Cycling Apparels Market Trends
Growth Indicators
According to the statistics by the World Bank, GDP growth in Asia Pacific was 4.2 annual %, followed by North America with 2.8 annual %.
Backed by the increasing GDP across nations from around the globe, government of nations have taken keen initiatives to support the extensive use of bicycles, including tax concessions for low income individuals, building of sufficient safe cycling infrastructure, along with spreading awareness for the benefits associated with cycling amongst others, which is considered as one of the major driving factors for promoting cycling as a means of transport. Moreover, numerous benefits associated with cycling, such as reduction in pollutions levels, including noise, GHG levels and lowered carbon footprints, coupled with the promotion of several cycling events, that also provides information on cycling and associated benefits, and the rising awareness amongst people for the need of health and fitness regimes are some of the factors anticipated to drive the growth of the global cycling apparel market.
Cycling Apparel Market: Key Insights
The global cycling apparels market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of Europe, which held a value of USD 1720.1 million in the year 2019, also held the largest market share of 40.89%, and is expected to cross a value of USD2518.4 million by the end of 2028 by registering a CAGR of 5.55% during the forecast period. 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 apparels 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 value of USD 554.5 million by the end of 2028 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 2028 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. CLICK TO DOWNLOAD SAMPLE REPORT
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
|
Base Year |
2024 |
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Forecast Year |
2025-2037 |
|
CAGR |
5.6% |
|
Base Year Market Size (2024) |
USD 2.28 billion |
|
Forecast Year Market Size (2037) |
USD 4.63 billion |
|
Regional Scope |
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