Pune, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Increasing cross-country Championship Contests Drive the Mountain Bike Market Growth
The mountain bike market outlook appears quite promising with the increasing cross-country competitions worldwide. Adventure tourism is the fastest-growing tourism industry worldwide, and several countries are focusing on new mountain bike strategies aiming for an economic boost. Countries with great potential for bike trails are especially hoping for ambitious new mountain biking strategies to lead to business opportunities for them.
There's a great potential in bringing the fast-growing sport – mountain biking, and there are significant investments poured into developing the required infrastructure to help make it happen. Therefore, the mountain bike market share is projected to escalate further during the forecast period. Market Research Future (MRFR), in its recent mountain bike market analysis, asserts that the market is expected to grow at approximately 10% CAGR during the assessment period.
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Covid-19 has proved to be a boon for the mountain bike industry as bike sales have rose up to five times during pandemic. 2020 was expected to be a big year for cross-country, with the Olympic Games scheduled, but due to the widespread global pandemic putting most of the industries on the black foot, many competitions got canceled, and the mountain bike industry too had to face severe consequences.
However, with the lockdown mandates getting relaxed gradually, the mountain bike market is witnessing surging accruals as mountain biking popularity surges further. The bicycle industry has reported astonishing growth for the last few months as people took up cycling to remain healthy & fit in a socially distanced world during the pandemic. There is a significant surge in demand across age-groups, which has acted as a business opportunity in the making, and the results have been exciting.
Overview
Mountain bikes are bicycles primarily designed for off-road activities and power sports/adventure sports. Mountain bikes are extremely durable and can perform with enhanced durability in rough terrains and mountainous regions. These bikes are capable of withstanding a high amount of repetitive actions and severe shocks & loads.
Among several factors responsible for the growth of the mountain bike market include the significant durability and sturdiness of these bikes that increases their uptake and the economic development that can speed up through mountain biking competitions. Rising rates of accidents during bike riding competitions have pushed bicycle manufacturers to produce more durable and sturdy bikes.
The importance and awareness of fitness related to biking activities have led people to pursue endurance sports. This, along with the increasing popularity of bicycles, boosts the mountain bike market size. The well-established mountain bike market is growing pervasively. Increasing numbers of athletes and sportsmen coupled with the increasing number of adventure sports associations and technological development worldwide pushes the mountain bike market shares to further heights.
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Segmentation
The mountain bike market analysis is segmented into type, application, and region. The type segment is sub-segmented into cross country bikes, all mountain bikes, downhill bikes, freeride bikes, dirt jumping bikes, and others. The application segment is sub-segmented into racing and leisure.
Among the types of mountain bikes, these cross country bikes hold the largest market share due to their vast popularity. The sales of cross country bikes are more due to their extensive uptake for longer riding durations in the vast forests and natural trails riding. All mountain bikes are extremely durable to sustain the constant forces, specifically through the mountainous terrain and rough land patches.
Downhill bikes are extremely sturdy and made from light material to gain control over the downhill trails, usually in a straight line in the mountain terrain. Dirt jumping bikes have a highly durable suspension system and a chassis, which do not buckle under the force of sand mounds. Freeriding bikes are somewhat similar to cross country bikes and are sturdier and are designed to carry out multiple trails meant for encountering unpredictable terrains.
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Regional Segmentation
The regional segmentation is bifurcated into the Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World, the Americas (US, Canada, Mexico, Rest-of-North America) and South America, and Europe (the UK, Germany, France, Italy, and Rest-of-Europe).
It is observed that North America has been consistently dominating the global mountain bike market and is estimated to maintain its market position in the coming years as well. The presence of a well-established adventure sports industry and power sports industry and major mountain bike manufacturers in the region propels the market's growth. With a large base of mountain sports enthusiasts, the US and Canada account for considerable shares in the regional market.
Also, the US and Canada have a large presence of many prominent mountain biking associations and competition operators, offering a variety of mountain biking activities such as cross-country, freeride, dirt jumping, and downhill. Moreover, the US government encourages physical activities to increase the endurance and the well-being of its citizens, which adds to the region's mountain bike market share. Moreover, the proliferation of action ports and high expenditure on adventure sports provide impetus to the market growth.
Europe holds the second-best position in terms of the mountain bike market value. The growing consumer purchasing power and increased spending on action sports impact the mountain bike market growth. Additionally, rapid research and development activities and the introduction of lightweight bikes offer significant opportunities for the mountain bike industry in the region.
Competitive Analysis
The mountain bike market is experiencing implementations of several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature industry players are making strategic investments in research and development activities and fostering their expansion plans.
List of the key companies profiled in the Mountain Bike Market research report are:
- Giant Manufacturing Co. Ltd. (Taiwan)
- The Cannondale Bicycle Corporation (US)
- Pivot Cycles (US)
- Trek Bicycle Corporation (US)
- Scott Sports SA (Switzerland)
- Trinx Bikes (Taiwan)
- Xidesheng bicycle company (China)
- XDS Bikes (Australia)
- CUBE Bikes (China), and
- Diamondback Bicycles (US), among others.
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