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Market Research Future Insights
According to MRFR analysis, the global Mountain Bike Market is expected to register a CAGR of ~ 10% from 2022 to 2030 and hold a value of over USD 10 billion by 2030.
A mountain bike is a bicycle intended for off-road cycling. Mountain bikes share comparisons with other bicycles but incorporate features designed to augment durability and performance in rough terrain. A mountain bike may also be termed a trail bike, all-terrain bicycle (ATB), or cycle cross (CX). The upsurge in the number of people opting for bicycling as a form of leisure is expected to propel market growth. Preference for bicycles as a convenient form of exercise to ensure a healthy life, free from obesity and other disorders, is anticipated to further boost the market expansion.
The COVID-19 pandemic saw a decay in economic growth in almost all the major countries, thus affecting consumer spending patterns. Due to the lockdown implemented across several countries, national and international transport has been hindered, which has significantly impacted the supply chain of numerous industries across the globe, thereby growing the supply–demand gap. Thus, insufficiency in raw material supply is anticipated to hamper the production rate of mountain bikes, which negatively impacts the market growth. However, this situation is anticipated to improve as the government has started relaxing norms around the world for resuming business activities.
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Regional Analysis
North America is anticipated to register significantly larger revenue growth than other regional markets over the forecast period. The US is the largest revenue share contributor to the market in the region. With an increasing focus on fitness, a growing number of individuals opt for more outdoor-based activities.
Asia Pacific has the largest revenue share in the global market in 2020, which is anticipated to expand at a rapid CAGR over the forecast period. This can be attributed to the rising focus on fitness and the rising demand for mountain bikes.
Europe accounted for the second-largest revenue share market in the global market in 2020. An increase in disposable income and growing tourism activities, with mountain biking and trail biking activities being added to the itinerary of packages, are some key factors anticipated to continue to drive market growth going ahead.
Market Segmentation
The Global Mountain Bike Market has been segmented into the type, application and Distribution channels
Based on type, The Global Mountain Bike Market has been segmented into cross-country bikes, downhill bikes, freeride bikes, dirt jumping bikes, and others. Cross country bikes segment accounted for the largest revenue share in the global market. This can be attributed to increasing demand for cross-country bikes owing to advantages such as improved durability, high speed, impact absorbing capacity, and lightweight frame.
Based on application, The Global Mountain Bike Market has been segmented into racing and leisure. The racing segment is anticipated to register faster revenue CAGR throughout the forecast period. A growing number of participants in mountain biking and increasing awareness regarding the health benefits of cycling are some major factors driving the revenue growth of this segment.
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Based on distribution channels, The Global Mountain Bike Market has been segmented into specialty bicycle retailers, full-line sporting goods stores, mass merchants, and others. The specialty bicycle retailers segment is anticipated to register faster revenue CAGR throughout the forecast period. This can be attributed to the growing number of specialty bicycle retailers, increasing demand for sports bicycles, and growing preference for mountain bike riding as a sport as well as a recreational activity.
Key Players
Some of the key market players are Trinx Bikes (Taiwan), Trek Bicycle Corporation (US.), Giant Manufacturing Co. Ltd. (Taiwan), Diamondback Bicycles (US.), CUBE Bikes (China), Cannondale Bicycle Corporation (U.S.), Scott Sports (Switzerland), and Xidesheng bicycle company (China)
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