Cycling Apparel Industry - Regional Synopsis
Europe industry is set to hold largest revenue share of 41% by 2037. The factors that can be attributed for the growth of the market in the region are on account of the rising frequency of cyclist in small and medium sized cities of Europe for all purpose utility, including commutation to work, sports activity or for health and fitness amongst others. Additionally, the development and expansion of the network of cycling tracks for the bicycle riders in European cities is also anticipated to drive the growth of the cycling apparel market in Europe. The market in the region is primarily driven by nations such as Germany, U.K., France and Italy amongst others, where Germany held the largest market share of 24.57% in the year 2019, along with a value of USD 422.6 million in the same year, and is further anticipated to reach a revenue share of 12.63% by the end of 2036 by growing at a CAGR of 4.27% during the forecast period. Additionally, the nation is anticipated to gain an absolute $ opportunity of USD 157.5 million during the forecast period and also gain an incremental $ opportunity of USD 45.7 million in the year 2036 as compared to the previous year. On the other hand, the market in North America is anticipated to gain a significant CAGR of 4.54% over the forecast period.
