Consumers are increasingly adopting cycling as a part of their routine lifestyle and thus, seek appropriate clothing for the same, thereby propelling the growth of bicycle apparels market. The market will hit US$ 5 Bn mark by this year’s end and would progress further at a promising 5% CAGR through 2029.
Rapidly increasing number of cycling certification programs and rise in number of cycling clubs and associations fuel the interest and participation in professional cycling activities and events. This, in turn, accounts for increasing sales of bicycle apparels. Hong Kong experienced a significant rise in interest for cycling among consumers, growing from 39% in 2013 to 48% in 2018. In Japan, this growth was 7% from 2013 to 2018. These will be among the important consumer markets for bicycle apparel manufacturers.
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Key Takeaways – Global Bicycle Apparels Market
- Increasing adoption of bicycle apparels as an emerging fashion trend among millennials in East Asia will boost sales of bicycle apparels in this region.
- Tops (jerseys, jackets, T-shirts, and body warmers) are identified as a key contributor to the global bicycle apparels market growth, attributable to increasing design innovation in jackets and jerseys, and improvement in quality of T-shirt materials.
- Offline distribution channel is expected to hold a significant share in the global bicycle apparels market as customers prefer to test apparel quality before purchase. However, the online distribution channel is expected to register a significant growth during the forecast period due to increasing adoption of omni-channel retail strategy by retailers and manufacturers.
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Prominent players in the global bicycle apparels market must identify the profits through expansion of their sales footprint in emerging markets such as India and China. They should dedicate more of their investments towards partnerships and joint ventures with domestic players. Companies are also endorsing their brands through professional cycling athletes so as to enhance their further revenue growth by attracting new customers.
Urban Cycling and Other Favorable Government Initiatives to Boost Market Growth
The concept of urban cycling is becoming popular worldwide due to increasing concern regarding pollution and emphasis on reducing carbon footprint. Moreover, increasing government spending on bicycle-friendly cities and campaigns creating awareness of health benefits associated with cycling are encouraging people to purchase bicycles and bicycle apparel.
In 2018, the United Nations (UN) declared 3 June as the first official ‘World Bicycle Day’ to promote cycling in all forms to make people more aware of the multiple environmental benefits of using bicycles for transport and leisure. Key companies in the bicycle apparels market leverage such opportunities to promote their bicycle apparels offerings through active advertisement in such events.
Bicycle Apparels Market Landscape
The global bicycle apparels market is moderately consolidated, owing to the presence of a limited number of top service providers of bicycle apparels across the globe. Leading players in the global bicycle apparels market primarily focus on product innovation pertaining to design and addition of features.
- In 2019, LE Col Company launched Hors category jersey with advanced four-way stretch fabrics that offer high breathability to the user.
- In 2019, Assos Company launched rain gloves to keep hands warm and dry even in temperate climates. These rain gloves feature a flat palm and subtly printed grippers for road riding, improved ergonomics, and a minimal number of seams.
- In 2019, Gore launched a waterproof cycling jacket named ‘Gore-Tex Shakedry cycling jacket’
- In 2019, 2XU Company launched knee warmers with Italian high performance thermal and breathable fabrics, allowing moisture to be wicked away from the body to keep knees warm and dry.
Some of the key players identified across the value chain of the global bicycle apparels market includ:
- Shimano, Inc.
- Accell Group N.V.
- Campagnolo S.R.L.
- Garmin Ltd.
- DT Swiss AG
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