Impact of the COVID-19 outbreak on Global Mountain Bike Footwear and Socks Market
The advent of the global pandemic, COVID-19, has resulted in a crisis across the world. The Covid-19 outbreak has impacted over 195 countries and has created an economic setback worldwide. This is deemed to create a chaotic environment, thereby resulting in the advent of global rescission. With the rapidly rising number of cases, the global mountain bike footwear and socks market is getting affected in many ways. Few of the impacts of COVID-19 on the global mountain bike footwear and socks market have been discussed below:
The outbreak of COVID-19 has negatively impacted the global bike market. The industry is set to witness significant losses in 2020. Lockdown restrictions due to COVID-19 are anticipated to be the major factor behind the decline in the growth of the overall bike market. Regions such as North America and Europe are anticipated to witness a drastic decline in bike sales. Countries in these regions have well-developed bike markets. However, the temporary ban on leisure cycling in these countries due to COVID-19 is anticipated to cause a further decline in the growth of the overall mountain bike and its accessories market.
According to MRFR analysis, the global demand for mountain bike footwear and socks is anticipated to decrease amidst the COVID-19 pandemic in 2020. Mountain biking culture is quite popular in the North American and European regions. The increasing popularity of outdoor recreational activities in these regions has been a key factor for the growth of mountain biking in the last couple of decades. However, the outbreak of COVID-19 has resulted in lockdown restrictions in the North American and European countries. Hence, the lockdown restrictions are anticipated to reduce the demand for mountain bike footwear and socks during the next couple of months in 2020.
Additionally, COVID-19 has resulted in the cancellation of many mountain bike sporting events. For instance, the cancellation of the 2020 Mountain Bike World Cup race in Quebec, Mountain Bike Worlds in Albstadt, and many other events. Cancellation of such events is anticipated to lower the demand for mountain bike footwear and socks, thereby resulting in hindering the growth of the market. Furthermore, many e-commerce companies specialized in the sales of mountain bikes and related accessories are currently facing a shortage of demand. Additionally, these companies are also facing supply chain issues, resulting in widening the demand and supply gap.
However, as the lockdown eases and the COVID-19 outbreak decreases, the demand for mountain bike footwear and socks is anticipated to increase as people will start exploring new places for outdoor recreational activities. For instance, the rising demand for outdoor recreational activities (mountain biking) has resulted in the opening of new and improved Horns Hills mountain bike trails in Ohio, US. Similarly, the Capital Regional District Board of Victoria, the largest city and county seat of Victoria County, Texas, US, is studying options for increasing the number of mountain biking parks in the state. Therefore, once the COVID-19 pandemic is over, the demand for mountain bike footwear, and socks is anticipated to increase.
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