The global cycling wear market was valued at approximately USD 5.49 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027. This expected growth is primarily driven by an increasing awareness of health and fitness among consumers around the globe. The rise in health-related issues, such as diabetes, high blood pressure, and obesity - especially among young and middle-aged individuals - has heightened interest in physical activity. Medical professionals and fitness trainers often advocate for regular cycling as an effective way to alleviate the adverse effects of these health concerns. Additionally, there is a noticeable trend in urban areas where more consumers are choosing bicycles as a sustainable mode of transportation, which is likely to further enhance market growth during the forecast period.
Manufacturers of cycling apparel and equipment are responding to this growing demand by offering a wide variety of cycling products aimed at building customer loyalty. A significant trend in the market is the increasing popularity of high-visibility cycling jackets. For instance, a 2017 study conducted in Denmark involving over 6,900 cyclists found that those wearing high-visibility jackets had a 47% lower accident rate compared to those not wearing them. These jackets improve the wearer’s visibility to vehicular traffic, making them stand out in their environment. Common colors for these jackets include bright orange and neon yellow, often paired with designer retro-reflective tape to enhance safety.
Gather more insights about the market drivers, restrains and growth of the Cycling Wear Market
Cycling is becoming increasingly popular in various European countries, including the Netherlands, Finland, and Germany. A report released in April 2018 by the Netherlands Institute for Transport Policy highlighted that bicycles constituted 25% of daily mobility in the Netherlands, used for diverse purposes such as leisure, commuting, shopping, and education. This growing inclination towards cycling in everyday activities is expected to have a positive impact on market growth throughout the forecast period.
Distribution Channel Segmentation Insights
In 2019, hypermarkets and supermarkets accounted for the largest revenue share at 39.9%. The presence of numerous buying schemes and a wide range of available products in these stores, particularly in the sports product segments, are key factors driving this segment. Brands like Decathlon, Nike, and Adidas frequently offer significant discounts through these retail channels. Furthermore, the increasing trend of sales representatives in these stores contributes to a pleasant shopping experience, further enhancing the importance of these sales channels.
The e-commerce segment is anticipated to grow at the fastest CAGR of 5.8% from 2020 to 2027. This growth can be attributed to the rising impact of digital marketing strategies employed by brands to sell their products. Moreover, factors such as competitive discount rates and the convenience of accessing a wide range of products in one location further bolster this segment. Low delivery costs and customer reviews available on various online platforms also play crucial roles in driving the growth of e-commerce. Notable online platforms for purchasing cycling wear include Amazon, Rapha, Dick’s Sporting Goods, Decathlon, and JensonUSA.
Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.
