at US$ 4889.04 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cycling wear products includes jerseys, bib shorts, tights, jackets, gloves, shoes, and other accessories used while cycling. They are made using breathable and moisture wicking fabrics to keep the body cool and dry during rides. These products offer benefits like UV protection, comfort, flexibility and safety. They play a key role in encouraging people to adopt cycling both for recreational and commute purposes.
Market key trends:
The rise in health awareness among people regarding benefits of regular exercise is a key factor driving the growth of the cycling wear market. Regular cycling helps reduce risk of cardiovascular diseases, manage weight, improve mental health and boost overall well-being. Additionally, growing traction of eco-friendly commute options coupled with urban traffic congestions have increased popularity of cycling as a mode of transportation. This has led to higher demand for reliable and comfortable cycling wear. Furthermore, emergence of smart clothing integrated with features like GPS, heartbeat sensors etc. allow tracking of fitness levels are gaining traction in the market. Manufacturers introducing such technologically advanced products will supplement the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The cycling wear industry has moderate barriers for new entrants due to high costs of manufacturing and well-established brands. However, online retailing has lowered these barriers to some extent.
Bargaining power of buyers: Buyers have moderate bargaining power given the availability of substitutes and new players frequently entering the market with competitive pricing. However, brand loyalty keeps some buyers from switching easily.
Bargaining power of suppliers: Material suppliers like lycra fiber producers have low-to-moderate bargaining power since their products are not differentiated and switching costs are low for manufacturers.
Threat of new substitutes: The threat is moderate as alternative sports apparel continue expanding but cycling specific clothing has few true substitutes due to safety and performance needs of cyclists.
Competitive rivalry: The industry has fierce competition among existing players given the mature market and frequent new product launches.
SWOT Analysis
Strengths: Cycling wear brands have strong brand recognition and loyalty. Products are tailored for cycling needs and provide safety, comfort as well as enhance performance.
Weaknesses: High research and production costs. Vulnerable to pricing pressure from private labels and new startups.
Opportunities: Growing global cycling culture and health trends offer scope for market expansion. Rising disposable incomes in developing nations too boost prospects.
Threats: Threat from substitute sports apparel. Economic downturns may negatively impact discretionary spending on cycling gear.
Key Takeaways
The global Cycling Wear Market Size is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing health awareness and rising popularity of cycling as a fitness and recreational activity. The European region currently dominates the market, holding over 30% share due to strong cycling culture and supportive infrastructure especially in countries like Germany, France, Italy and Netherlands. However, Asia Pacific region is expected to grow at the fastest pace owing to improving public infrastructure in countries such as China, India, Japan and Australia which are promoting cycling for commute and recreation.
Key players operating in the cycling wear market include Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. – C.F., Capo, and Pedla. These players dominate the market owing to their diverse brands and new product developments focused around innovations in fabrics, designs, functionalities and added safety features.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.