by The global Asia Pacific Cycling Wear Market is estimated to be valued at Us$ 1,388.6 Mn in 2022 and is expected to exhibit a CAGR Of 9% over the forecast period 2021 To 2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Asia Pacific cycling wear market consists of various apparel such as jerseys, jackets, shorts, tights, gloves, and accessories like helmets, glasses, and socks that are specially designed for cycling activities. Cycling wear provides comfort, protects from weather elements, and improves safety. They help cyclists to perform better by regulating moisture levels, regulating temperature, and reducing wind resistance. The demand for high performance and aesthetically appealing cycling wear is increasing rapidly with the rising popularity of cycling as a sport and means of transportation.
Market key trends:
One of the major trends witnessed in the Asia Pacific cycling wear market is innovations in fabric materials. Manufacturers are focusing on developing moisture wicking, breathable, thermo-regulating, UV resistant, abrasion resistant and lightweight fabrics. For instance, Castelli employs Thermalight fabric which provides sun protection and maintains ideal temperature. Another key trend is customization and personalization of cycling wear. Companies offer wide variety of designs, styles, fits and colors in their collections to attract diverse consumer base. Growing usage of digital printing technology also allows customers to design their own unique cycling apparel online.
Porter’s Analysis
Threat of new entrants: The Asia Pacific cycling wear market witnesses low threat of new entrants as it requires high initial investments and presence of established brands.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of wide range of products from various brands.
Bargaining power of suppliers: A few major suppliers exist for raw materials thus giving them moderate bargaining power.
Threat of new substitutes: Limited threat of substitution as cycling wear provides specialized functionality and performance.
Competitive rivalry: Fierce competition exists among existing players to gain larger market share through product innovation, endorsements and quality.
Key Takeaways
The Asia Pacific cycling wear market is expected to witness high growth, exhibiting CAGR of 9% over the forecast period, due to increasing health consciousness and popularity of cycling as recreational activity in the region.
Regional analysis:
Asia Pacific region dominates the cycling wear market led by increasing sales in China. China accounts for over 30% of market share owing to large cycling culture and favorable government policies promoting cycling. Other major countries include Japan, Australia and India.
Key players:
Key players operating in the Asia Pacific cycling wear market are JRD Cycling, Castelli Cycling, Giro Sport Design, Champion System, Conquest Cycle Wear Ltd., 2XU Pty. Ltd., Endura Limited, Isadore Apparel, Rapha Racing Limited, Attaquer Pty Ltd., Lumiere Cycling, Panache Cyclewear Co., Cadence Collection, Voler Inc., and Ornot. Players are investing in product innovation and partnerships with professional teams for brand visibility.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
