Asia Pacific Cycling Wear Market is Estimated To Witness High Growth Owing To Rising Health Consciousness Among Consumers
Asia Pacific Cycling Wear Market
The 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:
Cycling wear includes clothing such as jerseys, tights, jackets, and shorts that are designed for cycling. These clothing products provide comfort, moisture-wicking properties and breathability to cyclists during rides. Rising health awareness among consumers and growing popularity of leisure cycling are major factors driving the demand for cycling wear in the Asia Pacific region.
Market key trends:
Growing popularity of electric bicycles is one of the key trends boosting the Asia Pacific cycling wear market. Electric bicycles offer assistance of battery-powered electric motors during rides, allowing people to cover longer distances with less effort. This has made cycling more enjoyable and accessible. The availability of a wide range of electric bicycle models catering to different terrains and rider needs has resulted in increasing sales of these vehicles. Rising electric bicycle adoption is expected to drive the demand for appropriate cycling gear such as jerseys and tights over the forecast period.
Porter’s Analysis
Threat of new entrants: New players will face high investment barriers and established players enjoy economies of scale in production and distribution.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however brands create customer loyalty.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute raw materials however specialized materials create dependency.
Threat of new substitutes: Threat from new substitutes is moderate as alternatives are prevalent but brands create customer loyalty.
Competitive rivalry: Intense competition among existing players to gain market share.
SWOT Analysis
Strengths: Established brand names, product innovation, strong distribution network.
Weaknesses: Seasonality of demand, heavy reliance on specific sports, vulnerability to changing trends.
Opportunities: Growing health awareness, increasing interest in cycling as recreation, expansion in newer regions.
Threats: Threat from other sportswear, fluctuating raw material prices, changing consumer preferences.
Key Takeaways
The Asia Pacific cycling wear market size is expected to grow at a CAGR of 9% over the forecast period due to growing health awareness and interest in outdoor recreation activities in the region. China dominates the Asia Pacific market owing to large population and rapid adoption of cycling. However, other emerging economies like India and Southeast Asian countries are expected to grow at a faster pace.
The cycling clothing market is experiencing high growth in Asia due to increasing penetration of international brands and rising disposable income. Countries like China, Japan, and Australia witness high cycling participation and infrastructure development which is driving regional demand.
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. Major players are focused on new product development and expansion in developing Asian countries to boost sales.
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