There is a change in the lifestyle worldwide and people now prefer to get involved in the activities like cycling and skateboarding. Many schools also have cycling and skateboarding as a part of the curriculum and thus with the adoption of cycles and skateboards, the market of the associated equipment is expected to experience significant growth.
COVID-19 Scenario Analysis:
The closure of factories due to COVID-19 led to decline in the production of cycling and skateboarding equipment in these industries. This not only affected the scale of production but also the growth of these industries.
The online platforms, shops, and retails stores were shut due to lockdown observed worldwide. This which affected the trade of these products. This in turn hampered the sales of cycling and skateboarding equipment in various countries.
Cycling and skateboarding equipment have become a necessity for the ones who are involved with these activities. Therefore, the sales of these equipment are expected to experience steady growth after the lifting up of lockdown in different parts of the world, due to COVID-19.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increase in popularity of the sports and physical activities, awareness of people regarding healthy lifestyles, and people engagement in recreational activities for stress management are some of the important drivers that contribute toward the increase in the demand for the equipment related to cycling and skateboarding activities.
There is an increase in the market share of the cycling and skateboarding equipment owing to rise in trend to follow the prominent and known players of these activities.
The market of cycling and skateboarding equipment is highly competitive with the presence of well-established players all across the different distribution channels such as sports store, retail, and e-commerce. It is also difficult to compete in the market due to the availability of the cheap lower quality variant sellers.
The global cycling and skateboarding equipment market trends are as follows:
Asia-Pacific to experience High Potential for Cycling and Skateboarding Equipment
The bicycle market in the Asia-Pacific region is experiencing growth. China, India, Australia, Japan, and South Korea are the major contributors toward increase in the demand for equipment related to cycling and skateboarding due to change in preferences, interest in the sport, and adoption of cycling and skateboarding as activities for children in different schools of the region. These countries are also known to host several skating and bicycling tournaments like Asian Cycling Championship, Skate Philippines Summer Championship, and Skate Malaysia, which increases the popularity of cycling and skateboarding in the region. This in turn increases the demand for these equipment, and thus boost the market growth
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Increase in Demand for Different Styles and Colors for Helmets
One of the important equipment for cycling and skateboarding is helmet as it is important for the safety of the sportsperson. People have started opting for helmets with different colors and styles with the increase in popularity of these sports. This encourages the players to manufacture helmets related to this sport in different styles and colors and thus cater to the end user demand. This boosts the growth of the cycling and skateboarding equipment market.
Key Benefits of the Report:
This study presents the analytical depiction of the global cycling and skateboarding equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cycling and skateboarding equipment market share.
The current market is quantitatively analyzed to highlight the global cycling and skateboarding equipment market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers suppliers in the market.
The report provides a detailed global cycling and skateboarding equipment market analysis based on competitive intensity and how the competition will take shape in the coming years.
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Questions Answered in the Cycling and Skateboarding Equipment Market Research Report:
What are the leading market players active in the cycling and skateboarding equipment market?
What the current trends will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What future projections would help in taking further strategic steps
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