Riding Gear Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Riding Gear Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The riding gear market studied was valued at USD 10.65 billion in 2020, and it is projected to be worth USD 15.84 billion by 2026, registering a CAGR of 6.84% during the forecast period.

COVID-19 hit the riding gear market severely. Many OEMs have their production units in China, which was the epicenter of the COVID-19 pandemic. Due to the lockdown restrictions implemented by the world governments, the production of bikes, accessories, and riding gear was halted.

Due to no movement, usage of bikes and riding gear almost came down to zero.

The riding gear market is anticipated to register a CAGR of about 7.9% during the forecast period (2020 – 2025). The COVID-19 pandemic had a negative effect on these numbers and estimates.

Key Highlights

• The sales of motorcycles have been continually increasing over the past few years, as consumers in the developing countries could purchase 300-400 cc bikes at relatively affordable prices. In these countries, the entry of iconic bike brands, such as Harley Davidson, Ducati, and Aprilia, aided the market growth.
• The growing passion for 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. Millions of people follow online communities, where online influencers give information about various riding gears. Affordable bike touring packages offered by various travel companies are also a major driving factor.
• The increased improvement in product features like helmets integrated with Bluetooth capability that enable an individual to answer phone calls, listen to music, and get driving directions helped increase the demand for these gears.
• After the COVID-19 pandemic, due to the public inclination toward own and safe transport over shared transport services, the demand for bikes, and consequently riding gear expected to increase, recovering from the losses incurred due is to the pandemic.

Key Market TrendsGrowing Sales of Helmet and Increase in Awareness and Adoption of Safety Measures

The increase in the sales of motorcycles, especially in Asia-Pacific, 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 they are mostly bought by enthusiasts and not daily commuters.

Manufacturers are now introducing Bluetooth and hands-free options in helmets that improve the connectivity with fellow riders, saving the hassle of reaching out for smartphones 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 three months if a motorcycle rider is found to ride without a helmet. According to Central Motor Vehicle Rules, the manufacturer of the 2-wheeler has to give protective headgear at the time of purchase.

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 has increased the demand for riding gear such as helmets, gloves, jackets, and shoes.

Asia-Pacific is the largest motorcycle market. However, 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 have doubled since 2016, and they were expected to cross the 600,000 units mark by 2019.

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, entered the riding gear market and displayed the gears in the showrooms, enhancing the customer buying experience.

In Europe, the riding gear market (especially helmets) is expected to grow significantly due to a 65% growth in the electric two-wheeler market in 2019.

Competitive Landscape

The riding gear market is fragmented due to the presence of a large number of regional and small local players globally. 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, and Spartan Pro Gear. Alpine stars also make race suits for the Formula 1 World Championship Grand Prix.

This industry has seen various innovations and collaborations in recent years. Airbag jackets and vests, HUD visors, and Bluetooth connectivity are some examples of recent innovations. Various start-ups are coming up in emerging economies committed to providing high-quality gear at affordable prices. Indian start-ups such as ViaTerra, Motoziel, and BluArmor are few such examples. Myntra, an Indian e-commerce platform, collaborated with MotoGP to make riding gears for Indian biking enthusiasts. Royal Enfield introduced a new window on its website where customers can customize their gears.

Companies are expanding their global presence and launching new products to reach many customers and improve their competitive position in the market. For instance, AGVSports America LLC is a newly formed company with headquarters in Dallas, Texas. AGVSport America assembled a team of industry professionals and enthusiasts focusing on the growth of the brand in the United States.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.