Cycling wear involves use of garments or gears for enhancing the performance or for comfort during cycling. Increasing number of people are opting for cycling as a hobby and the market is driven by a growing portion of the population living healthier lifestyles and their stronger participation in sports and fitness activities. Hence, owing to these factors and increased consumer awareness, the global cycling wear market is expected to gain a significant traction over the forecast period.
According to the World Health Organization (WHO), increasing sedentary lifestyle is contributing to various lifestyle diseases such as diabetes and cardiovascular diseases due to physical inactivity, incorrect body posture, and other such factors. According to an article published in Down to Earth, over 61% of all deaths in India were due to lifestyle or non-communicable diseases (NCDs), in 2017. People even travel shorter distances on vehicles in spite of being able to walk or cycle to the destination, owing to growing use of transport. According to 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 pollution, which is one of the major factor for increasing adoption of cycling.
Governments in various cities are focusing on initiatives to carve out cycling routes for cyclists, which is a significant factor for increasing adoption of cycling. For instance, The Government of India in 2017 built cycling tracks in 10 cities in the region along the arterial roads to promote cycling as a mode of intra-city transport.
Various governments are focusing on initiatives to encourage people to adopt cycling. For instance, Essex, a county in Southeast England, came up with The Cake Escape, which was launched in August 2013. It is a joint venture between Essex County Council and Sustrans—a UK sustainable transport charity—to increase the number of people cycling. This is expected to increase the number of people opting for cycling, thus in turn aiding in growth of the market.
Nonetheless, the increase in the sale of sports apparel is equally helping the global cycling wear market to grow. According to Coherent Market Insights, the revenue in the Sports & Outdoor segment had amounted to US$ 53,024 million in 2017. Likewise, technological developments like Zero Sweat Sport Tees designed to absorb the sweat has also led to the growth in sales of sports apparel, especially the sports tee shirts segment.
One of the major factors restraining the growth of the market is low disposable income in emerging economies. According to The Energy and Resources Institute, for low income households in India, the price of cycles is perceived to be high due to which cycle sales in the country are low. The price of the cheapest cycle in rural India is about 15% of the annual per capita rural income as compared to about 2.5% in rural China. Moreover, underdeveloped and many developing countries do not have proper road infrastructure for cycling, which could hinder growth of the market.
Europe is expected to account for be largest share in the global cycling wear market. The region is known for its cycling destinations such as Belgium, France, and Switzerland. Government of these countries have stringent rules and regulations pertaining to cycling, as in, cycling wear or at least cycling headgear is mandatory for a person to ride the bicycle. This is a major factor driving growth of the market. For instance, The German Bicycle Law states that a good bicycle helmet should have a hard outer shell made of reflective material, air vents, and air duct bars on the air vents to protect against insects and closure straps. Also, cycling helmets should have the mark inside the shell that they conform to the ÖNORM EN 1078.
According to Coherent Market Insights, in Switzerland, 5% of all trips and 10% of trips to work are facilitated through cycles. Also, there are plenty of cycle renting shops in the region that provide cycles and cycling wear to the locals and tourists. These factors are expected to aid in growth of the market in the region over the forecast period.
Furthermore, Copenhagen has 350 km of cycle paths and lanes, which are raised from the road and are safe to cycle on. The Copenhagenize Design Company, has re-established bicycle as a mode of transport in the cities and has implemented bicycle strategies such as chalking out safe cycle routes to schools, location-specific streetscape design and bicycle parking analyses, cycling necessities, owing to which the citizens are shifting their preference towards cycling, thus in turn, aiding in growth of the market.
Players in the market are focusing on various strategies to sustain their position in the competitive market such as merger, acquisition, partnership, and product innovation. For instance, Nike, Inc., in 2017, entered into a global partnership with Amazon so that it could sell its product on Amazon’s platform.
Key players operating in the global cycling wear market are Nike, Inc., PUMA SE, Specialized Bicycle Components, Inc., ASSOS of Switzerland GmbH, Nike, Inc., Merida Industry Co. Ltd., and Giordano International Ltd.
On the basis of product type, the global cycling wear market is segmented into:
On the basis of product type, the global cycling wear market is segmented into:
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