Coherent Market Insights

Cycling Wear Market to Surpass US$ 11.22 Bn by 2031

Cycling Wear Market to Surpass US$ 11.22 Bn by 2031 - Coherent Market Insights

Publish In: Apr 19, 2024

The global cycling wear market is estimated to be valued at USD 7.78 Bn in 2024, growing at a CAGR of 5.4% over the forecast period (2024-2031). Furthermore, an increasing number of international cycling events and marathons along with growing health awareness among consumers is also propelling the market growth.

The growth of the global cycling wear market is determined by two key drivers - rising popularity of road cycling as a sport and increasing technological innovations.

Firstly, road cycling is gaining immense popularity as a professional sport globally. Large spectator events like Tour De France receive huge viewership every year and motivate more people to take up road cycling. This is translating into higher sales of specialized cycling wear like jerseys, shorts, gloves, helmets, etc.

Secondly, manufacturers are investing significantly in R&D to develop smart and lightweight cycling garments integrated with new technologies. Some examples include wearables with heart rate monitors and GPS tracking systems built into jerseys and shorts. Such innovations offer better performance and safety, thereby expanding the market growth over the forecast period.

Growing Health Consciousness is Driving the Increased Demand for Cycling Gear

One of the major drivers for the global cycling wear market is the growing focus on health and fitness among consumers around the world. As lifestyles become increasingly sedentary due to more office jobs and technology, people are looking for active ways to incorporate exercise into their daily routines. Cycling is an enjoyable outdoor activity that provides excellent cardiovascular exercise without being too intense. This has led to the rising popularity of both recreational and commuter cycling. With more people taking up cycling regularly, the demand for specialized cycling clothing and gear has also increased significantly. Manufacturers are introducing a wide range of breathable and sweat-wicking apparel, shoes, and accessories tailored for cyclists. They are also effectively marketing the health benefits of cycling to attract new customers.

Increased Government Support for Non-motorized Transport is Expanding the Market

Many cities across the globe are promoting cycling as a sustainable mode of transportation to reduce traffic congestion and pollution. They are investing heavily in the cycling infrastructure like protected lanes, pathways, and bike rental/sharing services. This encourages people to commute to work or school by bicycle. Such initiatives are normalizing cycling and expanding its customer base beyond hardcore enthusiasts. With more people opting to cycle occasionally or regularly for utility purposes, the cycling wear market is finding new growth opportunities.

High Cost of Specialized Cycling Apparel Acts as a Restraint

While cycling is an accessible sport, some of the specialized performance apparel and gear targeted towards serious and long-distance cyclists comes at a premium. Top-of-the-line jerseys, pants, jackets, shoes, and other accessories incorporating advanced materials and technologies do not come cheap. This price barrier prevents many amateur and recreational cyclists from frequently upgrading their gear or outfits. It also limits the potential customer base for high-end products to professional and hardcore cyclists alone. Unless offered on sale, expensive gear fails to attract new or occasional riders looking for multi-purpose athletic clothing. To tackle this challenge, some brands are developing more affordable lines of casual cycling apparel without compromising too much on quality and features.

Dependence on Seasonal Demand Patterns Affects Growth

Weather and climate have a definite impact on cycling activities and the timing of gear purchases. Naturally, demand swells during the warmer seasons when cycling outdoors is more enjoyable. However, sales drop off sharply during winter in cold regions. This seasonal fluctuation creates challenges for companies in production planning and inventory management. It also affects the profitability and cash flows for those unable to offset seasonal losses. Manufacturers try to overcome this restraint by promoting indoor cycling, expanding product lines for cold weather gear, offering online retail and encouraging rental/leasing of seasonal items. Some succeed in shifting demand patterns, but overall the market still witnesses ups and downs corresponding to the seasons. Diversification into multi-season products can help minimize this restraint over the long run.

E-bikes Present Lucrative Market Expansion Opportunities

Electric bicycles, commonly called e-bikes, are transforming cycling by making it more convenient and accessible. Their rising popularity, especially for city commuting and recreational cycling, is opening up huge opportunities. Since e-bikes require specialized gear and accessories, they are driving new product development and demand in the cycling wear segment. Companies are introducing electric-specific apparel, protection gear, bags, safety accessories optimized for the different riding experience and speeds of e-bikes. Moreover, as e-bikes enable people of all age groups and physical abilities to cycle, they are expanding the potential customer base exponentially. This presents a massive growth avenue for gear manufacturers. They are actively partnering with e-bike retailers and advertising on e-commerce sites to capture this emerging opportunity.

Growing Popularity of Indoor Cycling is Boosting Off-season Sales

Indoor cycling has grown into a trendy group workout activity in gyms and cycling studios globally. While enjoying the exercise, many people also develop a passion for cycling and want gear reflecting their new hobby. This expanding indoor cycling subculture is a lucrative opportunity, especially in regions with long winters. Unlike traditional seasonal demand patterns, indoor cycling participants require apparel and accessories year-round. Leading brands are tapping into this market by developing specialized indoor cycling lines which are fashionable, moisture-wicking, and suitable for intense studio rides.

Link - https://www.coherentmarketinsights.com/market-insight/cycling-wear-market-1636

Key Developments

  • In April 2024, adidas & Ajax launched a limited edition cycling collection
  • In April 2024, a cycling apparel brand, Universal Colours, released the spring/summer 2024 collection
  • Additionally, in February 2023, the U.S. Department of Transportation announced the first round of SS4A awards totaling US$ 800 million, all of which will go towards projects dedicated to making it safer to bike and walk in the U.S.
  • In March 2023, over 51 million Americans ride a bicycle each year, making it the third most popular outdoor activity in the U.S. followed by running and fishing. In 2020, bicycle commuting increased by 21% in the U.S.
  • In February 2022, MAAP, an Australia-based high-end cycling apparel brand, launched its 2022 warm weather kit. The kit includes Pro Air jersey, Team Base Layer, cap, socks, and bidon which are manufactured through sustainable manufacturing processes.

Key Players

Aero Tech Designs Inc., ASSOS of Switzerland GmbH, Borah Teamwear, Capo Cycling Apparel, CCN Sport, Champion System, COTTONTEX GmBH/Srl, Eliel Cycling, Giro Sport Design, MAAP, Manifattura Valcismon S.p.A, Ornot Online Store, owayo GmbH, Pas Normal Studios, Pearl iZUMi, Rapha Racing Limited, Rider Sportsfashion LLC (dba JAKROO), SANTINI s.p.a., Scudo Sports Wear LLC , Velocio, and WYN REPUBLIC

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