The growing popularity of outdoor recreational activities to boost the growth of Cycling Wear Market11/30/2023 The global Cycling Wear Market is estimated to be valued at US$ 4889.04 Mn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Cycling wear refers to specialized clothing designed for cycling activities. It includes jerseys, bib shorts, jackets, tights, gloves, eyewear, and other accessories. Cycling wear offers aerodynamic advantages, breathability, moisture wicking properties, UV protection, and comfort during cycling. Growing participation in cycling events and outdoor recreational activities is fueling demand for high-performance cycling wear. Market key trends: One of the key trends in the cycling wear market is the emergence of smart and connected clothing. Companies are integrating sensors, microchips, and other electronic components into cycling wear to track metrics like speed, distance, heart rate, calories burnt etc. The adoption of eco-friendly and sustainable materials is another major trend. Manufacturers are increasingly using recycled fabrics and plant-based materials to reduce the environmental impact of production. Also, the growing popularity of electric bicycles or e-bicycles is expanding the customer base of the cycling wear market. More people are taking up cycling for daily commute as e-bicycles reduce the effort needed. This is positively impacting the sales of cycling wear. Porter’s Analysis Threat of new entrants: The Cycling Wear Market Size is facing moderate threat due to established brands and contracts with retailers. However, firms can leverage rising popularity of cycling and direct-to-customer model. Bargaining power of buyers: Buyers have high bargaining power due to availability of various options at different price points. They can compare and choose products based on availability, quality, brand and pricing. Bargaining power of suppliers: Material suppliers have low-to-moderate bargaining power since raw materials required are generally available and cycling brands have capabilities to source from multiple suppliers. Threat of new substitutes: Alternatives like running/hiking wear pose minimal threat as cycling offers distinct experience. However, growing popularity of indoor cycling may impact outerwear sales. Competitive rivalry: Intense as key players compete based on new features, styling, performance, pricing and partnerships with teams/events. Sustained investments in R&D, manufacturing and marketing required. Key Takeaways The global Cycling Wear Market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing popularity of cycling among health-conscious consumers and growth in commercial and recreation cycling. Europe dominated the cycling wear market in 2023, accounting for over 35% share. Countries like France, Italy, Belgium and Netherlands have strong bicycling culture and infrastructure supporting the sport. However, Asia Pacific is expected to emerge as the fastest growing region owing to rising health awareness, disposable incomes and investments in cycling promotions in China, India and Southeast Asia. Key players operating in the cycling wear market include Lumiere Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., Assos Of Switzerland Sa, Cuore Of Switzerland Inc., Endura Limited, Tewsn Cycling Gear Limited, Isadore Apparel, Rapha Racing Limited, 2xu Pty Ltd., Maap, Attaquer Pty Ltd., Blacksheep, Pas Normal Studios, Santini Maglificio Sportivo S.R.L. P.I. - C.F., Capo, and Pedla. Major brands focus on innovations, sponsorships and omnichannel distribution strategy to strengthen position in performance and leisure cycling segments. Read More: https://www.trendingwebwire.com/cycling-wear-market-scope/
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