Impact of the COVID-19 outbreak on Global Motorcycle Apparel Market
The advent of the global pandemic, COVID-19, has resulted in a global crisis. The COVID-19 outbreak has impacted over 195 countries and has created an economic setback worldwide. This is deemed to create a chaotic environment, thereby resulting in global rescission. With the rapid rise in the number of cases, the global motorcycle apparel market is getting affected in many ways. Few of the impacts of the COVID-19 pandemic on the global motorcycle apparel market have been discussed below:
The outbreak of COVID-19 has negatively impacted the overall motorcycle market. The industry is set to witness a net loss of sales of over 12 million units in 2020. Regions such as North America, Europe, and South America are expected to witness a drastic fall during the same period.
According to MRFR analysis, the global demand for motorcycle apparel is anticipated to decrease in 2020 amidst the COVID-19 pandemic, which has resulted in a temporary lockdown of national and international borders across the globe. The lockdowns are anticipated to restrict the motorcycle touring enthusiasts from travelling, thereby resulting in the decline in demand for motorcycle apparel. The demand for motorcycle apparel is mostly anticipated to decrease in the North American and European regions due to the strong dominance of motorcycle touring trends since ages. Additionally, closure of retail stores specialized in the sale of motorcycle apparel due to lockdown restrictions is further anticipated to hamper the growth of the global motorcycle market.
The outbreak of COVID-19 has resulted in the cancellation of many 2020 motorcycle racing events globally. For instance, popular motorcycle racing events such as Moto GP and many among other motorcycle races are being cancelled or postponed due to the COVID-19 outbreak. This is certainly going to impact the growth of the motorcycle market in 2020. Additionally, many manufacturers of motorcycle apparel are trying to mitigate the loss occurred due to the COVID-19 outbreak through online sales via e-commerce channels. However, lockdown restrictions, due to COVID-19 have crippled the supply chains, thereby resulting in a demand and supply gap for motorcycle apparel in the e-commerce channels.
However, as the lockdown eases and COVID-19 is slowly being contained, demand for motorcycle apparel is anticipated to increase as people will start exploring new places across the globe. Motorcycle events are anticipated to boom once the spread of COVID-19 decreases, thereby resulting in the growth of the motorcycle apparel market.
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