Bicycle Apparels & Accessories Market to witness a CAGR growth of 5.05% during the forecast period
Market Research Future has published a cooked research report on the Global Bicycle Apparels & Accessories Market, 2018–2027. The global bicycle apparels & accessories market is projected to exhibit a CAGR of 5.05% during the forecast period of 2020 to 2027.
Market Research Future
has recognized the following companies as the key players in the global
bicycle apparels & accessories market: Adidas AG (Germany), Giant
Bicycles, Inc (Taiwan), Specialized Bicycle Components, Inc. (US), Trek Bicycle
Corporation (US), ASSOS of Switzerland GmbH (Switzerland), Rapha Racing Limited
(UK), POC Sports (Sweden), Fox Head Inc (US), 100% Speedlab, LLC (US), PEARL
iZUMi (US), ManifatturaValcismon S.P.A. (Italy), Black Sheep Cycling
(Australia), Velocio. (US), Pas Normal Studios (Denmark), and Vaude (Germany).
Market Highlights
The global bicycle
apparels & accessories market is projected to be valued at
USD 9,529.1 million by 2027, recordinga CAGR of 5.05% during the
forecast period. High involvement in outdoor activities, an increasing number of
triathletes, and stringent government regulations regarding cyclist safety have
cumulatively resulted in the market's growth in the past few years. Moreover,
initiatives by governments to promote safety while riding and the influence of
social media and innovative marketing strategies areexpected to create
lucrative opportunities during the review period.
The COVID-19 pandemic
has fundamentally changed the buying behavior of consumers. It has been noticed
that consumers are shifting their budget towards essential goods, such as
masks, sanitizers, and household goods. However, it has been observed that
bicycle sales surged in 2020, as cycling proved to be the perfect socially
distanced outdoor activity, and as gyms and health clubs shut down while the
virus proliferated. As the sales of bicycles increased, the sales of parts,
helmets, and other accessories have also increased.
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Segmental Analysis
The global bicycle
apparels & accessories market has been segmented based ontype, category,
distribution channel, and region.
By type, the market
has been divided into helmets, jerseys & tees, gloves, pants & shorts,
shoes, goggles & glasses, protection gears, socks, and
others.The jerseys & teessegment accounted for the largest market
sharein 2019,whereas the glovessegment is expected to record the highest
CAGR of 5.84% during the forecast period. Bicycle gloves are usually made
using leather and textile. They also consist of gauntlets to prevent the
rider's wrists from injury and help decrease drafts in colder climates. These
gloves characteristically have armor-plated palms intended to protect the rider
from abrasion in case of an accident.
Based on category, the
global bicycle apparels & accessories market has been classified as
mountain bikes, road bikes, city bikes, and others. The road bikes segment
accounted for the largest market share in 2019. The popularity of road
bikes is exceptionally among bike riders. Bicycle riding has become a popular
activity in several countries. It is majorly popular in European countries,
especially the UK, Germany, France, the Netherlands, and other countries of
Western Europe.
Based on distribution
channel, the global bicycle apparels & accessories market has been
classified as store-based and non-store-based. The store-based channel has been
further segmented into supermarkets & hypermarkets, specialty stores, and
others. The non-store-basedsegment is projected to exhibit a higher CAGR during
the forecast period. Companies face difficulties in reaching consumers in
different regions through brick-and-mortar stores. Thus, e-commerce channels
enable companies to cater to the consumers' needs and improve their brand
presence.
Regional Analysis
Geographically,
the global bicycle
apparels & accessories market
has been categorized as North America,Europe, Asia-Pacific, South America,
and Middle East & Africa. As per MRFR analysis, Europe constituted a
dominant share of the bicycle apparels & accessories market in 2019.
Stringent government regulations regarding the safety of riders are positively
impacting the growth of the bicycle apparel & accessories market in Europe.
Also, the market in North America offers lucrative opportunities for
manufacturers of bicycle apparel & accessories. The key manufacturers
emphasize promotional activities to create strong awareness among consumers
regarding new products, accelerating the growth of the North American
market.The Asia-Pacificbicycle apparels & accessories market is
projected to register the highest CAGR of 5.46% during the forecast
period.A growing middle-income population and increasing sales of bicycles in
emerging economies are also driving the growth of the bicycle apparel &
accessories market.
Key Findings of the
Study:
- The global bicycle apparels & accessories market is projected
to register a growth rate of 5.05%from 2020 to 2027.
- The jerseys & tees segment is estimated to retain its prominent
share till2027whereas, the gloves segment is projected to record the
highest CAGR of 5.84% during the forecast period.
- The road bikes segment accounted for the largest market share in
2019 and is expected to grow at a rate of 4.95% during the forecast
period.
- The store-basedsegment is estimated to retain its dominantshare
till2027, whereas the non-store-basedsegment is estimatedto register a
higher growth rate during the forecast period.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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