Research Nester has released a reporttitled “Cycling Apparels Market – Global Demand Analysis & Opportunity Outlook 2028” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The World Bank, in one of its statistics, stated that the GDP growth in the Asia Pacific and North America was 4.2 annual % and 2.8 annual % respectively.
The statistics portray the growing GDP across regions worldwide, which is considered as one of the major backbones for the government of nations around the world to be able to take key measures that help to promote cycling. Some of the measures of the government include building sufficient safe cycling infrastructure, spreading awareness on the benefits of cycling along with increasing tax concessions for low-income individuals to purchase bicycles. Moreover, cycling is one of the exercises which is considered to promote good health and wellbeing. The increasing awareness amongst individuals for health and fitness, coupled with the fact that cycling contributes significantly to reduce pollution are some of the factors anticipated to drive the growth of the global cycling apparels market.
The global cycling apparels market is anticipated to achieve a CAGR of 5.23% across the globe over the forecast period, i.e. 2020-2028. The market is thriving on account of factors such as the rising opportunities generated by the launch of new, advanced and cost-effective products in the market, growing preference for advanced apparels over old products, increasing concern for health, growing consumer preference towards the use of electric bicycles, rising number of working women populationsand the rising interests for sports activities around the world. The global cycling apparels market is anticipated to garner a value of USD 6013.7 million by the end of 2028 from a value of USD 4206.7 million in the year 2019. Additionally, the market is anticipated to gain an absolute $ opportunity of USD 2013.5 million during the forecast period, along with an incremental $ opportunity of USD 539.7 million in the year 2028 as compared to the previous year.
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The global cycling apparels market is segmented by product type into topwear, bottomwear, gloves and accessories. Among these segments, the topwear segment is anticipated to cross a value of USD 2454.2 million in the year 2028 by growing at a CAGR of 5.13% during the forecast period. The segment held the largest market share of 41.15% in the year 2019 and is further anticipated to gain an absolute $ opportunity of 809.4 million during the forecast period, along with an incremental $ opportunity of USD 217 million in the year 2028 as compared to the previous year. Additionally, the market is also anticipated to grow by 1.49x during the forecast period.
Geographically, the global cycling apparels market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, Europe held the largest market share of 40.89% in the year 2019. Further, the market in the region is expected to cross a value of USD2518.4 million by the end of 2028 from a value of USD 1720.1 million in the year 2019by registering a CAGR of 5.55% during the forecast period. Additionally, the market in the region is primarily driven by nations such as Germany, U.K., France and Italy amongst others, where Germany held the largest market share of 24.57% in the year 2019.
However, concerns for the increasing prices of bicycles, developments in the automotive industry and the unavailability of proper roads and lanes for cycling are some of the factors estimated to act as a barrier to the growth of the global cycling apparels market.
This report also studies existing competitive scenario of some of the key players of the global cycling apparels market, which includes profiling of Specialized Bicycle Components, Adidas Group, ASSOS of Switzerland GmbH, Black sheep Cycling, Upland Sports Group, Giant Bicycles (TPE: 9921), Rapha Racing Limited, Trek Bicycle Corporation, Velocio International and Ornot.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Cycling Apparels Market – Global Demand Analysis & Opportunity Outlook 2028”, analyses the overall cycling apparels industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global cycling apparels market in the near future.
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