Market Research Report
Riding Gear Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||938003|
|Published||Content info||50 Pages
Delivery time: 2-3 business days
|Riding Gear Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: May 1, 2020||Content info: 50 Pages||
The riding gear market is anticipated to register a CAGR of about 7.9% during the forecast period (2020 - 2025).
Growing Sales of Helmet and Increase in Awareness and Adoption of Safety Measures
Increase in the sales of motorcycles, especially in the Asia-Pacific region, and the end users' preference and awareness toward enhanced safety and comfort offered by premium helmets are some of the factors driving the growth of the market. In the developed markets, high capacity performance bikes form a high percentage of sales and are mostly bought by enthusiasts and not daily commuters.
Manufacturers are now introducing Bluetooth and hands-free options in helmets that improves the connectivity with fellow riders and saves the hassle of reaching out for smartphone for picking up calls or navigating.
India is the biggest motorcycle market in the world. Stringent traffic rules and regulations are expected to boost the sales of helmets in India. According to new amendments in Motor Vehicle Act that came into force in September 2019, authorities will levy a fine of INR 1000 and disqualify the license for 3 months if a motorcycle rider is found to ride without helmet. According to Central Motor Vehicle Rules, the manufacturer of the 2-wheeler shall give protective headgear at the time of purchase.
Asia-Pacific Leading the Global Market
The demand for riding gear in North America and Europe is high because of high motorcycles demand, owing to a rise in recreational rides, increase in bike racing events, and growing traffic congestion. This, in turn, has increased the demand for riding gear such as helmets, gloves, jackets, and shoes.
Asia-Pacific is the largest motorcycle market. Although the sales have stagnated in the last 11-12 months in major markets like India and China, some emerging geographies such as Bangladesh. Owing to the investment by Indian OEMs and favourable government policies, sales of motorcycles in Bangladesh doubled since 2016 and is expected to cross 600,000 units mark by 2019.
Philippines show a 9.7% rise in motorcycle sales in 2019 against previous year. Taiwan's second quarter sales of 2019 shows a 30% increase over the 2018 second quarter sale. Till third quarter, 748,701 units were sold in Taiwan which is 26% higher than last year sales.
Asia-Pacific has some of the largest motorcycle manufacturers such as Hero, Honda and Bajaj. These manufacturers export their models globally to markets such as Africa and Latin America. OEMs such as Royal Enfield and TVS have entered the riding gear market and displays the gears in the showrooms which enhances the customer buying experience.
In Europe, riding gear market (especially helmets) is expected to grow significantly due to 65% rise in electric 2 wheelers market in 2019.
The riding gear market is fragmented due to the presence of a large number of both regional and small local players, across the world. However, the riding gear market is majorly dominated by AGV, Alpine stars, FLY Racing Jackets, Fox Racing Inc., HKM Sports Equipments GmbH, Joe Rocket Jackets, Rynox Gears, Spartan Pro Gear amongst others.
This industry has seen various innovations and collaborations in the recent years. Airbag Jackets and vests, HUD visors, Bluetooth connectivity are some examples of recent innovations. Various startups are coming up in emerging economies that are committed to providing high quality gear at affordable prices. Indian startups such as ViaTerra, Motoziel and BluArmor are few such examples. Myntra, an Indian e-commerce platform has collaborated with MotoGP to make riding gears for Indian biking enthusiasts. Royal Enfield has introduced a new window on their website where customers can customize their gears.
The companies are expanding their global presence and launching new products so that they can reach to a large number of customers and improve their competitive position in the market. For instance;
AGVSports America LLC is a newly formed company with headquarters in the Dallas, Texas area. AGVSport America has assembled a team of industry professionals and enthusiasts focusing on the growth of the brand in the United States.