LONDON--(BUSINESS WIRE)--The global racing apparel market is expected to post a CAGR of nearly 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The global racing apparel market is fragmented with many players offering a wide range of products. This coupled with changing consumer needs is driving vendors to increase their R&D efforts to gain a competitive advantage in the market. Vendors are innovating products in terms of design, technology, performance, and features. Several vendors are adopting sustainable practices and the latest technologies to enhance the performance of their products. The increase in product offerings is resulting in the expansion of vendors’ product portfolios. In addition, the growth of disposable incomes across the world has led racing enthusiasts to increase their spend on racing apparel and accessories. As a result of these factors, the growth of the global racing apparel market will accelerate during the forecast period.
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As per Technavio, the introduction of lightweight products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Racing Apparel Market: Introduction of Lightweight Products
In racing sports events, weight is one of the key factors that directly impacts the performance of racers. Also, the use of heavyweight racing apparel could lead to fatal injuries during uncomfortable situations. Owing to such factors, consumers are exhibiting strong demand for lightweight and high performing racing apparel. To capitalize on this trend, vendors are introducing lightweight and high-performance racing suits without compromising on safety features and standards. Vendors are using advanced high impact materials to develop lightweight racing apparel that complies with various government standards. The introduction of lightweight products is expected to boost the growth of the global racing apparel market during the forecast period.
“Apart from the introduction of lightweight products, the introduction of smart products and increased participation of women in racing sports are some other factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Racing Apparel Market: Segmentation Analysis
This market report segments the global racing apparel market by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America).
The Europe region led the market in 2018, followed by North America, APAC, MEA, and South America respectively. During the forecast period, the Europe region is expected to maintain its dominance over the global market. This is due to the increased promotional activities on social media by vendors operating in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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