Mountain Bike Market Insight, Analysis, Report 2021

1. Mountain Bike Market By Type , Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Mountain Bike Market- Industry Trends & Forecast Report 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.

3. Growth Drivers  Growth in bicycle tourism Bicycle tourism is one of the most significant ways for nations to capitalize on sustainable economic growth potential. Several studies have looked at the economic benefits for states, communities, and specific trails, and they have discovered significant results. Globally, according to the Outdoor Industry Association (OIA) report, bicycling tourism accounts for over USD 83M in trip-related spending in 2019 - excluding gear sales. By offering people the opportunity to explore bicycles that significantly improve the lives of fitness-minded individuals, bicycle tourism has played a positive role in growing the global mountain bike market.

4. Restraints  High costs involved in the production of mountain bikes The mountain bike differs a bit from regular bicycles, as mountain bikes are intended to provide a seamless experience when traveling over rough terrains. These bikes include numerous gears and tough frames for durability as well as performance, so as to provide a better riding experience with supplementary features that have been added to provide a better ride across rough terrains. Because mountain bikes provide the riders with more discretion over rough terrain, their overall costs are a major hindrance to the global mountain bike market. Companies manufacturing such bikes target only those audiences that belong to the sports industry. Additionally, the incapability of tapping into the diverse customer range has been negatively affecting the global mountain bike market.

5. Impact of COVID-19 in industry The COVID-19 pandemic is causing extensive concern and economic hardship for consumers, businesses, and communities across the globe. Likewise, mountain bike market players across the globe also faced a plethora of difficulties caused by the COVID-19 pandemic outbreak. This disruption of supply chains is accompanied by declining demand owing to uncertainty in the global economy and investment markets in regions that have historically been critical to the growth of the mountain bike market. Nevertheless, with the initial decline in sales from Covid-19, the global mountain bike market has now gained attention from various sectors, driving growth in developing and developed regions alike. The growth can be attributed to many factors, such as increased anxiety about public transportation and a surge in fitness and cardiovascular activities, among others.

6. Regional Insight Based on the region, the global mountain bike market has been divided into North America, Europe, the Asia-Pacific, South America, and the Middle East and Africa. North American region presently holds the largest share in the global mountain bike market. The global mountain bike market has been experiencing an upward trend in the U.S. and Canada, where mountain sports enthusiasts have the biggest viewership and customer base. The region's booming adventure sports and power sports industries, together with the presence of key manufacturers operating in the rough and rugged machines and bikes domain, have been a driving force behind the growth of the global mountain bike market. However, the Asia-Pacific is expected to grow at the fastest pace during the forecast period.

7. Competitive landscape The market players across the globe are taking steps to increase sales and expand manufacturing capacity in an effort to gain a higher share of the mountain bike market. The global mountain bike market is fragmented with competitive rivalry and presence of multiple established participants. Additionally, there is an increased opportunity for new entrants in the global mountain bike market due to possible mergers and acquisitions. Some of the key players in the 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. Sample Copy:https://www.blueweaveconsulting.com/report/global-mountain-bike-market-report/report-sample

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