Riding towards a Bright Future: Cycling Clothing Market Outlook 2023

As more people around the world look for sustainable and eco-friendly modes of transportation, cycling has surely caught up with the trend. It’s no longer just a sport or a hobby, but a lifestyle that promotes a healthy and active way of living. With this growing interest in cycling comes the demand for comfortable, breathable, and durable cycling clothes, making it a lucrative market for retailers and manufacturers. According to a recent market research report, the global cycling clothing market is expected to reach $4.4 billion by 2023, with a compound annual growth rate (CAGR) of 4.1% from 2018 to 2023. Let’s take a closer look at what’s driving this growth and what we can expect from the cycling clothing industry in the years to come.

Market Drivers: Sustainability, Health, and Fashion

A major factor that’s fueling the growth of the cycling clothing market is the increasing number of people who are choosing to cycle instead of drive. This shift towards a more eco-friendly form of transportation has led to a surge in demand for cycling clothes that are comfortable, stylish, and made from sustainable materials. Many people are also taking up cycling as a way to stay fit and healthy, which has led to a demand for performance-oriented cycling clothes that are designed for maximum comfort and ventilation. In addition, with the rise of cycling as a mainstream sport, many individuals are looking for fashionable cycling gear that they can wear both on and off their bikes.

Sector-wise Analysis: Road Cycling Clothing and Mountain Biking Clothing

The cycling clothing market can be divided into two main sectors: road cycling clothing and mountain biking clothing. Road cycling clothing includes jerseys, bib shorts, jackets, gloves, hats, and shoe covers, while mountain biking clothing includes t-shirts, shorts, padded shorts, long-sleeved tops, jackets, and gloves. The road cycling clothing sector is expected to dominate the market in terms of revenue, with a CAGR of 3.5% from 2018 to 2023. This can be attributed to the increasing popularity of road cycling as a sport, especially in Europe and North America. On the other hand, the mountain biking clothing sector is expected to witness a higher CAGR of 4.6% from 2018 to 2023, owing to the increasing participation in adventure sports and off-road cycling.

Regional Trends: Asia Pacific, Europe, and North America

The cycling clothing market is growing at a steady pace in all major regions, including Asia Pacific, Europe, and North America. Asia Pacific is expected to witness the highest growth rate, with a CAGR of 4.8% from 2018 to 2023, owing to the rising trend of cycling in countries like China, Japan, and India. Europe is expected to remain the largest market for cycling clothes, with a revenue share of 41.3% in 2018. In North America, the market is expected to witness a CAGR of 3.7% from 2018 to 2023, owing to the growing popularity of cycling as a recreational and fitness activity.

The Future of Cycling Clothing: Innovation and Customization

As the demand for cycling clothing continues to grow, manufacturers and retailers are looking for new ways to differentiate themselves and cater to the diverse needs of their customers. Innovation and customization are expected to be key trends in the cycling clothing industry in the coming years. This includes the use of smart fabrics that can monitor and regulate body temperature, advanced padding technology for enhanced comfort, and customizable designs that allow cyclists to express their personal style.

Summary:

The cycling clothing market is poised for steady growth in the coming years as more people embrace cycling as a lifestyle choice. The market is being driven by factors such as sustainability, health, and fashion, and is expected to witness a CAGR of 4.1% from 2018 to 2023. The road cycling clothing sector is expected to dominate the market in terms of revenue, while Asia Pacific is expected to witness the highest growth rate. Innovation and customization are expected to be key trends in the cycling clothing industry in the coming years. #BUSINESS