Cycling Wear Market Share, Opportunities & Forecast [2032]

Report Description

Cycling Wear Market Outlook 2032

The global cycling wear market size was USD 6.66 Billion in 2023 and is projected to reach USD 9.44 Billion by 2032, expanding at a CAGR of 4.6 % during 2024–2032. The market growth is attributed to the increasing health consciousness and the popularity of outdoor fitness activities.

Increasing awareness about fitness and wellness has spurred a significant rise in the market. The demand for specialized cycling apparel has surged, with individuals increasingly prioritizing physical activity and adopting cycling as a mode of transportation and recreation. This trend is further bolstered by the growing emphasis on sustainability, leading to the development of eco-friendly and performance-enhancing cycling wear materials.

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Government regulations and initiatives promoting cycling as a sustainable mode of transportation have played a pivotal role in driving the market. Regulatory bodies focusing on road safety and promoting cycling infrastructure development have contributed to creating a conducive environment for cycling enthusiasts. Moreover, advancements in technology, such as smart fabrics and wearable tech integrated into cycling wear, are providing opportunities for innovation and enhancing the overall cycling experience. For instance,

• In January 2023, the European Union announced a new regulation mandating the use of reflective elements on all cycling wear sold in EU member countries. This regulation aims to enhance cyclist safety, especially during low-light conditions or night cycling, by increasing visibility and reducing the risk of accidents.

Impact of Artificial Intelligence (AI) in Cycling Wear Market

Artificial Intelligence (AI) is revolutionizing the cycling wear industry by optimizing performance, enhancing safety, and personalizing user experiences. AI-powered sensors embedded in cycling wearables collect real-time data on factors such as heart rate, cadence, and posture, enabling cyclists to track their performance metrics accurately. Machine learning algorithms analyze this data to provide actionable insights, helping cyclists make informed decisions to improve their training regimen and overall performance.

Additionally, AI algorithms contribute to enhancing safety by detecting potential hazards on cycling routes, such as traffic congestion or road obstacles, and alerting cyclists in real-time. This proactive approach significantly reduces the risk of accidents and enhances the overall safety of cyclists. Furthermore, AI-driven personalization enables cycling wear manufacturers to create tailored solutions for individual cyclists, considering factors such as body type, preferences,

• In July 2023, Garmin launched the Fēnix 7 Pro and Epix Pro Series in India. Designed for athletes, adventurers, and fitness enthusiasts, the fēnix 7 Pro and Epix Pro Series offer superior performance and tracking capabilities to meet the demanding needs of cyclists.

Cycling Wear Market Dynamics

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Major Drivers

Surging popularity of cycling as a sustainable mode of transportation is driving the market. Many individuals are opting for cycling as a green commuting option, with increasing environmental awareness and efforts to reduce carbon emissions. This trend is projected to boost the demand for functional and stylish cycling wear that offers both performance benefits and eco-friendly features, such as recyclable materials and moisture-wicking fabrics. For instance,

• In March 2023, Rapha, a renowned cycling apparel brand, launched its latest line of sustainable cycling wear made from recycled materials. This initiative reflects the industry's growing focus on eco-friendly practices and meeting the demand for sustainable apparel among cyclists worldwide.

Existing Restraints

Increasing costs associated with the integration of advanced technologies such as AI sensors and smart wearables are restraining the market. These technologies require substantial research, development, and manufacturing investment, hampering cycling wear manufacturers' profit margins. The high cost of implementing cutting-edge features limits affordability and accessibility for some consumers, posing a challenge to the market.

Compliance with stringent regulatory standards and safety requirements restricts the cycling wear market. Government regulations regarding safety features, such as reflective materials and protective gear, add complexity and cost to the manufacturing process. Meeting these standards while maintaining product quality and performance impedes market entry for smaller players and startups.

Emerging Opportunities

Rising demand for sustainable and eco-friendly cycling wear creates opportunities for eco-friendly cycling wear in the market. Manufacturers are expected to capitalize on this trend by incorporating recycled materials, biodegradable fabrics, and eco-conscious production practices into their product offerings. For instance,

• In February 2023, Adidas launched a spring-summer road cycling collection, a new line of sustainable cycling wear made from recycled materials. This collection aims to reduce the environmental impact of cycling apparel.

Growing adoption of smart wearables and AI technology is creating significant market innovation opportunities. AI-powered sensors, GPS tracking systems, and biometric monitoring devices are projected to become integral components of cycling apparel, offering cyclists real-time data analytics, personalized training insights, and safety features.

Scope of the Cycling Wear Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

Regional Outlook

In terms of region, the global cycling wear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe held a major market share in 2023, due to the high popularity of cycling as a sport and mode of transportation. Additionally, strong government support for cycling infrastructure and a growing trend of fitness and outdoor activities is spurring the market in the region.

The market in Asia Pacific is projected to grow significantly in the forecast period, owing to increasing urbanization, rising disposable incomes, and a growing interest in cycling as a recreational and fitness activity. Additionally, the expansion of cycling events and initiatives to promote cycling as an eco-friendly mode of transport is expected to spur demand for cycling wear in the region. For instance,

• In February 2022, MAAP, an Australian high-end cycling apparel brand, launched its 2022 warm weather kit, which includes the Pro Air jersey, Team Base Layer, cap, socks, and bidon, all produced through sustainable manufacturing processes.

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Cycling Wear Market Segment Insights

Product Type Segment Analysis

Based on product type, the cycling wear market is divided into jerseys, bib shorts, shorts, gloves, socks, jackets, shoes, helmets, and eyewear. The jerseys segment held a major market share in 2023, owing to increasing demand for high-performance and comfortable clothing among professional and amateur cyclists. Jerseys offer features such as moisture-wicking, breathability, and aerodynamics, making them essential for enhancing cycling performance. For instance,

• In January 2023, Giant launched their new range of Evolve jerseys, incorporating advanced moisture-wicking fabrics and aerodynamic designs for enhanced performance.

The helmets segment is expected to grow significantly in the coming years due to rising awareness about safety and stringent regulations mandating helmet use. Innovations in helmet technology, such as improved ventilation, lightweight materials, and advanced impact protection, are anticipated to further drive the segment. For instance,

• In February 2023, Giro unveiled their new Aries Spherical helmet, featuring cutting-edge MIPS technology for improved safety and comfort.

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Material Segment Analysis

On the basis of material, the global market is segregated into polyester, nylon, merino wool, and others. The polyester segment held the largest market share in 2023, attributed to its high durability, moisture-wicking properties, and cost-effectiveness. Polyester provide comfort and maintain performance under various weather conditions makes it a preferred choice for cycling wear manufacturers and consumers.

The merino wool segment is anticipated to grow at a substantial CAGR during the projected period, due to its superior breathability, natural odor resistance, and temperature regulation capabilities. Merino wool's eco-friendly and sustainable nature appeals to environmentally conscious consumers, further fueling the segment.

Gender Segment Analysis

Based on gender, the cycling wear market is segmented into male, female, and unisex. The male segment led the market in terms of revenue in 2023, owing to the higher participation rate of men in cycling sports and recreational activities. Additionally, the extensive range of cycling wear products specifically designed for male cyclists, coupled with increased spending on premium cycling gear is driving the segment.

The female segment is projected to register a robust growth rate during the assessment years, due to the growing popularity of cycling among women and increasing female participation in cycling events and sports. The rise in women-centric cycling communities and the availability of tailored cycling wear for women, focusing on fit, comfort, and style, are further boosting the segment.

Application Segment Analysis

On the basis of application, the market is divided into professional athletes, amateur athletes, and recreational cyclists. The professional athletes segment generated a major revenue share of the market in 2023, attributed to the high demand for specialized, high-performance cycling wear that enhances athletic performance. The significant investments in professional cycling teams and events, along with sponsorships and endorsements from major brands are propelling the segment.

The amateur athletes segment is projected to register a robust growth rate during the assessment years, due to the increasing popularity of cycling as a fitness activity and the rising number of cycling clubs and amateur events. The growing awareness about the health benefits of cycling and the increasing trend of participating in competitive amateur cycling races are anticipated to fuel the segment in the coming years.

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Price Range Segment Analysis

Based on price range, the cycling wear market is segmented into premium, mid-range, and budget.

The premium segment led the market in terms of revenue in 2023, owing to the high demand for advanced materials and innovative designs that enhance performance and comfort. The commitment of professional and serious amateur cyclists to prioritize quality, leads them to invest in high-end gear for improved performance and durability.

The mid-range segment is projected to register a robust growth rate during the assessment years, due to the increasing number of recreational cyclists and amateur athletes seeking quality products at affordable prices. The growth in cycling as a popular fitness and leisure activity, combined with the rising disposable income of consumers, is anticipated to drive the segment, offering a balance between cost and quality.

End-user Segment Analysis

On the basis of end-user, the market is divided into individual consumers, cycling teams & clubs. The individual consumers segment generated a major revenue share of the market in 2023, attributed to the increasing popularity of cycling as a recreational and fitness activity among the general population, and the growing trend of personalized and stylish cycling apparel.

The cycling teams & clubs segment is expected to lead the market in terms of revenue during the projection period, due to the rising number of professional and amateur cycling events, increased sponsorship and funding for cycling teams, and the demand for high-performance and team-branded cycling wear.

Distribution Channel Segment Analysis

On the basis of distribution channel, the market is divided into online retail, offline retail, and direct sales. The offline retail segment generated a major revenue share of the market in 2023, attributed to the widespread presence of physical stores. The ability for consumers to try on products before purchasing, and the personalized customer service offered by sales staff.

The online retail segment is expected to lead the market in terms of revenue during the projection period, due to the increasing penetration of e-commerce platforms, the convenience of online shopping, wider product availability, and competitive pricing offered by online retailers.