Jul 15, 2020 1:51 PM ET
iCrowd Newswire – Jul 15, 2020
Global COVID-19 pandemic Impact on Motorcycle Apparel Market is estimated to be valued at USD 12,303.4 Million by 2024 and is expected to register a CAGR of 7.11% during the Forecast Period. Motorcycle apparel is personal protective clothing or equipment for safe riding. It includes helmets, jackets, gloves, shoes, pants, and base layers. The apparel protects riders in crashes and from inclement weather.
North America was the largest market for motorcycle apparel in 2018 and the regional market is expected to maintain its dominance during the review period. Europe held a significant market share and was the second-largest market for motorcycle apparel in 2018. In Europe, the market in Germany is projected to exhibit the highest growth rate of 7.64% during the forecast period. However, the Asia-Pacific market is projected to register the highest CAGR during the forecast period. Increasing per capita disposable incomes in the region have led to the rising sales of motorcycles and motorcycle apparel.
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There are various safety standards in different countries for motorcycle riders. Thus, the presence of safety regulations and laws concerning helmets, jackets, and other protective clothing is expected to fuel the growth of the market for motorcycle apparel. Moreover, the rising per capita disposable incomes in developing regions, such as Asia-Pacific, are boosting the demand for motorcycles, including status symbols such as superbikes and cruiser bikes, which is expected to have a positive impact on the growth of the motorcycle apparel market.
Market Research Future recognizes KLIM Industries Inc. (US), KIDO Sports Co. LTD (KIDO Sports) (South Korea), HJC Inc. (South Korea), Foshan Nanhai Xinyuan Helmets Co., Ltd. (China), Lanxi Yema Motorcycle Fittings Co., LTD. (China), Dunham’s Athleisure Corporation (US), Chih Tong Helmet Co., Ltd. (Zhitong Enterprise) (China), Hanil Co., Ltd. (South Korea), Soaring Helmet Corporation (Vega Helmets) (US), and Zhuhai Safety Helmets MFG Co., Ltd. (China) as the key players in the global motorcycle apparel market.
Global COVID-19 pandemic Impact on Motorcycle Apparel Market has been segmented on the basis of product type, end use, distribution channel, and region.
By product type, the market has been divided into helmets, jackets, gloves, shoes, pants, base layers, and others. The helmets segment accounted for the largest market share in 2018. Stringent regulations mandating the use of helmets in most countries have boosted the growth of the segment. Moreover, regulations for helmet manufacturers to offer lighter and safer products will drive the growth of the segment. However, the gloves segment is projected to register the highest CAGR during the forecast period. Growing awareness of the need to protect hands while riding is driving the growth of the segment.
Based on end use, the global motorcycle apparel market has been classified as on-road motorcycle apparel and off-road motorcycle apparel. The on-road motorcycle apparel segment accounted for the larger market share in 2018. There are more on-road than off-road motorcyclists, which is driving the growth of the segment. Moreover, the on-road motorcycle apparel segment is projected to exhibit the higher CAGR during the forecast period.
On the basis of distribution channel, the global motorcycle apparel market has been segmented into store-based and non-store-based segment. The store-based segment accounted for the larger share of the market in 2018 owing to consumer preference for a one-stop shopping experience. However, the non-store-based segment is projected to register the higher CAGR during the forecast period. Companies find it convenient to reach consumers in different regions through e-commerce, thereby driving the growth of the segment.
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Geographically, the global motorcycle apparel market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, North America dominated the market, accounting for the largest share, in 2018. However, the market in Asia-Pacific is expected to register the highest CAGR of 7.51% during the assessment period. The European market accounted for the second-largest market share in 2018. The market in Europe is estimated to reach USD 3,847.3 million by the end of 2024, with Germany being the leading country-level market.
Key Findings of the Study
Global Motorcycle Apparel Market is projected to reach USD 12,303.4 million by 2024 at a 11% CAGR during the review period of 2019 to 2024.
North America accounted for the largest market share in 2018, with the US being the major contributor to the growth of the regional market.
The helmets segment is projected to dominate the global motorcycle apparel market, by product type, during the forecast
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