The Asia Pacific Cycling Wear market is estimated to be valued at US$ 1,388.6 million in 2021, according to Cycling Wear Market Report, by Product Type (Clothing, Foot Wear, Head Gear, and Eye Wear), by Distribution Channel (Hypermarket, Specialty Stores, Direct to Consumer, Wholesalers, and Online), and by Region (Asia Pacific), published by Coherent Market Insights.
The Asia Pacific cycling wear market is expected to surpass US$ 2,585.1 million by 2028, exhibiting a CAGR of 9.0% during the forecast period (2021-2028). Market growth is attributed to rising awareness related to health and fitness among consumers across the globe. There has been a rise in health-related problems such as diabetes, high blood pressure, and obesity amongst the youth and middle-aged people. Many doctors and health trainers advice regular cycling practice, which helps to reduce the ill effects of many aforementioned medical conditions. Additionally, consumers in urban areas prefer riding bicycles as a sustainable mode of transportation, which is expected to propel the market growth over the forecast period. Increasing health awareness among consumers is one of the factors that has boosted growth of the Asia Pacific cycling wear market. Stress, busy lifestyle, pollution, and use of chemical fertilizers for preservation and farming are adversely affecting health, leading to several disorders such as obesity, hypertension, and anxiety. Today, people are more focused on adopting preventive measures, healthy lifestyles, and other life choices such as exercise, dieting, consuming a balanced diet, use of natural and organic products, and meditation Due to these factors the cycling wear market has seen a tremendous growth.
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Key Trends and Analysis of the Asia Pacific Cycling Wear Market:
- Among countries, China accounted for share of 28.6% in 2020 in the Asia Pacific cycling wear market. The growth is attributed to growing bike-sharing market in the region. According to the 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 the 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 cycling wear market. 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.
Key Takeaways of the Cycling Wear Market:
- Among distribution channels, specialty stores segment accounted for the highest market share of 26.53% in 2020 in the Asia Pacific cycling wear The speciality stores segment was valued at US$ 338.0 Mn in 2020 and is expected to witness a CAGR of 7.7% over the forecast period. The segment growth can be attributed to the availability of a broad range of products under the sports product segment in these stores.
- Governments and social media are engaged in increasing health awareness among the population. For instance, Central Health Education Bureau is publishing a ‘Healthy India Initiative’ health magazine, creating awareness about physical exercise, health, oral hygiene, and nutrition.
- The climate and environment can affect cycling sports significantly, thus manufacturers are focusing on the fabric of the cycling wear. These wears are typically made of a unique material that has moisture-wicking ability. Moisture-wicking is the process in which the fabric pulls sweat off the skin and brings it outside of the garment, helping the wearer to stay cool. Companies are investing significantly in research and development in these lines to design innovative products and clothing products which can reduce the sweating problem.
- Major players operating in the Asia Pacific cycling wear market include JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot
- Players operating in the Asia Pacific cycling wear market are launching new products to gain competitive advantage in the market and to expand their business. For instance, in April 2018, Santini Maglificio Sportivo, cycling clothes brand 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 a casual style.
Asia Pacific Cycling Wear Market - Impact of Coronavirus (Covid-19) Pandemic
- Covid-19 outbreak impacted the growth of the cycling wears market negatively for a short period. The spread of coronavirus led to the enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions, which in turn affected the manufacturing and availability of cycling wear products in the market. Additionally, many cycling events were either canceled or postponed due to fear of infection. Furthermore, people moved out of their houses only for essential needs and thus, negatively affected the growth of Asia Pacific cycling wear market.