"Overview of Mountain Bike Shoes"
The Mountain Bike Shoes market is projected /expected/ anticipated to US$ 932.1 Mn by 2027, likely to grow with a CAGR of 5.8 % during the forecast period.
The global mountain bike shoes market witnessed moderate growth over the recent years and is anticipated to grow rapidly in coming years. Some of the major factors driving the growth of global market include increasing number of trekking and mountain biking activities, and the additional features associated with these shoes.
Growing Popularity of Recreational Activities such as Trekking, and Biking Across the Globe is Expected to Drive the Growth of Global Mountain Bike Shoes Market
The mountain shoes are designed to provide safety from rugged terrains and have sole to increase power transmission.
The demand for mountain bike shoes market is anticipated to witness rapid growth primarily due to growing popularity of outdoor activities.
These shoes offer various additional benefits as compared to conventional outdoor shoes as they offer increased safety and reliability. Increased safety is due to the advantage that they aid in walking on slippery roads and over rocks. In addition, they can be worn in any weather conditions. This accompanied with increasing demand from participants in marathons, mountain bike stage races, and gravel races is expected to create ample opportunities for the growth of mountain bike shoes market.
These shoes offer additional advantages over traditional shoes while walking on slippery roads and over rocks which is making it popular among a large customer base. Moreover, the rising number of participants in marathons, mountain bike stage races, and gravel races is expected to create ample opportunities for the growth of mountain bike shoes market.
Offline Segment Dominates the Global Mountain Bike Shoes Market
On the basis of distribution channel, the offline segment is estimated dominate the global market with above 60% revenue share in 2019. This is attributed to growing number of speciality stores offering cycling accessories and equipment. In addition, certain consumers especially in developing countries prefer purchasing product through retail format stores in order to gain better experience of the product.
Certain key e-commerce players especially in developing countries such as India, Vietnam, etc. are focusing on introducing new range of recreational shoe product targeting youth populace.
For instance; in 2019, filipkart Inc. launched its brand of outdoor shoe products in India.
According to World Health organisation (WHO), the GDP of India was US$ 2.3 Bn in 2018 and is expected to growth rapidly by 2020 reaching to US$ 4 Bn in 2028
Consumers prefer to purchase these shoes from offline stores to better understand the functionalities of the shoe and to get the right fit as they get trial in stores.
Among all the application, the online segment is expected to register fastest growth during the forecast period. This is mainly due to growing social media and internet penetration across the globe.
In addition, increasing popularity of online activities especially among the millineas in urban areas is anticipated to drive growth of the market in the near future.
Gaining popularity owing to the facility of fast delivery, easy returns, and wide range of products at one platform.
Male Segment accounted for the largest Market Share
Among all end-user, the global market is dominated by male segment. In addition, this segment is expected to maintain its dominance throughout the forecast period. this is primarily due to rising popularity of mountain cycling among male population across the globe.
However, the female segment is estimated to show robust growth in coming years. The growth of the segment is due to the increasing participation of females in cycling events across the globe. Manufacturers are focused on developing innovative products with simplified functionality and advanced features which is supporting the growth of the segment at a major extent.
North America dominates the global market, holding Significant Market share in 2018
In terms of region, Europe dominated the global market by holding larger market share in 2018. The major factor driving the growth of the region is the rising number of female cyclists across Europe. Moreover, consumers are investing in safety equipment for bike riding which is putting a positive impact on the growth of the region. The U.K. and Germany are the major contributor for mountain bike shoes market in Europe.
Conversely, Asia Pacific is projected to witness highest growth over the forecast period. This is mainly due to rising adoption of adventure and leisure sports in emerging economies including Singapore, Japan, and China. Moreover, increasing number of speciality stores offering sports equipment is participating in the growth of mountain bike shoes in Asia Pacific.
Expansion Through Product Launch and Innovation is the Strategy Adopted by the Players Operating in Global Mountain Bike Shoes Market
The global Mountain Bike Shoes market is fragmented with several local and global players, which makes the market highly competitive. The enterprises are focused on expanding their presence with the organic methods such as product launch, partnerships, collaborations, and merger & acquisition activities. Some of the instances are stated below.
For instance, in November 2018, Ride Concepts announced the launch of their new range of mountain shoes. The new product line is developed for youth, woman, and men. These shoes consist of unique flex patterns and designed to suit riders from each age or gender group. The launch is aimed at differentiating their products from other manufacturers by providing enhanced quality and performance which might result in increased customer base from several regions.
Some of the prominent companies operating in global Mountain Bike Shoes market include Trek Bicycle Corporation, GIRO SPORT DESIGN, Five Ten Footwear Company, Adidas Outdoor, Frankd MTB Apparel, Pearl Izumi, Fox Head, Inc, SHIMANO INC, NorthWave, and Specialized Bicycle Components.
Global Mountain Bike Shoes Market by Distribution Channel
Global Mountain Bike Shoes Market by End-User
Global Mountain Bike Shoes Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America