Market Trends of Riding Gear Industry
This section covers the major market trends shaping the Riding Gear Market according to our research experts:
Rising Awareness and Adoption of Safety Measures and Increasing Sales of Helmets
The preference of end users and awareness toward enhanced safety and comfort offered by premium helmets are key factors driving the market growth. The increase in sales of motorcycles, especially in Asia-Pacific, is also driving the market. In the developed regions, high-capacity performance bikes form a high percentage of sales, and they are mostly bought by enthusiasts and not daily commuters.
Motorsports has been in existence for a long time, but in the last two decades, the sport has gained popularity and generated interest across the world. In recent times motorcycle racing events have gained humongous popularity among millennials, especially women. As the people's attention is shifting to motorcycle racing, the demand for safety gear has increased significantly.
The helmet manufacturing companies are closely monitoring these trends and demands, based on which the manufacturers formulate their future strategies, such as helmet technology, partnerships, and collaborations.
The U.S. saw 0.53million registrations for motorcycles in 2021, according to the Motorcycle Industry Council. Market players are involved in the creation of new vehicles like scooters and bikes.In addition, they offer custom designs that are tailored to the rider in order to attract more customers and raise market demand overall.In addition, the motorcycle is a desirable product due to its low cost, ease of operation in congested areas, improved fuel efficiency in comparison to automobiles, and improved engines.Market expansion can be largely credited to a rise in demand for more effective and convenient modes of transportation.
Additionally, bikes are more popular among the younger generation.The Motorcycle Industry Council reports that female bike ownership has increased to 14% in 2021. Women are a brand-new source of business for this sector.Consequently, manufacturers are concentrating on developing lighter, smaller bikes.The industry is expanding as a result of all of these factors. Overall motorcycle sales in the United States were 21.8 percent higher in 2021 than in 2019.
Manufacturers are now launching 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.
Asia-Pacific is Dominating the Market
Asia-Pacific has some of the largest motorcycle manufacturers, such as Bajaj, Hero, Honda, and TVS. These manufacturers export their models globally to markets such as Latin America and Africa. OEMs, such as TVS and Royal Enfield, entered the riding gear market and displayed the gears in the showrooms, enhancing the shopper buying experience.
Motorcycle sales have increased dramatically in recent years, particularly in the sports bike segment in the Asia-Pacific region. This is due to the growing population and people's increased purchasing power. Even a middle-class consumer in emerging markets can afford a 300cc motorcycle. Furthermore, consumer awareness of the importance of safety equipment is assisting the market's growth. These elements are expected to contribute to market growth over the forecast period.
The demand for riding gear in Europe and North America is high because of high motorcycle demand, due to an increase in recreational rides, an upsurge in bike racing events, and increasing traffic congestion. This has augmented the demand for riding gears such as jackets, helmets, shoes, and gloves.
