The Asia Pacific Cycling Wear Market is estimated to be valued at US$ 1649.8 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cycling wear products include jerseys and bib shorts, tights, jackets, gloves and helmets that offer better breathability, comfort, reflectivity and other advantageous features to cyclists. These products offer increased protection from environmental damage, impact resistance and abrasion protection during cycling helping enhance performance and safety of cyclists.
Market key trends:
One of the major market trends fueling the demand for cycling wear in Asia Pacific is rising health awareness among consumers. Growing health concerns regarding issues like obesity are encouraging people to adopt active lifestyles through cycling. This has significantly boosted the sales of cycling wear such as jerseys, shorts, tights etc. in the region. Additionally, increasing participation in professional and leisure cycling is also propelling the market growth. Various government initiatives to promote cycling as eco-friendly mode of transportation along with large number of cycling events are further augmenting the demand of specialized cycling apparel in Asia Pacific.
Porter's Analysis
Threat of new entrants: The Asia Pacific cycling wear market is competitive in nature with presence of established players. High capital requirements and brand recognition create barriers for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various brands offering similar products. However, requirements of technical and specialized clothing limits switching between brands.
Bargaining power of suppliers: Presence of numerous raw material suppliers limits their bargaining power. However, suppliers of some technical fabrics used in high-performance clothing have some bargaining power.
Threat of new substitutes: Substitutes include regular sportswear. However, needs for features like moisture-wicking, breathability restrict the threat of substitutes.
Competitive rivalry: High due to large number of established brands offering similar products.
SWOT Analysis
Strength: Strong brand recognition of major players, extensive distribution network.
Weakness: High R&D costs for innovations, over-reliance on specific sports.
Opportunity: Growing popularity of cycling as fitness activity, opportunities in developing markets.
Threats: Seasonal nature of sport, threat from other fitness activities.
Key Takeaways
The Asia Pacific Cycling Wear Market Demand is expected to witness high growth at a CAGR of 9.0% over the forecast period due to growing cycling culture and participation in sports. China dominates Asia Pacific cycling wear market with largest cycling community and manufacturing base for cycling gear. The market size for 2023 is US$ 1649.8 Mn.
Regional analysis: China is the fastest growing market in Asia Pacific due to growing number of recreational and professional cyclists. Other major country markets include Japan, Australia and India. The western regions of China and India are dominating regional markets due to warm weather conditions suitable for cycling activities throughout the year.
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. These companies are focusing on technological innovations and new product launches catering to changing consumer preferences.
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