The motocross gears market is anticipated to reach a valuation of US$ 12.5 Bn at a CAGR of about 7.5 percent through 2031, according to a recent analysis by Future Market Insights (FMI).
Sales of motocross gear are being boosted by the growth of the automotive industry and the popularity of off-road and motocross activities.
Sales of motocross clothing have been driven over time by a rise in motocross and dirt bike racing activities. Demand for riding apparel including jerseys, coats, and pants is rising as riders’ knowledge of the importance of safe riding rises.
Due to an increase in fatal accident incidents, helmets are now the go-to accessory for motorcyclists wearing gear. In addition, motocross riders are taking seriously the strict government regulations on the penalties for not wearing a helmet, which is causing a surge in the sales of motocross equipment.
According to a study by the Digital Common Organization, incidents involving motocross frequently result in injuries to the extremities. The National Centre for Biotechnology Information (NCBI) estimates that more than 90 out of every thousand motocross accidents result in injuries.
These discoveries are helping motocross riders become more alert. Additionally, this is fueling a demand for protective gear. These factors will support the market’s expected significant rise over the upcoming years, which will result in a shipment of 57,326 units by the year 2031.
Key Takeaways from the Motocross Gears Market Study
In terms of product type, helmets are expected to dominate the market, registering growth at 15.7% CAGR through 2031.The U.S. will lead the North America market, which will continue to be the focal centre of the world’s largest motocross gears market.Increased demand for protective gear such as armoured jackets, back protectors, and other similar items will help manufacturers thrive.Germany is expected to maintain its dominance as the world’s second largest motocross gear marketAsia Pacific will emerge as the world’s fastest-growing motocross gear market, with India and China leading the region’s growth.The U.K., France, Canada, and Japan will be in the spotlight for motocross gear industry stakeholders.Men’s demand for motocross gear is surging, propelling sales across the globe.
“As there has been a notable surge in number of professional motocross riders, extensive adoption of a wide range of riding and protective gear is on cards. This trend is spurring the sales of motocross gears across the globe. Additionally, manufacturers are adding fashionable items to their portfolios in order to woo riders, which is create impressive scope for expansion,” says an FMI analyst.
Impact of COVID-19 on the Market
Because the coronavirus outbreak disrupted corporate operations across many different industries, the economy collapsed. There has been a setback for the retail sector. Discretionary spending has decreased overall, which poses a short-term difficulty for market players.
The tightest restrictions were placed on consumers, which led to a considerable decrease in revenue growth year over year. Productivity suffered during the epidemic as a result of the worldwide lockdown, total suspension of all industries, and deterioration in the industrial environment. Online retailing was located between the sales.
Players are concentrating their efforts on increasing internet penetration as a result, as this enables them to reach a larger consumer base more quickly and affordably.
Who is Winning?
Leading manufacturers of motocross gears are focused on differential strategies and advertisements that have driven sales growth of motocross gears globally.
Major players present in the motocross gears market are O’NEAL USA, Scott Sports , Aero Stitch, Fox Racing, Answer Racing, AGVSports America LLC, FLY Racing, Joe Rocket Jackets, Ride Icon, Dainese, Shift MX, TacknRider, Fox Head Inc., LeMans Corporation, ACERBIS, AXO, LSD Industries, LLC, KTM Sportmotorcycle GmbH, and Troy Lee Designs among others.