2018 - 2026
Need a report that reflects how COVID-19 has impacted this market and its growth?
The riding gear market studied was valued at USD 10.65 billion in 2020, and is projected to be worth USD 15.84 billion by 2026, estimating a CAGR of 6.84% during the forecast period.
Covid 19 has hit the Riding Gear market severely. Many OEM's have their production units in China, which was the epicenter of the Covid pandemic. Due to the lockdown restrictions implemented by the world governments, production of Bikes, accessories and riding gear had to be halted.
Due to no movement, usage of bikes and consequently, the riding gear had almost come down to zero.
The riding gear market is anticipated to register a CAGR of about 7.9% during the forecast period (2020 – 2025), but Covid has a bad affect on these numbers and estimates.
- The sales of motorcycles have been continually increasing over the past few years as consumers in the developing countries were able to purchase 300-400 cc bikes at relatively affordable prices. Also, the entry of iconic bike brands, such as Harley Davidson, Ducati, and Aprilia, in these countries has aided the market to grow.
- The growing passion toward bike racing among the Indian youth and the enticing deals from motorcycle manufacturers offering jackets, gloves, and helmets as complimentary gears is driving the riding gear market in the country. Social media has played an important role in increasing the brand awareness of various riding gear companies. Creation of online communities where online influencers gives information about various riding gears is followed by millions of people. Affordable bike touring packages offered by various travel companies is also a major driving factor.
- Increased improvement in product features like helmets integrated with Bluetooth capability, which enables an individual to answer phone calls, listen to music, and even get driving directions, have also helped in the increased demand of these gears.
- Post Covid, due to the public inclination towards own and safe transport over shared transport services, the market of Bikes and consequently, the Riding Gear market is expected to go up and recover good from the lossess incurred due to the pandemic.
Scope of the Report
The riding gear market covers the latest trends and technological developments in the riding dear market, demand of the gear type, material type, distribution channel, geography, and market share of major riding gear manufacturers across the world. The report offers the market size for the riding gear market in value (USD billion) for all the above segments.
Key Market Trends
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.
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Asia-Pacific Leading the Riding Gear 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, an 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.
The 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 favorable government policies, sales of motorcycles in Bangladesh doubled since 2016 and are expected to cross the 600,000 units mark by 2019.
The 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 display 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.
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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. Alpine stars also makes race suits for the Formula 1 World championship Grand Prix.
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.
In March 2019 - AGV introduced the Trade and Save scheme for its customers. For a limited period, customers with AGV helmets can trade-in their old AGV helmets and buy a new one for up to 20% off. This offer was made available across all the Dainese stores.
In December 2020 - Arai Helmet expanded its product range with the addition of a new product, the new ARAI Quantic Sports Touring helmet. It is the first Arai full-face helmet to go through the new, more rigorous ECE R22-06 standard—that is on top of Arai’s already stringent in-house testing program.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.4 Knee Guards
5.2 Material Type
5.2.4 Carbon Fiber
5.3 Distribution Channel
5.4.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
188.8.131.52 South America
184.108.40.206 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.2 Alpinestars SPA
6.2.3 FLY Racing Jackets
6.2.4 Fox Racing Inc.
6.2.5 HKM Sports Equipment GmbH
6.2.6 Joe Rocket Jackets
6.2.7 Klim Technical Riding Gear
6.2.8 Kushitani Hamamatsu
6.2.9 Ride Icon
6.2.10 Royal Enfield Gear
6.2.11 Spartan Pro Gear Co.
6.2.12 Rynox Gears India Pvt. Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Riding Gear Market market is studied from 2018 - 2026.
What is the growth rate of Riding Gear Market?
The Riding Gear Market is growing at a CAGR of 6.84% over the next 5 years.
What is Riding Gear Market size in 2018?
The Riding Gear Market is valued at 10.24 Billion USD in 2018.
What is Riding Gear Market size in 2026?
The Riding Gear Market is valued at 15.84 Billion USD in 2026.
Which region has highest growth rate in Riding Gear Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Riding Gear Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Riding Gear Market?
- Fox Racing Inc.
- Alpinestars SPA
- Klim Technical Riding Gear
- Rynox Gears India Pvt. Ltd.
Are the major companies operating in Riding Gear Market.