The global driving apparel market for is expected to witness a high level of competition, owing to its fragmented nature and the expected entry of new entrants throughout the forecast period, states a research report by Transparency Market Research. In 2015, the three prominent players, namely Alpinestars S.p.A, Fox Head, Inc., and Dainese S.p.A. collectively accounted for a share of 25.5% of the global market. These players are anticipated to continue its dominance with the help of new product development and innovations throughout the forecast period. In addition, the high number of collaborations and growing emphasis on technological advancements are likely to supplement the growth of the overall market in the coming years.
According to the research report by Transparency Market Research, in 2015, the global market for driving apparels was worth US$11.8 bn and is anticipated to reach a value of US$17.2 bn by the end of 2024. The market is likely to register a healthy 4.60% CAGR 2016 and 2024.
Expansion of Distribution Network to Augment Asia Pacific Driving Apparel Market
On the basis of regional segmentation, the Asia Pacific market for driving apparel is anticipated to witness substantial growth and account for a key share of the overall market in the next few years. A substantial contribution from China and India and the rising penetration of a large number of international brands are some of the major factors that are likely to fuel the growth of the market in the coming years. In addition, the rising number of government regulations in order to ensure safety on roads and the expansion of the distribution network are expected to accelerate the growth of the Asia Pacific market in the next few years. Furthermore, the growing adoption of driving apparel and increasing advancements in technology are predicted to fuel the growth of the Europe driving apparel market.
In terms of product type, in 2015, the protection gear segment led the global driving apparel market. As per the research study, this segment is estimated to remain in the leading position in the next few years and account for a massive share throughout the forecast period. The manufacturers in the global market are focusing on integrating electronics in protection gears in order to boost the demand and encourage the growth of the overall market in the coming years. In addition, the introduction of new material and advancements in technology are projected to supplement the growth of this segment in the forecast period.
Growing Awareness Regarding Road Safety to Boost Driving Apparels
A tremendous rise in the number of road accidents is one of the major factors boosting the demand for driving apparel across the globe. In addition, the increasing awareness among consumers concerning their safety while driving and the strict rules and regulations for using driving apparels are predicted to encourage the growth of the global driving apparel market in the next few years. Furthermore, the introduction of new products and the rising number of marketing activities by the leading players are estimated to supplement the market’s growth in the near future.
On the other hand, the rising participation of new players in the global driving apparel market is expected to act as a major challenge in the coming years. In addition, the availability of compromised-quality products and the lack of knowledge regarding the benefits of using driving apparels in several under-developed and developing nations are projected to curtail the growth of the overall market in the near future. Nonetheless, the growing popularity for motorsports and the increasing purchasing power of consumers are likely to generate promising opportunities for leading players operating in the global market.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Driving Apparel Market (Product - Clothing, Footwear, and Protection Gear; Vehicle - Two Wheeler and Four Wheeler) - Global Industry Analysis, Trend, Size, Share and Forecast 2016 - 2024.”
The global driving apparel market has been segmented as below:
Global Driving Apparel Market, By Product Type
- Protection Gear
Global Driving Apparel Market, By Vehicle Type
- Two Wheeler
- Four Wheeler
Global Driving Apparel Market, By Geography
- The U.S.
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
- Rest of Latin America
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