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Mountain Bike Market Analysis

ID: MRFR//3727-HCR | 100 Pages | Author: Swapnil Palwe| June 2024

The mountain bike market is described by powerful and steadily developing patterns that mirror the different inclinations and requirements of riders. One vital driver of market elements is mechanical development, with makers continually acquainting new highlights and progressions with upgrade execution and rider experience. From further developed suspension frameworks to lightweight materials, development assumes an imperative part in forming the intense landscape.
The increasing focus on manageability has led to a growing need for durable and environmentally friendly materials in mountain bike construction. Brands that align with these attributes often have an advantage. In addition, the trend toward electric mountain bikes reflects the influence of environmental consciousness and the need for efficient, optional modes of transportation. The openness and moderateness of mountain bikes become essential when disposable incomes fluctuate. Budget and mid-range motorcycles tend to be more popular when things are hard financially, but high-end and niche models may become more common when things are well financially.
Different places offer unique topography, climates, and social preferences, which influence the types of mountain bikes that are popular in each area. Manufacturers must design their products with these variations in mind, creating a market environment that is both regulated and international. Deal channels also contribute to market components. The retail landscape has changed, even if traditional physical stores are still important, thanks to the rise of online and direct-to-purchaser businesses. Brands that genuinely investigate various channels and maintain key areas of strength for a presence stand to gain from altering consumer purchasing habits.
Internet-based entertainment has a crucial role in shaping consumer behavior and industry trends in the mountain bike sector. The major players, skilled motorists, and enthusiastic followers discuss stories and preferences, creating a community-driven environment where patterns may quickly gain some significant traction. Market execution of certain brands or models can be significantly impacted by how easily they can be perceived through virtual entertainment platforms.
Respect for natural standards, ethical assembly practices, and rules that are someplace safe and secure are becoming more and more important considerations for both producers and consumers. Brands that prioritize manageability and effective strategic methods may find themselves in a more advantageous position within the market. In this exciting and rapidly evolving industry, producers and brands who can effectively investigate and adapt to these components will be well-positioned to thrive.

Mountain Bike Market Overview:

Mountain Bike Market Size was valued at USD 9.2 billion in 2023. The mountain bike industry is projected to grow from USD 11.2 Billion in 2024 to USD 22.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.8% during the forecast period (2024 - 2030 The demand for environmentally friendly vehicles, as well as rising customer awareness, have compelled manufacturers are the key market drivers enhancing the market growth.

Mountain Bike Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Mountain Bike Market Trends

  • The development of electric mountain bikes will fuel the global mountain bicycles market growth

The expansion of the global mountain bicycle market will be fueled by the development of electric mountain bikes. Electric mountain bikes have been created as a result of ongoing design and technological advancements in mountain bikes. Mountain biking is less strenuous for riders of electric mountain bikes because the machines' increased pedaling power. Stronger riders can pick a lesser amount of engine support or turn off the engine, which helps to make up for performance discrepancies. Riders can select a higher amount of engine support when going uphill to enhance their riding experience. Mountain bikes provide riders with the means to take on new challenge profiles and levels of difficulty, just as electric bikes assist in smoothing the ride Even if they assist the rider have a better experience, electric mountain bikes are heavier than regular mountain bikes, making it challenging for the riders to control the bike for extended rides. Thus, throughout the forecast period, the Mountain Bike Market CAGR will rise as a result of technical developments like the creation of electric mountain bikes.

The main obstacle to the expansion of the world market for mountain bikes is an increase in accidents, collisions, and related injuries. Mountain biking is a well-liked and thrilling off-road adventure sport that is growing in popularity and contests. The riders are extremely vulnerable to danger since they are not aware of the trail's surface flaws as they move across the uneven terrain during the ride. Bikers are nevertheless vulnerable to minor and large accidents because they are unable to see the terrain ahead, despite the fact that many companies have created safety devices to improve their safety. The motorcyclists are also more likely to be involved in accidents due to natural occurrences like rapid changes in the weather and a lack of sunlight could lead to grave fatalities and injuries. The mountain bike market is suffering as a result of the sport's high dangers. This aspect prevents bikers from visiting new mountain ranges and trails, which may have an impact on mountain biking tourism and the money the industry brings in. Such elements will limit the demand for mountain bikes, which will limit the expansion of the world mountain bike market revenue throughout the course of the forecast period.

Figure 2: Mountain Bike Market, by types, 2021& 2030 (USD Billion)

Mountain Bike Market, by types, 2021& 2030

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Mountain Bike Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America is expected to dominate the market during the forecast period due to high expenditure on recreational activities and the region's extensive mountain biking competition. The region offers a diverse range of mountains, and Canada is home to several of the world's best mountain-riding destinations. Furthermore, the presence of significant global players in the region is a driving force in the regional market.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Mountain Bike Market Share By Region 2021 (%)

Mountain Bike Market Share By Region 2021

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe mountain bike market accounts for the second-largest market share. Additionally, Europe has been offering tax breaks and subsidies for the purchase of new e-bikes, which is also expected to fuel market expansion. The development of cycling infrastructure has seen an increase in funding from European governments. All of these elements are anticipated to fuel market growth in Europe in the upcoming years. Further, the German mountain bike market held the largest market share, and the UK mountain bike market was the fastest growing market in the European region

The Asia-Pacific Mountain Bike Market is expected to grow at the fastest CAGR from 2024 to 2030. Additionally, one of the popular forms of transportation in developing Asian nations is cycling. Moreover, China mountain bike market held the largest market share, and the India mountain bike market was the fastest-growing market in the Asia-Pacific region

Mountain Bike Key Market Players & Competitive Insights

Major market companies are investing heavily in R&D to expand their product lines, which will aid in the growth of the mountain bike market. Key market developments include new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies. Mountain bike competitors must produce cost-effective products in order to expand and thrive in an increasingly competitive and expanding market climate.

Manufacturing locally to minimize operating costs is one of the key business tactics used by manufacturers in the worldwide mountain bike industry to serve customers and increase the market sector. In recent years, the mountain bike industry has offered some of the most significant advantages to medicine. The mountain bike market major player such as 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 others.

Bombardier Recreational Products Inc., trading as BRP, is a Canadian producer of snowmobiles, all-terrain vehicles, side by sides, motorcycles, and personal watercraft. It was created in 2003 when Bombardier Inc.'s Recreational Products Division was spun off and sold to a consortium of investors led by Bain Capital. In March 2022, BRP debuted electric two-wheel motorcycles in conjunction with the Can-Am brand's 50th anniversary. With the whole electric-based product portfolio, Can-Am returns to its motorcycle heritage. Electric motorcycles have a significant possibility to thrive in the motorbike business.

Arctic Cat Inc. is an American automobile manufacturer that specializes in off-road vehicles. The corporation was created in 1960 and has its headquarters in Minnesota, United States. Textron purchased it in 2017, and the designing and production procedures were transferred to Textron Specialised Vehicles. The company's products include ATVs, side-by-side vehicles, and snowmobiles. In March 2021, American Landmaster introduced the Landmaster EV, a lithium-powered side-by-side. American Landmaster collaborated with the two industry leaders in lithium technology and AC motors.

Key Companies in the mountain bike market includes

  • 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

Mountain Bike Industry Developments

In December 2020: Public Services and Procurement Canada (a Canadian federal department) has awarded Polaris three national master standing offers (NMSOs) to sell snowmobiles, all terrain vehicles (ATVs), and side-by-side utility vehicles (SSV5).

In March 2021: RumbleOn Inc. has agreed to acquire RideNow, North America's largest power sports dealer. The deal is worth USD 575.4 million, and it will combine RumbleOn's technology with RideNow's extensive footprint and retail brand.

Mountain Bike Market Segmentation:

Mountain Bike Product Type Outlook

  • E-Mountain Bikes

  • Standard Mountain Bikes

Mountain Bike Type Outlook

  • Cross Country Bikes

  • All Mountain Bikes

  • Downhill Bikes

  • Freeride Bikes

  • Dirt Jumping Bikes

Mountain Bike Application Outlook

  • Racing

  • Leisure

Mountain Bike Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Mountain Bike MarketSegment Insights:

Mountain Bike Type Insights

The Mountain Bike Market segmentation, based on type, includes new energy engine, diesel, Gasoline and others. Due to their accessibility and the slow growth of alternative fuels, oil-based fuels will also maintain their dominant position over the medium and long term. Current predictions indicate that despite the existence of more efficient internal combustion engines and a higher prevalence of alternative fuels, the world's oil consumption will continue to rise, especially in the transportation sector. By 2030, it is anticipated that, in addition to air travel, the share of transportation in total oil demand will increase from the current level of just under 55 percent to 64 percent.

Mountain Bike Type Insights

The Mountain Bike Market segmentation, based on application, Heavyweight bikes held the largest mountain bikes market share in 2021, owing to rising acceptance among younger consumers and low-interest rates. However, registration of motorcycles with large engines (600cc and above) has decreased in recent years due to a shift in customer demand toward more accessible, light, affordable, fuel-efficient motorcycles (mainly attributable to younger consumers). As a result, the heavy motorcycle segment is expected to grow steadily in the mountain bikes market

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