Motocross Gears Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
The global motocross market size was estimated at USD 1.7 billion in 2019 and is expected to reach USD 5.1 billion by 2032, growing with a CAGR of 4.5% over the forecasted period of 2022 to 2032. Increasing demand from motocross riders along with advancement in manufacturing infrastructure have significantly impacted to the motocross gear market in the past few years. Moreover, from the adverse effect of Covid-19 pandemic also the industry is recovering very rapidly and also creating new diversified opportunities for the players. Raising demand for diversified protective gears like boots, helmets, armored shorts, gloves and others has substantially increased the revenue of stakeholders during the last few couple of years.
Raising popularity of motocross riding has increased the demand for various riding and protective gear. Moreover, increasing awareness and expenditure from the government and individuals on safety & precautionary measures for motocross riding and its related sectors is further increasing the market value. However, raising incidents of accidents across the globe with high fatality rates, motocross riders are becoming more cautious about the riding gears. As a result, demand for boots, helmets and other protective motocross gear is rising fast. In addition, initiates taken by government, NGO’s, and various organizations to boost awareness regarding safe motocross racing are is expected to boost the motocross gears demand in future.
The easy accessibility offered by online sales channel has further boost the motocross market, thus becoming a popular medium for the purchase of motocross. Easy obtainability of information about the material used in motocross, less time consuming feature and the facility of home delivery contributes towards the growth of the online sales channel. Moreover, the raise in penetration of diversified online portals in emerging regions and the increase in number of discounts or offers which influence the customers to purchase motocross through e-commerce channels. Moreover, e-commerce channels have raised the customer reach due to which is has become as a key source of revenue for many companies. In addition, the e-commerce market is anticipated to increase in the near future owing to rapid increase in online and mobile use customer base in developing and developed markets. Raise in online sales, improvement in logistics services, ease in payment options and the capacity to enter in new international markets for major brands is expected to further increase the demand for motocross gears market.
North America market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period. Increase in population and improved lifestyle are the major factors that boost the growth of the motocross market. Raising purchasing power in this region is the prime factor which contributes towards the growth of the motocross market. Furthermore, raising interest of people towards motocross riding coupled with advancement in manufacturing hubs is boosting the growth in the region.
Germany is the world’s second-largest motocross gear market in Europe owing to increase in interest towards motocross racing amongst men, women and kids. Moreover, increase in number of motocross racing competitions is another factor which is driving the sales of the motocross gear in the country. For instance, the MXGP of Germany FIM Motocross World Championship, ADAC MX Masters (German National MX Championship), European Motocross Championship and others are some of the famous motocross racing competition in Germany.
By product type analysis, the motocross gears market is segmented helmet, gloves, boots, jerseys, pants, eyewear, knee braces & guards, back protectors and others. The helmet segment holds the major market share and it is expected to retain its dominance during the forecast period.
On the basis of demography, the motocross gears market is men and women. The men segment holds the major share and is expected to retain its dominance during the forecast period. Raising motocross riding popularity amongst men is the major factor which is boosting the market demand.
By distribution channel, the motocross gears market is segmented into franchised stores, specialty stores, online sales channel and others. Specialty stores are small retail outlets that focus on selling a particular range and associated items. Specialty stores maintains considerable depth in the type of product that they specialize in selling premium prices products. Moreover, manufacturers are continuously making efforts to increase shelf visibility of their products and hence they are majorly targeting specialty stores. As a result, great variety of motocross products are available in specialty stores. Moreover, specialty stores provides great amount discount which result in attracting more and more customer, hence resulting in boosting the motocross gears market.