In a recent published report, Kenneth Research has updated the market report for Cycling Wear Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cycling Wear Market products.
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According to the World Health Organization (WHO), the increase in number of deskbound jobs and sedentary lifestyle has led to physical inactivity, body acnes, and improper body postures are expected to trigger more of patients with cardiovascular diseases and diabetes. Owing to these factors, cycling is expected to be an important therapy, as its provides a better blood circulation and releases stress from the human body.
According to the World Health Organization (WHO), people who cycle from home to work has a 40% lower risk of catching up with diseases such as diabetes, maintaining cholesterol levels, and others, compared to people who drive or takes public transportation. Other factors which is expected to boost the cycling wear market are, it reduces noise pollution, reduction in GHG emissions of carbon footprints, and also helps to fight the hike in oil (petrol/diesel) prices.
Owing to these factors, government initiatives towards construction of cycling routes and promotional programs for adoption of cycling as a sport or hobby is expected to in turn boost the cycling wear market size. For instance, in 2017, the government of India has built cycling routes and arterial roads in 10 cities to promote cycling as a sport or as a mode of transportation. Owing to these factors the cycling wear market share is expected to propel during the forecast period.
Cycling Wear & Importance of Cycling:
The cycling wear market size is expected to grow due to the growing awareness among numerous government bodies towards taking initiatives and encouraging populous towards the adoption of cycling. For instance, in 2013, The Cake Escape was launched in Essex, southeast England.
The Cake escape was a joint venture between Sustrans (UK sustainable transport charity) and Essex County Council which was to influence and motivate people towards adoption cycling, which according to the Essex County Council has increased by 12.6% in 2016 compared to last three years. However, the increase in sales of sportswear is expected to boost the cycling wear market during the forecast period.
According to the The Union Cycliste Internationale (International Cycling Union, ICU), in 2017, the total revenue generated from the sportswear segment was accounted to be US$ 24 billion. Other factors which is expected to boost the cycling wear market are number of technological advancements into its fabrics for providing more comfort and ease. For instance, companies such as Nike, Inc., Specialized Bicycle Components, Inc., and others manufacturers zero sweat tees which are designed for the absorb of sweat, which serves as a vital apparel for the cyclist.
The cycling wear market size is expected to have a major restraining factor during its growth in the forecast period, which is accounted to the pricing of cycles which couldn’t be easily afforded. According to Energy and Resources Institute, in India, the sale of cycles is low due to the high prices of cycles which approximately ranges from US$ 400 to 600.
Moreover, many developing and underdeveloped countries do not consist of proper roads and pathways infrastructure for cycling, which is also expected to hinder the growth of the cycling wear market in the forecast period.
Europe is expected to dominate the cycling wear market during the forecast period, due to its various cycling destinations in France, Switzerland, and Belgium. The government in these countries has made mandatory and stringent rules relating to cycling, such as it is mandatory for every person to wear cycling gears and other cycling wears which acts as a major factor for the growth of the cycling wear market.
For instance, according to the German Bicycle Law the bicycle helmet should consists of a harder outer shell which should consists of air vents and air duct bars and should conform with the EN 1078. According to the European Union,
15% of the population in Switzerland, rides cycles to work. Other factors such as cycle renting shops in Europe which provides cycling wear and cycles to the tourists and also the locals. Owing to these factors the market for the cycling gear is expected to propel in Europe during the forecast period.
The global players are more focused on strategies to withstand their place in the competitive market with mergers, partnership, acquisition, and innovations. For instance, in 2017, Nike, Inc. made a global partnership with Amazon for selling its products on the amazon platform.
Major players for the cycling wear market includes Nike, Inc., Specialized Bicycle Components, Inc., PUMA SE, Merida Industry Co. Ltd., Giordano International Ltd, and ASSOS of Switzerland GmbH among others.
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