The motocross gears market is expected to surpass a valuation of US$ 12.5 Billion at a CAGR of over 7.5% through 2031.Expansion of automobile industry and growing popularity of off-road and motocross sports are propelling the sales of motocross gears.
Over the years, increase in motocross and dirt-bike racing activities has fuelled motocross gears sales. As awareness of safe riding is increasing among the riders, demand for riding gear such as jerseys, jackets, and pants is also aiding market growth.
With rising cases of fatal accidents, helmets have become the preferred choice of riders in gears. Furthermore, stringent government rules regarding the consequences of not wearing a helmet are being seriously considered by motocross riders, leading to spike in the sales of bike riding gear.
Extremity injuries are common in motocross accidents, according to a survey published by the Digital Common Organization. According to the National Centre for Biotechnology Information (NCBI), the overall incidence of motocross injuries is more than 90 per thousand.
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Such findings are assisting in improving awareness among motocross riders. This also is spurring the demand for protective gears. Backed by these factors, the market is set to witness substantial growth over the coming years, reaching a shipment of 57,326 units through 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 market
- Asia 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.
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Impact of COVID-19 on the Market
The coronavirus outbreak has created a collapse in the economy by interrupting business activities across a wide range of industries. The retail industry has suffered a setback. Fall in aggregate discretionary spending represents a temporary challenge for market participants.
Consumers were subjected to the strictest limitations, resulting in a significant drop in revenue increase year over year. Due to global lockdown, complete shutdowns of all industries, and downturn in the industrial environment, productivity suffered during the epidemic. The sales were bracketed by online retailing.
As a result, players are focusing their efforts on growing internet penetration, as this allows them to reach a wider consumer base faster and at a lower cost.
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.
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