by The cycling apparel and accessories market is driven by the growing cycling culture and health consciousness among consumers. Cycling wear offers many functional advantages like moisture wicking properties, enhanced breathability, UV protection and ergonomic fits that make cycling a comfortable experience. Products like cycling jerseys, bib shorts, gloves, shoes, helmets and hydration packs effectively manage temperature and moisture, providing freedom of movement.
The global cycling wear market is estimated to be valued at US$5632.18 Mn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cycling wear market is the growing demand for smart and connected clothing. Various brands are innovating cycling wear integrated with healthcare-focused technologies. Smart cycling jerseys are being incorporated with sensors to monitor vital health statistics like heart rate, calories burned, speed and distance covered. The collected data can be synced to respective fitness apps on smartphones. Such innovations are engaging consumers in an interactive cycling experience and health monitoring regime. The convergence of wearable tech and athleisure is a major trend driving the evolution of cycling wear.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the cycling wear market is moderate as it requires large capital investments and expertise for manufacturing high quality products. However, the expanding market size presents opportunities for new companies.
Bargaining power of buyers: The bargaining power of buyers in the cycling wear market is high. Buyers have a large number of options available from various brands, allowing them to look for deals and drive prices down.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of alternative raw material suppliers. However, specialized materials require long term relationships.
Threat of new substitutes: The threat of substitutes is low since there are few direct substitutes for cycling wear that offer the same comfort, quality and performance while cycling.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of several global and regional players competing on pricing and innovation.
Key Takeaways
The Global Cycling Wear Market Size is expected to witness high growth over the forecast period owing to increasing health awareness and popularity of cycling. The market size is projected to reach US$ 5632.18 Mn by 2024.
Regional analysis: Europe dominates the cycling wear market currently due to the high adoption of cycling in countries like Germany, France and Italy. However, Asia Pacific is expected to be the fastest growing market led by China, India and other southeast Asian countrieswhere the penetration of cycles is increasing rapidly.
Key players: Key players operating in the cycling wear market are Alpha MOS, E-Nose Pty, The E-nose Company, Electronic Sensor technology, Scent Science Corporation, Airsense Analytics GmbH, Scentsational Technologies, Scensive Technology, Envirosuite Limited, RoboScientific Ltd., Chromatotec and Intelligent Optical Systems, Inc. These players are focusing on developing advanced fabrics and designs to strengthen their product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
