Owing to low entry barriers, the global driving apparel market
is highly fragmented, according to a recent business intelligence
publication by Transparency Market Research (TMR). Local and regional
players are offering products that may not be of optimum quality but
they are much more affordable for larger masses, particularly in the
emerging economies of Asia Pacific. That being said, a small pool of
well-established players are ahead of the curve too, holding a prominent
position on the back of their high-quality products and strong
distribution network.
The report identifies PUMA SE, Scott
Sports SA, Alpinestars S.p.A., Fox Head Inc., Dainese S.p.A., ThorMX,
and Adidas AG as a few players who hold notable chunk of shares in the
global driving apparel market. To maintain their moderate position of
strength, most of these key players are focusing on product innovation
as well as improvements to their popular products. As the concept of
wearable is harnessed further, the vendors of this market are expected
to adopt the new technologies and gain shares over their competitors.
Global Driving Apparel Market to be worth US$18,565.0 mn by 2025
As per the projections of the TMR report,
the demand in the global driving apparel market will multiply at a CAGR
of 5.3% during the forecast period of 2017 to 2025. In terms of
revenue, the opportunities in the driving apparel market, across the
globe, is estimated to reach US$18,565.0 mn by the end of 2025,
substantially more than market’s evaluated worth of US$12,312.5 mn in
2017. The analysts of the report have also anticipated quite a few
mergers and acquisition to unfold during the forecast period, which not
only helps the companies to expand their geographical presence but also
aids in enhancing product portfolio.
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Based on product type, the driving
apparel market has been segmented into clothing, footwear, and
protection gear, whereas on the basis of material, the market has been
bifurcated into leather, synthetic, and natural fiber. The TMR report
also classifies the market for driving apparel market on the basis two
wheeler and four wheeler. Geographically, Asia Pacific has been
highlighted as the most profitable region, although North America and
Europe are foreseen to expand the demand at a much strong rate over the
course of the forecast period.
Popularity of Various Motorsports Driving Demand
Increasing number of driving enthusiasts
is the primary driver of the global driving apparel market. While
Formula One continues to grab strong attention from fans and breeds the
next generation, lesser known racing sports such as IndyCar and MotoGP
have gained popularity in the recent past. All of these Motorsports
require the players to follow strict safety measures and are providing
for a strong traction to the global driving apparel market. In addition
to that, on the back of increased disposable income of urban populations
in emerging economies, ride for pleasure trend has emerged,
particularly in the two wheeler segment.
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