Global Cycling Wear Market - Insights
Cycling wear involves use of garments or gears for enhancing the performance or for comfort during cycling. Increasing number of people opting for cycling as a hobby and growing portion of the population living healthier lifestyles thereby rising participation in sports and fitness activities is driving growth of the cycling wear market.
Increasing awareness regarding advantages of exercise such as cycling due to media exposure and various health organizations is driving market growth. According to World Health Organization (WHO), commuters who cycle to work have 41% lower risk of dying from all causes than people who drive or take public transport. Cycles also help in reducing noise and air pollution, which is one of the major factors for increasing adoption of cycling, this in turn is fueling demand for cycling wear.
The global cycling wear market was valued at US$ 3,307.2 million in 2017, and is expected to register a CAGR of 7.1% in terms of value, during the forecast period (2018 – 2025) to reach US$ 5,572.2 million by 2025.
Figure 1. Global Cycling Wear Market Share (%), By Product Type, 2017
Source: Coherent Market Insights, 2017-18
Clothing segment held highest market share in the global cycling wear market in 2017, and it is expected to retain its dominance during the forecast period. Clothing segment of cycling wear includes leggings, shorts, gloves, jackets, jersey, and arm/leg warmers. Clothing should provide comfort, durability, moisture resistance, and should be waterproof, windproof, and stretchable. Cycling apparels are designed to fit and support the body during cycling.
Among distribution channel, online stores is the fastest growing segment during the forecast period. Growth of the online segment is majorly attributed to rising penetration of low cost smartphones, coupled with rapid advancements in internet services. According to survey published by Malaysian Communications and Multimedia Commission (MCMC) in 2017, there were 24.5 million Internet users in 2017 which increased from 24.1 million in 2015.
.Asia Pacific is the fastest growing region in the global cycling wear market. The market was valued at US$ 1,020.8 Mn in 2017, witnessing a CAGR of 9.0% during the forecast period. This is attributed to growing bike sharing market in the region. According to Ministry of Transport, China had around 70 bike-sharing brands such as Mobike and Didi Chuxing-Ofo operating over 16 million bicycles nationwide by 2017. Various initiatives are undertaken by public and private organizations to encourage adoption of cycling. For instance, Cycling Cities is an organization involved in encouraging cycling adoption for transportation. Furthermore, in 2016, Pune Municipal Corporation introduced Pune Bicycle Plan to encourage bicycling. Rapid growth in the bicycles market is another factor contributing to growth of the cycling wear. According to All India Cycle Manufacturers' Association, sales of bicycles in 2017-2018 in India was 16.57 million units. Also, revenue of the cycle’s business increased by 30% year-on-year in the April-June quarter of 2018.
Figure 2. Global Cycling Wear Market Revenue (US$ Mn), By Region, 2017
Source: Coherent Market Insights, 2017-18
Players operating in the global cycling wear market are launching new products to gain competitive advantage in the market and to expand business. For instance, in April 2018, Santini Maglificio Sportivo launched its new MAGLIA NERA collection composed of a technical cycling kit inspired by its last classified Luigi Malabrocca, a cotton T-shirt for a casual look but with a perfect fit a short-sleeved wool sweater and a sweater long sleeves for casual style for cycle ride.
Major players operating in the global cycling wear market include JRD 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, Pedla, and Lumiere Cycling.
Government initiatives and development of cycling infrastructure is driving growth of the global cycling wear market. For instance, in 2017, China opened its longest elevated cycling path, which is 7.6-kilometer-long track and connects five metros above the main road. It connects all of the city’s major residential and business districts and the commuters have direct access to 11 bus stations and two subway stops.
Market Dynamics
Asia Pacific is the fastest growing region in the global cycling wear market and the market was valued at US$ 1,020.8 Mn in 2017, witnessing a CAGR of 9.0% during the forecast period. This is attributed to the government initiatives for adoption of cycling, cycling tourism, and development of cycling infrastructure. For instance, International cycling races such as Tour de Singkarak, Tour de Flores, International Tour de Banyuwangi Ijen, and Tour de Siak are conducted in Indonesia to promote cycling and cycling tourism. In January 2018, the Tour of Indonesia was re-launched and upgraded to Class 2.1 after seven years. Also, the Land Transport Authority in Singapore aims to make the country a cycling-friendly city by 2030. Land Transport Authority plans to construct cycling network of 700km across the island. Moreover, cycling infrastructure such as bicycle crossings and parking facilities will be constructed to encourage cycling culture.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
* Browse 108 market data tables* and 37 figures* on "Cycling Wear Market” - Global forecast to 2025.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.