Motocross Gears Market Analysis Showcases Growth Trends and Opportunity until 2028
The demand for motocross gears is rising with the mild growth opportunities across the globe due to its high importance for the safety of the rider and the gaining popularity of the motocross races. The surge in the participation of motocross races in the Asia Pacific is expected to rub off on demand for motocross gears, thus complementing the market growth of motocross gears.
[UKPRwire, Thu Jun 20 2019] In a recent Fact.MR study, motocross gears market has been evaluated at US$ 1320 Mn in 2017 as per the latest market trends and the encouraging nature of motocross gears market. International Motorcycling Federation (FIM), which conducts all the motorcycle races, has launched many championships and races that play a vital role in the growth of motocross gears market. The study predicts the motocross gear market to achieve 4.9% CAGR through 2028.
The demand for motocross gears is rising with the mild growth opportunities across the globe due to its high importance for the safety of the rider and the gaining popularity of the motocross races. The surge in the participation of motocross races in the Asia Pacific is expected to rub off on demand for motocross gears, thus complementing the market growth of motocross gears. Use of latest technologies such as GPS and Bluetooth-enabled helmets has impacted the motocross gears manufacturers and has led to an increase in the demand for product innovation using advanced technology.
Growing media influence on the racing industry is one of the key trends in the motocross gears market. Outgrowing sponsorships to the riders and races by big brands allowing maximum reach for the motocross races impacting participation in motocross races further affects the demand for the motocross gears. High disposable personal income in regions such as North America & Europe has led the consumers to venture into leisure activities like motocross racing, which has fueled the growth opportunity for motocross gears. The rise in the number of motocross enthusiasts in Australia and New Zealand will enhance the participation rate and directly surge the sales of motocross gears.
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A recent Fact.MR study foretells about the motocross gears market to achieve an expansion rate of 4.9% CAGR over the forecast period (2018-2028). The collaboration of leading manufacturers with technology companies for product innovation will increase the traction to the market. For eg. Troy Lee Designs has collaborated with Alpinestars for working on the new Tech-7 Boots.
Dirt bike racing is one of the most exciting sport in North America & Europe. It not only provides a thrilling experience but also acts as a stage for the meeting of like-minded people. Rising popularity of the Motocross races in the Asia Pacific and MEA has opened a vast customer base for the motocross gears manufacturing sector.
The steady growth in the dirt bike fleet and motorcycle production rate has also impacted the motocross market. Some of the prominent players in the manufacturing of motocross gears are using Kevlar, Cordura and other best protective material to provide maximum protection to the rider. The growth in the motocross market is observed by growing awareness in motocross enthusiast for the safety of the riders. Motocross associations and clubs are particular about participants wearing protective gears during races. The rapid increase in the adoption of tech-enabled safety gears has translated into significant demand for motocross gears, thus fueling the growth of the market.
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Rising number of international players in motocross race championships has been observed as the key motivator for the motocross gears market. Rise in international players in different countries allows the manufacturers to target new customer base as per the growing popularity of the sport in the region by enhancing the motocross gears product portfolio. Motocross is a physically demanding sport and requires the rider to have a good physique. Many health benefits from motocross race like endurance, increased strength, balance, brain stimulation and good posture, etc. has led many parents to introduce motocross racing to their kids at a tender age leading to high demand for motocross races.
Booming e-commerce industry has provided a new revenue area for the worldwide motocross gears manufacturers. The availability of leading brands with the latest trends through e-commerce channels has been of particular significance of revenue. Diversified sales channel has not only catered to the rural areas of developing economies but has also penetrated new demographics for the motocross gears market.
Involvement of women in sports has increased significantly affecting the sales of motocross gears. Motocross gears manufacturers are adding stylish products to their portfolio to attract female riders. Motocross clubs and associations have witnessed a rise in children participation, thereby creating a growth opportunity for motocross gears market.
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