Noida, India, July 20, 2021 (GLOBE NEWSWIRE) — 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 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 to enhance the performance of mountain bikes.
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Bicycle tourism is propelling the global mountain bike market forward
The popularity of bicycle tourism has been a major driver of economic growth in developing countries. The recent statistics released 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. People have been encouraged all over the world to ride bicycles instead of driving conventional automobiles. This has led to the purchase of more mountain bikes, particularly cross-country ones that are best suited for commuting on city streets. Thus, extreme sports such as bicycle racing have seen an increase in participants looking to showcase their talents. It is positively impacting the spending on the bicycle and allied equipment.
In addition to this, mountain bikes involve the use of whole-body muscles, making them one of the best exercises for those wanting to lower their cholesterol or build muscle mass. Bicycle riding has been reported in several studies as a method of enhancing health and enabling people to ride their bicycles more often. As a result, mountain bikes are in demand all over the world, which in turn is driving the global mountain bike market.
Rising cross-country and mountain bike competition viewership is favoring the global mountain bike market
More than 12.35 million spectators watched the Mountain Biking World Cup in 2018, as reported by Union Cycliste Internationale (UCI). 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. Further, the worldwide mountain bike market is experiencing growth due to a surge in merchandise sales and gear sales related to mountain bike competitions. An American poll stated that more than half of those surveyed would bicycle more frequently after the COVID-19 pandemic to modify their lifestyles.
According to the viewership estimates of Eurosport, the sports channel was able to record significant growth for its coverage across the UK cycling competitions. In 2020, the big three grand tours collectively registered a whopping 68% increase year over year on their linear viewership against the 2019 races. Mountain biking is becoming increasingly popular among consumers, thus positively impacting the growth of the global mountain bike market. 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 types, the global mountain bike market is segmented into the 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 global mountain bike 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. Mountain bikes like these allow even the least experienced mountain bikers to benefit from the riding experience and to improve their skills. These bikes are particularly popular among cyclists who would like to gain confidence in mountain biking and start their racing career over rough terrains, 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 grouped 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 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-induced pandemic 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 regions, 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. There are more mountain bike enthusiasts in North America than anywhere else in the world, where power sports and adventure sports are growing rapidly. The region is also home to one of the most pivotal mountain bike manufacturers like Pivot Cycles, Cannondale Bikes, Cube Bikes, to name a few operating in the region. Furthermore, the growing number of mountain bike racing events in the region is solidifying its position in the global mountain bike 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.
An estimate from Eurostat stated that over 73.5 million bicycles are presently been leveraged in Germany; this translates to almost 8 out of 10 households having a bicycle. It has thus, benefitted in expanding the presence of mountain bikes across the region. Aside from this, the country hosts several adventure sports which have promoted the exposure and demand for mountain bikes in Germany, contributing to the growth of the global mountain bike market in the European region.
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Global Mountain Bike Market – 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 kms of bikeways which has now been sanctioned for deliverable over the next five years under the federal transportation bill will also favor the global mountain bike 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 global mountain bike market could increase opportunities for new entrants into the global mountain bike market.
In March 2021, Shimano Inc. released new cranksets and derailleurs, as well as added to its 12-speed mountain bike components aimed at meeting the needs of a large segment of mountain bike enthusiasts. 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 up front, 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.
Scope of the report:
- Downhill bike
- Free ride bike
- Dirt jumping bike
- Cross country bikes
- All-mountain bikes
- North America
- The Asia-Pacific
- South America
- The Middle East and Africa
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