by Market Overview:
Cycling wear refers to the clothing and accessories worn by cyclists, including shorts, jerseys, pants, jackets, helmets, gloves, and shoes. Key products in the cycling wear market include cycling shorts, jerseys, jackets, wind coats, padding, helmets, eyewear, gloves, and shoes. The growing popularity of cycling as a recreational activity as well as means of transportation is fueling the demand for high quality, comfortable, and protective cycling wear across Asia Pacific. Innovation in materials and functionalities is further driving market growth.
Market key trends:
One of the key trends in the Asia Pacific cycling wear market is the use of lightweight and breathable materials. Manufacturers are focusing on developing clothing made of fabrics like polyester, lycra, and nylon which offer moisture wicking properties to keep cyclists dry. There is also a rise in demand for protective and high visibility cycling gear for increased safety. Moreover, the adoption of smart cycling wear embedded with features like Bluetooth connectivity and biometric sensors is gaining traction in the market. Growing health consciousness and promotions by cycling associations are encouraging recreational cycling, especially among urban populations, thereby propelling the Asia Pacific cycling wear market forward.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in Asia Pacific cycling wear market due to high capital requirements and established brand loyalty of customers.
Bargaining power of buyers: The bargaining power of buyers is high as cycling wear products are commodity products and consumers can easily switch between brands.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are number of suppliers for raw materials in the market.
Threat of new substitutes: The threat of new substitutes is low as cycling wear products do not have close substitutes.
Competitive rivalry: Intense competitive rivalry among existing players.
Key Takeaways
The Asia Pacific Cycling Wear Market Demand is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing health awareness and rising disposable income in the region.
Regional analysis: The Asia Pacific region dominates the cycling wear market with more than 60% share. China accounts for the largest share in the region followed by Japan and Australia. Increasing penetration of cycling as a lifestyle and fitness activity is fueling the market growth in Asia Pacific region.
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. Voler Inc. and Ornot areFocusing on launching innovative, breathable and lightweight cycling apparel.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
