Key Findings of the Study:
- The global bicycle apparel & accessories market is projected to register a growth rate of 5.05%from 2020 to 2027.
- The jerseys & teesse gment is estimated to retain its prominent share till2027whereas, the gloves segment is projected to record the highest CAGR of 5.84% during the forecast period.
- The road bikes segment accounted for the largest market share in 2019 and is expected to grow at a rate of 4.95% during the forecast period.
- The store-based segment is estimated to retain its dominant share till2027, whereas the non-store-based segment is estimated to register a higher growth rate during the forecast period.
the key players in the global bicycle apparels & accessories market: 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), ManifatturaValcismon S.P.A. (Italy), Black Sheep Cycling (Australia), Velocio. (US), Pas Normal Studios (Denmark), and Vaude (Germany).
The global bicycle apparel & accessories market is projected to be valued at USD 9,529.1 million by 2027, recording a CAGR of 5.05% during the forecast period. High involvement in outdoor activities, an increasing number of triathletes, and stringent government regulations regarding cyclist safety have cumulatively resulted in the market’s growth in the past few years. Moreover, initiatives by governments to promote safety while riding and the influence of social media and innovative marketing strategies are expected to create lucrative opportunities during the review period.
The COVID-19 pandemic has fundamentally changed the buying behavior of consumers. It has been noticed that consumers are shifting their budget towards essential goods, such as masks, sanitizers, and household goods. However, it has been observed that bicycle sales surged in 2020, as cycling proved to be the perfect socially distanced outdoor activity, and as gyms and health clubs shut down while the virus proliferated. As the sales of bicycles increased, the sales of parts, helmets, and other accessories have also increased.
The global bicycle apparel & accessories market has been segmented based on type, category, distribution channel, and region.
By type, the market has been divided into helmets, jerseys & tees, gloves, pants & shorts, shoes, goggles & glasses, protection gears, socks, and others.The jerseys & tees segment accounted for the largest market share in 2019, whereas the gloves segment is expected to record the highest CAGR of 5.84% during the forecast period. Bicycle gloves are usually made using leather and textile. They also consist of gauntlets to prevent the rider’s wrists from injury and help decrease drafts in colder climates. These gloves characteristically have armor-plated palms intended to protect the rider from abrasion in case of an accident.
Based on category, the global bicycle apparel & accessories market has been classified as mountain bikes, road bikes, city bikes, and others. The road bikes segment accounted for the largest market share in 2019. The popularity of road bikes is exceptionally among bike riders. Bicycle riding has become a popular activity in several countries. It is majorly popular in European countries, especially the UK, Germany, France, the Netherlands, and other countries of Western Europe.
Based on the distribution channel, the global bicycle apparel & accessories market has been classified as store-based and non-store-based. The store-based channel has been further segmented into supermarkets & hypermarkets, specialty stores, and others. The non-store-based segment is projected to exhibit a higher CAGR during the forecast period. Companies face difficulties in reaching consumers in different regions through brick-and-mortar stores. Thus, e-commerce channels enable companies to cater to the consumers’ needs and improve their brand presence.
Geographically, the global bicycle apparel & accessories market has been categorized as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Europe constituted a dominant share of the bicycle apparel & accessories market in 2019. Stringent government regulations regarding the safety of riders are positively impacting the growth of the bicycle apparel & accessories market in Europe. Also, the market in North America offers lucrative opportunities for manufacturers of bicycle apparel & accessories. The key manufacturers emphasize promotional activities to create strong awareness among consumers regarding new products, accelerating the growth of the North American market. The Asia-Pacificbicycle apparel & accessories market is projected to register the highest CAGR of 5.46% during the forecast period. A growing middle-income population and increasing sales of bicycles in emerging economies are also driving the growth of the bicycle apparel & accessories market.
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