Market Research Report
Global Mountain Bike Market- By Type, By Application, By Region ; Trend Analysis, Competitive Market Share & Forecast, 2016-2027
|Global Mountain Bike Market- By Type, By Application, By Region ; Trend Analysis, Competitive Market Share & Forecast, 2016-2027|
Published: July 1, 2021
Blueweave Consulting & Research Private Limited
Content info: 148 Pages
Delivery time: 1-2 business days
Global Mountain Bike Market Poised to Witness Inspiring Growth: Expected to Reach USD 22,768.5 million in 2027
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global mountain bike market reached USD 12,619.0 million in 2020 and is projected to reach USD 22,768.5 million by 2027, growing at a CAGR of 8.95% during 2021-2027 (forecast period). The growth is primarily attributable to the COVID-19-induced pandemic that has raised concerns for the people as a result of which they have started working on their overall fitness. The growth of the global mountain bike market can also be attributed to the rising viewership of bike sports. Among the other key factors driving the global mountain bike market is the increased emphasis on tires production in order to enhance the performance of mountain bikes.
Growth in bicycle tourism is driving the global mountain bike market growth
A major reason for the economic growth in developing nations has been the popularity of bicycle tourism. The recent statistics released from by the Outdoor Industry Association (OIA) in the year 2019 stated that bicycle tourism accounts for an assessed USD 83 Million in trip-related expenditure, barring the gear sales. Bicycle tourism has positively contributed to the growth of the global mountain bike market by providing consumers and potential cyclists with an opportunity to race and participate in bicycle events. Mountain bikes involve the use of whole-body muscles, making it one of the best exercises for those wanting to lower their cholesterol or build muscle mass. This factor helps driving the demand for mountain bikes in major cities around the world. Thereby driving the global mountain bike market.
Rising cross-country and mountain bike competition viewership is favoring the mountain bike market
The Union Cycliste Internationale (UCI) reported that more than 12.35 million people watched the Mountain Biking World Cup in 2018. In recent years, the organization has seen an increase in TV viewers. It is one of the most influential reasons that has contributed to the growth of the global mountain bike market. Additionally, the market is experiencing growth due to the rise in merchandise sales and gear sales related to mountain biking competitions around the world. An American poll stated that more than half of those surveyed would bicycle more frequently after the COVID-19 pandemic in order to modify their lifestyles. Thus, it is evident that the global mountain bike market is poised to experience growth in the post-COVID-19 period.
Cross Country bikes sub-segment holds the largest share in the global mountain bike market
Based on type, the global mountain bike market is segmented into downhill bike, free ride bike, dirt jumping bike, cross country bikes and all mountain bikes. The cross country mountain bike accounted for the largest share in the market in the year 2020. Cross country mountain bikes are designed in a way that allows them to easily climb steep hills with higher efficiency, greater speed and agility owing to their lightweight frames, which makes them a great option for riding on regular roads as well. It has enabled even the most inexperienced of mountain bikers to benefit from the riding experience and build their skills over mountain biking. These bikes are particularly popular among cyclists who would like to gain confidence in mountain biking and start their racing career over rough terrain, which is further contributing to the growth of the global mountain bike market
The racing sub-segment occupies the larger market share in the application segment
Based on applications, the global mountain bike market can be bifurcated into racing and leisure. The racing segment held the larger share in the global mountain bike market in 2020, and the segment is expected to witness a strong CAGR over the coming years as well. There have been more mountain bike races around the world in the recent years. According to the Union Cycliste Internationale (UCI), there were over 576 mountain bike racing events listed for the year 2018 as against 628 mountain bike racing events recorded in the year 2019 indicating a 9.02% increase on a yearly basis. However, the COVID-19 took the momentum away. As vaccine rollout programs become increasingly discretionary, the countries are starting to schedule such events again. Currently, there is a 7.48% increase in the number of events in comparison to the year 2020, indicating that these events are expected to increase further as the restrictions are lifted, thereby supporting the growth of the global mountain bike market.
Global Mountain Bike Market: Regional Insights
Based on the region, the global mountain bike market can be grouped into North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa. The North American region presently holds the largest share in the global mountain bike market. North America is the largest market for mountain bikers around the world, with a growing power sports and adventure sports industry. The region is also the home to one of the most pivotal mountain bike manufacturers operating in the region. Furthermore, the growing number of mountain bike racing events in the region is solidifying its position in the global market. The region also boasts the largest viewership and customer base of mountain bikers, primarily in the United States, which has helped boost the economic benefits in the global mountain bike market as people have begun to increase their mountain bike expenditures in the region.
COVID-19 Impact Analysis
The COVID-19 pandemic is causing extensive concern and economic hardship for consumers, businesses and communities across the world. The situation is fast-moving with varied-ranging impacts. Most mountain bike companies have already initiated business continuity plans; however, the plans may not address the fast-moving and unknown variables of an outbreak like COVID-19. As a result of the pandemic, bicycle sales have increased dramatically due to concerns about using public transportation for shorter distances and avoiding crowds wherever possible. Additionally, government initiatives, such as the New York City's consideration of creating a seamless network of about 684 km's of bikeways which has now been sanctioned for deliverable over the next five years under the federal transportation bill will also favor the market growth. Bicycle infrastructure investments are expected to increase by USD 250 million to USD 500 million under the proposed bill.
The leading players in the global mountain bike market are Accell Group, Giant Manufacturing Co. Ltd, Pivot Cycles, Scott Sports SA, Trinx Bikes, XDS Bikes, Trek Bicycle Corporation, Diamondback Bicycles, Shimano Inc., BH Bikes, Dorel Sports and other prominent players. The global mountain bike market is fragmented with competitive rivalry and the presence of multiple established participants. Potential mergers and acquisitions of companies in the mountain bike market could increase opportunities for new entrants into the market.
In March 2021, Shimano Inc. launched a new crankset and derailleur options and made an addition to its 12-speed mountain bike components designed to cater to a vast array of mountain bikers. The two new cranks provide the riders with extra clearance capabilities for modern bike designs, including the wider chainstays.
In November 2020, Diamondback announced the release of the 29.1 version frame which happens to be one of the newest and most affordable full suspension 29ers in the brand's line. With 130mm of rear travel and a 140mm fork upfront, this trail bike is designed to be an everyday driver. Priced at USD 2,500 the Release 29.1 falls into the budget category for full-suspension mountain bikes, which means buyers will find a mix of mostly basic components. To this bike's credit, the component spec is smart, featuring a 12-speed drivetrain, dropper post, comfortable cockpit with a 35mm diameter bar and stem, and even tubeless-ready wheels and tires.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global mountain bike market size & forecast. The report promises to provide recent technology trends of the global mountain bike market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges and competitive dynamics of the market.
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*Financial details of unlisted companies will be available as per data availability in final deliverable
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable