Dubai, UAE, June 28, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Extrapolate, the global Motorcycle Gear Market size was valued at around USD 13.27 billion in 2022 and is anticipated to reach around USD 23.83 billion by 2032, with a compound annual growth rate (CAGR) of 6.07% between 2023 and 2032. The growth of the market is attributable to numerous factors including the growing population of motorcycle enthusiasts, combined with an increasing focus on road safety, all over the world.
Expenditure on motorbike protection gear has increased as a result of rising urban discretionary income and a growing desire to travel and lead fulfilling lives. Motorcycle riders wear protective clothing when riding, including a helmet, gloves, jackets, knee and elbow guards, spine guards, pants, and shoes. Additionally, this protective equipment is thicker than typical clothing and has waterproof pockets, zips, higher collars, and even armor.
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Competitive Landscape
Key players operating in the global motorcycle gear market are focusing on several growth strategies to gain a competitive edge. To diversify their product offering, the suppliers are focusing on several collaboration activities. Market players are concentrating on R&D to introduce cutting-edge products. Vendors are also adopting carbon fiber materials to increase the strength and longevity of their products. Companies are including electrical components in helmets as well.
Leading companies operating in the motorcycle gear market include:
- Belstaff International Ltd
- Schuberth GmbH
- Tarakusuma Indah
- AGV SPORTS GROUP, INC.
- LEMANS CORPORATION
- FLY Racing
- com
- Eicher Motors Limited (Royal Enfield)
- FOSHAN SCOYCO EXTREME SPORTS PRODUCT CO., LTD.
- Rynox Gears
Market Segmentation
By Type:
- Clothing
- Safety Gears
- Others
Safety Gears to Lead the Market Share Due to its Benefits
The safety gear segment dominated the market for motorcycle gear. Safety gear refers to a range of clothing and accessories specifically designed to safeguard motorcycle riders from accidents and potential hazards. These protective items are crucial for both on-road and off-road riding purposes. Bikers can increase their safety and protection by wearing a variety of accessories and clothing that are specifically made for this purpose. These consist of coats, hats, gloves, knee and elbow pads, backpacks, and other protective gear. Biker danger of suffering serious injuries when riding can be considerably decreased by using this protective gear.
Furthermore, the growth of the segment is attributable to both rising population and increasing purchasing power in developing nations. Additionally, the market is expanding as a result of customers' increasing knowledge of the value of safety equipment.
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By Distribution Channel
- Online
- Offline
Offline Stores to Dominate the Market Owing to Low Foot Traffic in Online Stores
The offline segment dominated the motorcycle gear market and is anticipated to grow substantially throughout the projection period. It is projected that the growth of motorbike protective gear retail stores in Brazil, India, and China will favorably affect the expansion of the motorcycle gear market. Compared to offline stores, online retailers generally experience lower foot traffic because customers typically visit a service center only once every two to three months.
For instance, Dainese Protective Gear, an Italian manufacturer of riding and motorbike safety gear, has opened a store in India with ambitions to eventually open more in important urban centers. Producers of motorcycles like Royal Enfield have entered the market for rider safety equipment and are offering increasingly sophisticated goods.
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Increasing Awareness Regarding Safe Driving to Propel the Sales of Helmets
The major factors driving the motorcycle gear market share include rising consumer demand and awareness of the enhanced comfort and safety offered by premium helmets. An increase in motorbike purchases, notably in the Asia-Pacific region is another factor driving the market growth. In established regions, a significant portion of sales consists of high-capacity performance bikes, which are predominantly purchased by enthusiasts rather than regular commuters.
Helmet manufacturers closely monitor these trends and demands, using them as the basis for developing future strategies. This includes advancements in helmet technology, as well as forming alliances and collaborations to meet the evolving needs of consumers. Additionally, motorbike riding is more prevalent among younger individuals which fuels the motorcycle gear market growth further. Additionally, the percentage of women who own motorbikes has increased to 14% in 2021, according to the motorcycle Industry Council.
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Increased Adoption of Various Innovative Gears in Asia Pacific to Boost Market Growth
The motorcycle gear market is anticipated to grow rapidly in Asia Pacific as a result of rising public awareness of traffic safety. An upsurge in disposable income is likely to increase the purchasing of high-end motorbikes during the predicted period. The increased use of various cutting-edge products and suppliers in countries such as China, India, and Australia is anticipated to further accelerate regional market growth.
The Asia-Pacific is home to several major motorcycle producers, including Honda, Hero, TVS, and Bajaj. Additionally, original equipment manufacturers (OEMs) such as Royal Enfield and TVS have ventured into the motorcycle gear business. They enhance the purchasing experience for customers by showcasing the gear in their showrooms, fueling regional markthe et growth.
Key Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data Source
2.3.1. Secondary Source
2.3.1.1. Preliminary data mining
2.3.2. Primary Source
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Rising Awareness Regarding Safe Driving Has Increased Sales of Helmets
3.3. Market drivers
3.3.1. Demand for Innovation Products that Offers Effective use and Safety is Propelling the Market Growth
3.4. Market restraints
3.4.1. High Cost of Gears as Comparted to Traditional which is Restraining the Market Growth
3.5. Market opportunities
3.5.1. Growing Awareness Among People about the Implications of Road Accidents is Encouraging New Opportunity for the Market
3.6. Market Challenges
3.6.1. The Market for Motorcycle Racing Apparel Faces Significant Obstacles as a Result of Fluctuating Raw Material Costs
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Motorcycle Gear Market
Chapter 5. Global Motorcycle Gear Market Overview, Type, 2018 - 2032 (USD Million)
Chapter 6. Global Motorcycle Gear Market Overview, By Distribution Channel, 2018 - 2032 (USD Million)
Chapter 7. Global Motorcycle Gear Market Overview, By Geography, 2018 - 2032 (USD Million)
...
Chapter 13. Competitive Landscape
13.1. Competitive environment, 2022
13.2. Strategic framework
13.2.1. Partnership/agreement
13.2.2. Expansion
13.2.3. Mergers & Acquisitions
13.2.4. Recent development
Chapter 14. Key Vendor Analysis
14.1. ls2helmets.com
14.1.1. Company overview
14.1.2. Financial performance
14.1.3. Product Benchmarking
14.1.4. Recent initiatives
14.2. Belstaff International Ltd
14.2.1. Company overview
14.2.2. Financial performance
14.2.3. Product Benchmarking
14.2.4. Recent initiatives
...
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
Chapter 17. Market Effect Factors Analysis
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