ID: MRFR/CR/9091-CR | May 2021 | Region: Global | 99 pages
The global bicycle apparels & accessoriesmarket is projected to register a CAGR of 5.05% and reach a value of USD 9,529.1million by 2027.
Bicycle apparels are the clothing designed to wear while cycling, which provides comfort and safety to the rider. They consist of jerseys & tees, gloves, pants & shorts, and socks. Bicycle accessories are the components associated with bicycle, which consists of protection gears, kickstands, mirrors, and bottle cages.Engagement in outdoor activities coupled with an increasing number of triathletes drove the growth of the global bicycle apparels & accessories market.However, despite the rising interest in outdoor activities among the population, the pandemic has negatively affected the participation of people in outdoor activities with stay-at-home orders across the globe. Also, an increasing number of private label manufacturers is expected to hinder the market growth in the coming years.
COVID-19 Impact Analysis
The outbreak of COVID-19 has resulted in lockdown across regions, border restrictions, and breakdown of transportation networks. Due to the COVID-19 outbreak, the economic uncertainty is much higher than past outbreaks such as the severe acute respiratory syndrome (SARS), avian flu, swine flu, bird flu, and Ebola, owing to the escalating number of infected people and the uncertainty about the end of the crisis.
Most of the customer's budget was shifted to essential goods, and a major downfall in non-essential businesses was observed. As more cities went into lockdown, non-essential businesses were ordered to remain closed during the first half of the pandemic. Bicycle apparels & accessories being a non-essential product, the demand for the same was affected noticeably. The COVID-19 pandemic has severely impacted the outdoor activities, such as cycling, with border restrictions and government orders for lockdown, forcing people to stay home. Schools, colleges, and institutions were shut, and corporates across the globe observed work from home. These factors negatively impacted the sales of bicycle apparels & accessories during the pandemic.
The global bicycle apparels & accessories market is expected to register significant growth during the forecast period. Bicycle apparels & accessories are specially designed clothing to provide comfort and agility to the user. There are several factors positively or negatively affecting the market growth.
Outdoor activities, also known as outdoor recreational activities, refer to activities performed in natural surroundings. According to the Outdoor Industry Association, in the US, 146.1 million population participated in outdoor activities at least once in 2017.Several other countries have also observed the same trend for participation in outdoor activities.Thus, the increasing participation in outdoor activities coupled with the growing awareness of the benefits of these activities on a child's healthdrove the global bicycle apparels & accessories market in the past few years. However, with the outbreak of COVID-19, there has been a negative impact on the involvement of the population in outdoor activities.Nevertheless, this factor is expected to drive the market growth in the near future when the situation returns to normal.
Retailers across the globe aim to offer bicycle apparels & accessories through their brands to increase revenue generation. Local manufacturers offer bicycle apparels & accessories that cater to the market needs and planned inventories of retailers. These manufacturers also sell their products in unorganized markets at comparatively lower costs, thereby limiting the growth of players in the global bicycle apparels & accessories market.
Governments from various countries are taking initiatives to create awareness regarding the benefits of cycling, which is expected to increase the demand for bicycle apparels & accessories. For instance, Adventure Cycling Association, a non-profit organization in the US, is encouraging people of all ages to travel by bicycle for fun, fitness, and self-discovery.The Government of UK has also introduced bike vouchers to get their bikes fixed and reduce the strain on public transport.
The increasing use of social media creates a potential opportunity for promoting product launches and branding as it bridges the gap between marketers and consumers. The strategic sales plans of bicycle apparels & accessories manufacturers include the use of online channels for marketing and distribution along with product promotions at exhibitions and other platforms. For instance, many established manufacturers, such as Specialized Bicycle Components, Inc., Adidas AG, Giant Bicycles, and Trek Bicycle Corporation, are adopting this strategy to flourish in the competitive market.
Based ontype, the global bicycle apparels & accessoriesmarket has beendivided into helmets, jerseys & tees, gloves, pants & shorts, shoes, goggles & glasses, protection gears, socks, others.The jerseys & tees segment accounted for the largest market share in 2019.The jerseys & tees are the widely used apparel by professional cyclists.
By category, the global bicycle apparels & accessories market has been segmented as mountain bikes, road bikes, city bikes, and others. The mountain bikes segment is projected to exhibit the highest CAGR of 5.34% during the forecast period.The growing trend of mountain biking among the youth in the developed economies of North America and Europe is anticipated to stimulate the growth of the segment.
By Distribution Channel
Based on distribution channel, the global bicycle apparels & accessories market has been segmented into store-based and non-store-based. The store-based channel is further segmented into supermarkets & hypermarkets, specialty stores, and others. The store-based segment accounted for a larger market share in 2019. The supermarkets & hypermarkets sub-segment is expected to be the largest, as these channels account for the maximum sale of bicycle apparels & accessories.
Global Bicycle Apparels & AccessoriesMarket Share, by Region, 2019 (%)
Sources: MRFR Analysis
B region, the global bicycle apparels & accessories market has been dividedinto North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.Europe accounted for the largest market share of 34.22% in 2019. North America was the second-largest market in 2019 and is projected to exhibit a CAGR of 5.10% during the review period.The market in Asia-Pacific is expected to register the highest CAGR during the forecast period.
North America Market
The expanding product portfolio of key manufacturers with innovation in colors, materials, and designs of various product types is one of the most significant growth drivers of the regional market. Innovations in the technology, for instance, the use of LEDsand airbags in helmets, are expected to influence the growth of the overall bicycle apparel & accessories market in the region.The US is estimated to maintain its dominance during the forecast period.The US market is expected to be driven by the growing trend of professional cycling and increasing product launches by key players. Also, the importance of triathlon in the US is boosting the sales of bicycle apparel & accessories.
The European bicycle apparel & accessories market accounted for the highest shareof the global market in 2019. Germany, the UK, France, and Italy held the major market share in 2019, wherein Italy is expected to be the fastest-growing country-level market during the forecast period. Several cycling events are organized every year in the region, and numerous individuals participate in these.This increases the sales of bicycle apparel & accessories. Stringent government regulations regarding the safety of riders are positively impacting the growth of the bicycle apparel & accessories market in Europe.Germany, the UK, Norway, Sweden, and Switzerland rank among the top countries with high per capita purchases of outdoor apparel, which also boosts the sales of bicycle apparel in the region.
The market comprises tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach across the globe with diverse product portfolios. Companies such as Adidas AG, Giant Bicycles, Inc., Specialized Bicycle Components, Inc., Trek Bicycle Corporation, and ASSOS of Switzerland GmbH dominate the global market due to brand reputation, product differentiation, financial stability, strategic developments, and diversified regional presence. The players are focused on investing in research and development. Furthermore, they adopt strategic growth initiatives, such as expansion, product launches, joint ventures, and partnerships, to strengthen their market position and capture a large customer base.
Prominent players in the global bicycle apparels & accessoriesmarket include 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), Manifattura Valcismon S.P.A. (Italy), Black Sheep Cycling (Australia), Velocio. (US), Pas Normal Studios (Denmark), and Vaude (Germany).
Few developments occurred in recent times, influencing the market growth of bicycle apparels & accessories are listed below:
Global Bicycle Apparels & AccessoriesMarket, byType
Global Bicycle Apparels & AccessoriesMarket, by Category
Global Bicycle Apparels & Accessories Market, by Distribution Channel
Global Bicycle Apparels & AccessoriesMarket, by Region