Cycling apparel consists of clothing that are worn by a cyclist, generally a professional cyclist, during a cycle race.
Globally, rise in bicycle sales and the number of cyclists is increasing the demand for cycling apparel. Moreover, rise in health consciousness and increase in adoption of green transportation among consumers is also fuelling the demand for cycles across the globe, which in turn is driving the demand for cycling apparel. Rise in e-commerce and third-party online sale of cycling apparel is propelling the global cycling apparel market.
Based on product type, the global cycling apparel market can be segmented into topwear, bottomwear, gloves, and accessories. The topwear segment can further be sub-segmented into jerseys, rain jackets, t-shirts, body insulators, gloves, socks, and overshoes. Likewise, the bottomwear segment can be further split into bib shorts, tights & pants. In terms of consumer, the global cycling apparel market can be segregated into men and women. Based on distribution channel, the cycling apparel market can be bifurcated into online channel and offline channel. The offline channel can be further sub-segmented into sports variety stores, franchisee stores, sports retail chains, modern trade, etc. The online channel segment can further be sub-segmented into direct-to-consumer channel, company websites, and third-party online channels.
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Geographically, the global cycling apparel market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is expected to be a prominent market for cycling apparel during the forecast period. The U.S. is expected to lead the market in North America from 2018 to 2026, followed by Canada. Europe is a significant market for cycling apparel. Germany is expected to be a leading cycling apparel market in the region in the next few years. The U.K. and France are other significant markets in Europe. The U.K. is witnessing a rise in demand for cycles. In January 2016, according to the sport’s governing body in the U.K., British Cycling, more than two million people across the U.K. cycle at least once a week, which is increasing consistently.
According to British cyclist retailer Halfords Group plc, sale of cycles in the U.K. have risen by 11.0% till March 27, 2015 and is increasing. According to the U.K., statistics body ONS (Office of National Statistics), sales of cycles manufactured in the U.K. have risen by 69.0% in 2014. In January 2016, the U.K.-based cycling apparel manufacturer Rapha Racing Ltd, a cycling apparel supplier of Team Sky pro road bike team, informed that it’s cycling apparel sales and cycle sales have risen by more than 30.0% per annum for more than 11 years. All these factors are increasing the demand for cycling apparel in the U.K. and across Europe in general.
Asia Pacific is expected to be a major cycling apparel market in the world. China is expected to be a leading cycling apparel market in the region. Japan, South Korea, and India are other major cycling apparel market in Asia Pacific. Demand for eco-friendly, affordable cycles is rising in Asia Pacific, which in turn is expected to fuel the demand for cycling apparel in countries such as China and India.
Middle East & Africa is a significant market for cycling apparel, with GCC dominating the market in the region. South Africa is another major market for cycling apparel in Middle East & Africa. Brazil is expected to a major cycling apparel market in South America during the forecast period. Argentina is another significant market for cycling apparel in South America.
Major companies operating in the global cycling apparel market include Adidas AG, ASSOS of Switzerland GmbH, Black Sheep, Upland Sports Group, Giant Manufacturing Company, Rapha Racing Ltd., Specialized Bicycle Components, Trek Bicycle Corporation, Velocio International, Ornot, and Halfords Group plc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?