The global cycling wear market was valued at US$ 3,307.2 million in 2017, according to Cycling Wear Market Report, by Product Type (Clothing, Footwear, Head Gear, and Eye Wear), by Distribution Channel (Hypermarket, Specialty Stores, Direct to Consumer, Wholesale, and Online), and by Region (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global cycling wear market is projected to reach US$ 5,572.2 million by 2025, exhibiting a CAGR of 7.1% during the forecast period. Governments of various economies are taking initiatives to encourage people for adopting cycling. This is owing to the fact that governments are focusing on reducing carbon footprint in the country. For instance, Essex, a county in Southeast England, introduced 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. Prominent players in the cycling industry motivate and encourage cycling sport. For instance, Sinhgad bike and hike event in Pune India held on 28th April 2018, was sponsored by Giant Starkenn. Such events aim to encourage cycling as a sport and provide cycling enthusiast a platform. Cycling wear is expensive than regular apparel. For instance, Core Athletics wearable jersey and shorts are in the range of at US$ 25- US$ 28 while Core Athletics Cycling Jersey is priced around US$ 35- US$ 45. Middle class income group consider cycling apparel as a luxury item, such consumer perception is negatively impacting the cycling wear market growth.
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Key Trends and Analysis of the Cycling Wear Market:
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