The competitive landscape of the global driving apparels market is highly segmented because of the presence of the numerous medium and small-sized businesses. Companies in the market are expected to concentrate on product innovation to maintain their momentum in the market. Moreover, acquisitions and technological advancements during the course of the mentioned forecast period of 2016 to 2024 are expected to bolster the market presence of the prominent players. Some of the key players in the market include names such as Dainese S.p.A., Alpinestars S.p.A., Scott Sports SA, Fox Head Inc., and TorMX among others. The top three companies leading the global driving apparel market are Alpinestars S.p.A, Dainese S.p.A., and Fox Head Inc. Together, these three companies accounted for 25.5% of total share of the global driving apparel market in 2015. There is an intense competition among the players in market. Recently, the patent dispute between Dianese and Alpinestars has gone to a next level. The Munich District Court I in its two rulings released on August 11, 2017, found that certain functions of tech-air products of Alpinestars breach two Dainese SpA patents. Alpinestars will appeal against both the rulings to the Oberlandesgericht Munich and are convinced that the judgment passed in the context of the appeal process will be lifted.
The global driving apparels market stood at an overall valuation of US$11.8 bn in the year 2015 and is estimated to reach the total valuation of US$17.2 bn by the fall of 2024. This growth in the global driving apparels market is expected to be achieved with the help of strong CAGR of 4.6% during the mentioned forecast period of 2016 to 2024. Geographically, Asia Pacific region held a significant share in the international market. The region is expected to continue its dominance in the coming years with an expectation to hold market share of 35.77% in the global market of driving apparels by the fall of 2024. China is expected be the biggest contributor of revenue during the growth of the market in the mentioned forecast period of 2016 to 2024.
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Increasing Number of Road Accidents Primarily Drive Global Driving Apparels Market
The increasing number of accidents on road across the world is the chief driving factor in the development of the global market for driving apparels. Accidents because of street racing, speeding, impairment due to drugs and alcohol, and ignorant driving skills have become very common across the world. The rising number of road accidents has been the dominant factor in encouraging people to use protective gear and accessories of safety among users. The increasing participation in motorsports has also become an important driving factor for the growth of global driving apparels market. This growing popularity of motorsports has led to growth in sales of jackets, helmets, elbow caps, gloves, and knee caps with keeping the safety of driver in mind in all possible ways. The extensive use of driving apparels is mainly attributed to the immense popularity of motorsports racing events such as Formula One, Moto GP, and IndyCar among others.
Negative Brand Image and Duplicity to Impede Growth of Market
The established players face a very intense competition from the local players in the global market of driving apparels. The unorganized segments, especially in emerging nations such as India and China have made the dynamics of the market extremely complicated for the leading companies. The consistent efforts to bring down market prices of protective accessories has led to decline in the product quality and thus has tarnished the brand name. These factors are among the main restraining factors in the growth of the global driving apparels market. Piracy and duplicity are also an important factor that are impeding the development of the market.
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