Bicycle Apparel Market to Rise on Increasing Bicycle Sales, Creating US$ 2.0 Bn Incremental Opportunity through 2031 - Persistence Market Research
NEW YORK, Nov. 30, 2021 /PRNewswire/ -- Global sales of bicycle apparel are estimated to reach US$ 6 Mn by the end of 2031, increasing at a CAGR of 5% from 2021 to 2031, mostly driven by rapidly increasing number of cycling certification programs and rise in participation in professional cycling activities across the world.
Innovation and advancements in technology have helped the bicycle apparel industry grow and diversify its product line. Moreover, introduction of smart bicycle apparel that has in-built technologies to maintain and record location, lap timings, health status, and are designed aerodynamically to boost performance are driving the interest of consumers, thus, growing the opportunity for bicycle apparel manufacturers to increase the volume of sales.
- For instance, in 2021, an online cycling apparel store, Champion System USA, announced an updated range of cycling clothing and jerseys. With this update, it introduced custom-tailored clothing as desired by customers, which are handcrafted from premium fabrics for enhanced performance.
- In 2019, Gore launched a waterproof cycling jacket - 'Gore-Tex Shakedry cycling jacket'.
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Key Takeaways from Market Study
- Under the product type category, body insulators and pants held the largest share in bicycle apparel largely due to rise in demand and availability of apparel manufactured using natural material.
- Apart from flexibility, insulation, and reliability, professionals are seeking and willing to pay more for bicycle apparel with in-built high-tech mechanisms that help record various performance data.
- Offline sales of bicycle apparel continue to dominate due to the fact that consumers prefer to experience the look and feel of the apparel before making a purchase.
"Manufacturers are focusing on innovating their product lines and introducing miniature tech into bicycle apparel to keep record of activities. Moreover, new design techniques are being tested and implemented to help professional cyclers enhance their performance," says an analyst at Persistence Market Research.
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Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the bicycle apparel market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Shimano, Inc., Accell Group N.V., Campagnolo S.R.L., Garmin Ltd., Giant Manufacturing Co., Ltd., Merida Industry co., Ltd., Samchuly Bicycle Co., FALKE KGaA, Endura Ltd., DT Swiss AG, Renthal Limited, Head N.V., New Balance Athletics Inc., and 2XU.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the bicycle apparel market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product type, end use, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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