Analysis of Riding Gear market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
As indicated by the most recent research conducted by Fact.MR, riding gear market is set to witness generous growth during 2021-2031 with a CAGR of 6.84%.
The primary goal of riding gear is to prevent significant injury, specifically by increasing abrasion resistance and reinforcing armour at crucial contact locations. Boots go a step further by providing ankle stability and extra grip, providing protection as well as changing gear and provide easier access to rear brake lever.
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Some of the drivers driving the market's growth include an increase in motorcycle sales, particularly in Asia-Pacific, and end users' choice for and awareness of the greater safety and comfort given by riding gears. High-capacity performance bikes account for a large share of sales in developed economies, and they are primarily purchased by enthusiasts rather than daily commuters.
Motorcycle sales have been steadily expanding in recent years, thanks to the availability of 300-400cc bikes at reasonable rates in emerging countries. The arrival of prominent motorcycle companies such as Harley Davidson, Ducati, and Aprilia into these countries assisted the expansion of the riding gear business.
The Indian riding gear market is driven by Indian youth's growing interest for motorcycling as well as attractive motorcycle manufacturer deals with jacks, riding gloves and caskets. as an accessory gear. Due to social media exposure, several riding gear firms profit from greater brand exposure. Hundreds of thousands of people are following internet forums that provide information on various equipment by online influencers. The availability of cheap bike tours from several travel operators is an important driving factor.
The rising demand for these gears was also aided by improvements in product features such as helmets with Bluetooth connectivity, which allow users to make phone calls, listen to music, and get driving instructions.
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Coronavirus has had a significant impact on the global economy, and the riding gear industry is no exception. Many OEMs have manufacturing facilities in China, the epicentre of the COVID-19 outbreak. The production of bikes, accessories and riding gear was suspended as a result of the world governments' lockdown regulations. Due to the lack of movement, bike and riding gear consumption has nearly halved. The pandemic disrupted the distribution channel, in areas where adventure sports are popular.
While COVID-19 casts doubt on the future, the gradual opening of economies and relaxation of lockdown measures are increasing demand for motorcycles due to a shift in consumer preference, as people avoid public transportation and developing countries in the region prefer motorcycles to other automobiles. Given the public's preference for personal, safe transportation over shared transportation, demand for bikes and, as a result, riding gear is likely to rise by the second quarter of 2022.
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The United States appears to have the most to offer among these regions. Due to rising percentage of two-wheeler owners and motor vloggers, the riding gear market (particularly helmets) in North America is predicted to develop dramatically.
Besides, an increase in recreational trips, increase in bike racing events, and increased traffic congestion, demand for motorbikes in North America is high. The demand for riding gear such as helmets, gloves, jackets, and shoes has surged as a result of this.
Moreover, due to increased purchasing power around the world, the global market is experiencing an unexpected deluge. As buyer demands grow, vital members in this industry are always offering better quality riding gears for travellers or sports lovers that are manufactured with the needs of the consumer in mind.
Asia-Pacific is the one of the biggest motorbike market. Sales have however remained consistent in the last two years in key markets like India and China and other rising regions such as Bangladesh. Since 2016, Bangladesh motorcycle sales have increased, due to investments by Indian motorcyclists in the region.
In addition, the Asia-Pacific area is located in some of the world's top producers of motorcycles, including as Hero, Honda and Bajaj. Their products are exported to markets worldwide, including Africa and Latin America. Additionally, players such as TVS entered into the field of riding gear and demonstrated their products across launch events and showrooms.
Aforementioned factors are poised to keep the market poised for a steady growth during the forecast period of 2021-31.
Some of the leading manufacturers and suppliers of riding gear include
The market is highly fragmented, with a plethora of firms competing to meet the needs of a growing client base. To entice customers into purchasing their products, manufacturers focus on providing high-quality, useful, and protective products such as customized knee and face protection gear. They're also partnering with a number of well-known bicycle and horseback riding enthusiasts and organizations to assure the regular sale of a variety of products to potential buyers.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE: Although care has been taken to maintain the highest levels of accuracy in reports, recent market/vendor-specific changes may time to reflect in the analysis.
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Riding gear market is valued at US$ 12.16 Bn.
Riding gear market is estimated to grow at CAGR of 6.86% during the forecast period.
Manufacturers will find most opportunities in the Asia-Pacific.
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