REPORT OVERVIEW
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The global mountain bikes market size was in USD 6656.9 million 2022. As per our research, the mountain bikes market is expected to reach USD 9121.5 million by 2028, exhibiting a CAGR of 5.4% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
The term mountain bikes market pertains to the sector and commercial arena associated with mountain bikes, which are a distinct kind of bicycle meticulously crafted for off-road cycling ventures and demanding landscapes. These bikes incorporate attributes that render them well-suited for conquering diverse outdoor trails, encompassing routes laden with dirt, rocky pathways, abrupt downward slopes, and densely wooded regions. Renowned for their robustness, resilient build, and tailor-made components, these bikes enable riders to adeptly maneuver through taxing terrains.
COVID-19 Impact: Increased Outdoor Activities among Population to Fuel Market Growth
The mountain bikes market experienced a significant favorable effect from the COVID-19 pandemic, characterized by a surge in outdoor recreational pursuits, with mountain biking taking center stage. The promotion of social distancing led to a heightened interest in outdoor activities as a means to stay physically engaged while reducing proximity to others. Mountain biking, perfectly suited for individual or small-group engagement within expansive outdoor settings, emerged as a prime choice for exercise and leisure.
The functioning of manufacturing facilities was impeded by lockdowns and restrictions, resulting in disruptions across the supply chain. This, in turn, caused production delays and scarcities of essential components, ultimately impacting the accessibility of mountain bikes in the market.
LATEST TRENDS
"E-Mountain, Sustainability and Eco-Friendly Initiatives to Fuel Market Growth "
E-Mountain Bikes, commonly known as E-MTBs, constitute a segment within the realm of these bikes, enhanced by the integration of electric-assist mechanisms. This innovation comprises a built-in electric motor and a battery system that supplements the rider's pedaling endeavors. E-MTBs have broadened the reach of these bikes, accommodating a diverse spectrum of riders, including those with physical constraints or varying fitness levels. The augmentation provided by the electric motor empowers riders to conquer demanding landscapes and cover greater distances with reduced physical strain. This equilibrium in effort has fostered inclusivity, inviting participation from individuals who might have been apprehensive about conventional mountain biking pursuits.
SEGMENTATION
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- By Type
Based on type, the market is classified as aluminum alloy bike, steel bike, titanium bike, carbon bike, and others.
- By Application
Based on application market is classified as profession, and amateur.
DRIVING FACTORS
"Outdoor Recreation Trend to Fuel Market Growth "
The dominant surge in outdoor recreation significantly impacts the market, assuming a pivotal position in shaping consumer preferences and propelling mountain bikes market growth. This trend encapsulates the escalating preference of individuals to engage in outdoor pursuits, offering a hiatus from routine and nurturing a harmonious connection with nature, thereby propelling the expansion of the market.
"Health and Wellness Awareness to Stimulate Market Progress"
The growing recognition of the significance of physical fitness and well-being has prompted individuals to embrace cycling as a means of staying active. Mountain biking, with its capacity to deliver a comprehensive workout and an enjoyable avenue for nurturing a healthful lifestyle, has gained particular appeal in this context.
RESTRAINING FACTORS
"High Costs to Harm Market Growth "
High-quality mountain bikes, especially those incorporating advanced technology and features, often come with a substantial price tag. The initial financial commitment needed for these bikes might discourage certain prospective buyers, especially newcomers to the sport or individuals with limited budget flexibility.
REGIONAL INSIGHTS
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"North America offering a diverse array of trails to Drive Market Share "
In North America, prominently the United States and Canada, a dynamic mountain biking culture flourishes, boasting a diverse spectrum of trails tailored to varying skill levels. To comprehend this market, a profound grasp of regional idiosyncrasies is imperative. Various locales wield distinct inclinations, trends, and influences that mold this market. Here, the prevalence of substantial disposable incomes and a penchant for outdoor pursuits has propelled noteworthy interest in upscale bikes, securing a commendable market share. Noteworthy as well is the ascent of E-Mountain bikes, particularly within urban landscapes and among seasoned riders who seek trail exploration, capturing a considerable mountain bikes market share. Additionally, the popularity of mountain biking events, competitions, and festivals fosters a robust sense of camaraderie within the devoted enthusiast community, further solidifying their market presence.
KEY INDUSTRY PLAYERS
"Multitude Of Companies That Played A Pivotal Role In Expansion Of Market"
In the mountain bikes market, there were significant industry leaders encompassing well-known manufacturers, brands, and retailers that played a pivotal role in shaping the sector. One notable example is a prominent American manufacturer renowned for its extensive array of bicycles, including those designed for these bikes. This entity is celebrated for its reputation in innovation and commitment to producing high-quality products.
List of Market Players Profiled
- Giant (U.S.)
- Trek (U.S.)
- Merida (Taiwan)
- Cannondale (U.S.)
- GT (U.S.)
REPORT COVERAGE
The future demand for this market is covered in this study. The research report includes the impact of increased outdoor activities among population due to the COVID-19 Impact. The report covers the latest trends these bikes. The paper includes a segmentation of the mountain bikes market. The research paper includes the driving factors that are outdoor recreation trend to fuel market growth. The report also covers information on regional insights where the region which has emerged leading market for these bikes.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 6656.9 Million in 2022 |
Market Size Value By |
US$ 9121.5 Million by 2028 |
Growth Rate |
CAGR of 5.4% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global mountain bikes market expected to touch by 2028?
The global mountain bikes market size is expected to reach USD 9121.5 million by 2028.
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What CAGR is the global mountain bikes market expected to exhibit by 2028?
The global mountain bikes market is expected to exhibit a CAGR of 5.4% by 2028.
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Which are the driving factors of the mountain bikes market?
The driving factors of the mountain bikes market are Outdoor Recreation Trend and, Health and Wellness Awareness.
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Which are the key players or most dominating companies functioning in the mountain bikes market?
Giant, Trek, Merida, Cannondale, and GT are the key players or most dominating companies functioning in the mountain bikes market.
