LONDON--(BUSINESS WIRE)--The cycling wear market is expected to grow by USD 2.98 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Lack of physical activity and hectic lifestyles are increasing the number of health conditions and other diseases across the world. According to estimates, diseases caused by physical inactivity claim more than 3.2 million lives across the world. Hence, consumers are increasingly adopting healthier lifestyles by engaging in various fitness activities, such as cycling, hiking, swimming, and other activities. This has increased the adoption of fitness equipment such as bicycles and add-on products such as cycling wear. Also, in 2018, cycling was the most popular sport in the US. Moreover, rising fuel prices, increase in traffic, and ineffective public transportation have led people to adopt cycling as a mode of transportation. These factors are fueling the growth of the global cycling wear market.
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As per Technavio, the high influence of celebrity endorsements on purchase decisions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Cycling Wear Market: High Influence of Celebrity Endorsements on Purchase Decisions
Marketing strategies such as celebrity endorsements will have a positive impact on the purchase decision of customers. Hence, vendors are signing endorsement agreements with high-profile celebrities to build their brand image and increase the sale of cycling wear. For instance, prominent vendors such as CUBE-BIKES are signing endorsement agreements with popular cyclists such as Zakarias Blom Johansen from Sweden, Gusti Wildhaber from Switzerland, and Sofia Wiedenroth from Germany. This trend is expected to have a positive impact on the growth of global cycling wear market during the forecast period.
“Increasing demand for customized cycling wear and the rise in the adoption of sustainable manufacturing will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Cycling Wear Market: Segmentation Analysis
This market research report segments the cycling wear market by product (clothing, footwear, and others) and geography (APAC, Europe, MEA, North America, and South America).
The European region led the cycling wear market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the high preference for premium cycling wear in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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