by Cycling wear products including jerseys, bib shorts, jackets, gloves and shoes are designed to offer greater comfort and minimize chafing during cycling. They help wick away moisture and regulate body temperature. The growing popularity of road cycling, mountain biking and other cycling sports has increased the demand for specialized cycling apparel that enhances performance. The breathable and lightweight fabrics used in cycling jerseys and shorts allow riders to wear them for long durations without discomfort. Their streamlined designs improve aerodynamics during high-speed riding. 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 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the cycling wear market is the growing demand for smart and connected wear. Manufacturers are introducing smart jerseys, jackets, shorts and gloves that are integrated with sensors to monitor vital health parameters of riders like heart rate, distance covered, speed and calories burnt. Some products also have GPS tracking capabilities. The collected data can be stored and analyzed using dedicated mobile applications. This allows riders to track their performance over time and make improvements. Another key trend is the rising popularity of customizable cycling apparel. Many brands offer customers options to personalize jerseys and shorts with names, numbers or graphic designs of their choice. This has increased their appeal, especially for organized cycling groups and teams. Sustainable fabrics made from recycled polyester and organic cotton are also gaining traction in the market. Their growing use supports environment-friendly production practices in the industry.
Porter’s Analysis
Threat of new entrants: The global cycling wear market has high barriers for new entrants given the presence of well-established players and requirement of significant investments.
Bargaining power of buyers: The bargaining power of buyers in the global cycling wear market is low due to availability of varied product options at different price points offered by existing players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate given suppliers of raw materials have limited number of alternatives.
Threat of new substitutes: There exists low threat of substitution given cycling wear offers comfort and safety during cycling.
Competitive rivalry: The global cycling wear market witnesses high competitive rivalry characterized by launch of innovative products and engagement in partnerships.
Key Takeaways
The Global Cycling Wear Market Share is expected to witness high growth over the forecast period.
Regional analysis: North America is anticipated to witness fastest growth in the cycling wear market. Presence of fitness enthusiastic population and adoption of modern lifestyle are factors boosting market demand in the region.
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. Growing innovation focus is prompting partnerships between market participants to enhance product offerings.
