Impact of COVID-19 on the Global Mountain Bike Market
A mountain bike is designed for activities such as high-performance cycling and off-road cycling. These bikes are designed to be extremely durable and can perform with improved durability in mountainous regions and rough terrains. The increasing accidents during the bike riding competitions have enabled the manufacturers of the bicycle to produce more sturdy and durable bikes. However, the growing impact of the COVID-19 pandemic has forced companies to relook at the strategies to survive in the market.
North America held the largest share in the mountain bike market owing to the mounting bike competition and many mountain bike manufacturers in countries such as the US and Canada. These bike competition operators conduct activities such as cross-country, dirt jumping, and downhill and free ride, which is expected to drive in the market over the forecast period. However, the manufacturing companies are likely to face a drop in sales owing to the delays in production activities, which happen especially during the harvesting season.
COVID-19 has significantly impacted several markets across the globe. The impact of the pandemic on the bicycle industry is relatively high owing to the shutdown of the production facilities owing to the halt in the distribution and final assembly, as well as a delay in the product launch. Thus, the overall demand for bikes has reduced significantly.
In the long run, when the lockdown will ease down, the companies with lesser staff are expected to function at full pace. The industry participants, with most of the market share operating in the market, are expected to fill the gap in the production of mountain bikes. However, smaller companies that will be launching their products for the first time in the market will be at a higher risk. The governments of several countries have prohibited cycling international events, as the safety and health of the employees, athletes, volunteers, and thousands of spectators who travel to be the part of the event is the highest priority. Post-lockdown, these international events are planned to take place with underlying conditions such as social distancing and mandatory sanitization, which is expected to drive the demand for mountain bikes during the forecast period.
Mountain Bike SALES IN US (in Million)
Source: MRFR Analysis