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Global Mountain Bike Market to Witness 10% CAGR Through Forecast
Growth in Sports Tourism to Push Mountain Bike Industry Growth. A mountain bike is designed for riding experiences that contain off-roading
Global Mountain Bike Market Overview
A mountain bike is designed for riding experiences that contain off-roading and high-performance cycling. These bicycles are designed to be highly durable and can survive sports in rough terrains and mountainous regions. Mountain bicycles include a set of suspension systems which ensures riding comfort through the absorption of a majority of shocks. The global mountain bike market is anticipated to witness a 10% CAGR over the forecast period.
Market Research Future (MRFR)’s latest analysis has suggested that the global mountain bike market is set to achieve great growth levels owing to many factors. An upsurge in the number of accidents during bike riding competitions has led to manufacturers to invest in the production of more durable and advanced bicycles, promoting the growth of the global mountain bike market. On the other hand, the economic development of various countries across the globe has propelled mountain bike competitions, which has led to a rise in the mountain bike tourism. This, in turn, has pushed the global mountain bike market growth exponentially during the forecast period.
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Furthermore, rising awareness towards fitness related activities and sports have led to higher ascension in the adoption of biking activities, fueling the growing mountain bike market. Also, a diversification in the product innovation and offering has led to a mounting popularity of bicycles. This has contributed to the upscaling mountain bike market during the forecast period.
Key Players
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Some of the prominent players in the mountain bike market include The Cannondale Bicycle Corporation (US), Pivot Cycles (US), Giant Manufacturing Co. Ltd. (Taiwan), Scott Sports SA (Switzerland), Trinx Bikes (Taiwan), XDS Bikes (Australia), Trek Bicycle Corporation (US), CUBE Bikes (China), Xidesheng bicycle company (China), and Diamondback Bicycles (US).
Market Segmentation
The global mountain bike market is segmented based on type, application, and region. Based on type, the global mountain bike market is segmented into cross country bikes, downhill bikes, all mountain bikes, dirt jumping bikes, and freeride bikes. The cross country bikes are the most popular type of bikes and hold the largest share in the global mountain bike market. Based on application, the global mountain bike market is segmented into leisure and racing.
Detailed Regional Analysis
The global Mountain Bike Market is regionally segmented into North America, Asia Pacific, Europe, and the Rest of the World. North America dominated the global mountain bike market at the beginning of the forecast period. The region is also expected to retain its dominance over the global mountain bike market during the assessment period. The US and Canada are anticipated to spearhead the country-specific market for mountain bikes in the region. This can be credited to the favorable government initiatives undertaken in the region.
Competitive Analysis
The global mountain bike market is anticipated to witness a high number of innovations in the coming years. This can be ascribed to the mounting demand for advanced mountain bikes, along with higher endurance. Such innovations have pushed market players to undertake different research and development activities and invest heavily in the same.
Further, the global mountain bike market appears to be highly competitive, yet fragmented due to the presence of many leading market players. Such competition is expected to deepen in the forthcoming years. This is due to a rising inclination of most market players towards product innovation and portfolio diversification to capture bigger share in the mountain bike market and gain a competitive advantage over their market rivals. Additionally, such lucrative expansion opportunities are encouraging a high number of new entrants in the market during the forecast period.
Industry Update
August 2019: Specialized recently launched Epic hardtail and the bike is extremely lightweight, weighing equivalent to that of a water bottle. The latest model S-Works Ultralight has a frame that only weighs 790 gms.
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