Mountain Bike Footwear and Socks Market | Trends, Competitive Strategies and Forecasts 2024
Market Research Future Reports (MRFR) has predicted that the global mountain bike footwear and socks will grow at a CAGR of 5.64%, holding a value of USD 7.15 billion by the end of 2024. Features such as control, safety, pedaling, and specificity are anticipated to drive the global mountain bike footwear and socks market 2020. The technical advancement in mountain biking equipment and accessories are further likely to fuel the market. In addition, the disposable income of the individual has increased from the past few years, which enhances the worldwide mountain bike footwear and socks market.
Further, online shopping is another factor leading to a rise in sales. Besides, the price of the product provided by the e-commerce companies is pocket friendly which is another factor augmenting the market. Also, mountain biking sport is gaining momentum and is enhancing its reachability to the other developing countries such as China, India, Vietnam, Thailand, and South Africa. The government of several developing countries are investing massively in developing the infrastructure, which is likely to fuel the market. However, the disruption of COVID-19 has brought a negative impact on the worldwide mountain bike footwear and socks market. The lockdown imposed in various regions has affected the daily operation and the manufacturing process. Besides, the pandemic has resulted in the cancellation of various mountain bike sporting events affecting the sales drastically. The demand is likely to increase only post COVID-19 period.
The worldwide mountain bike footwear and socks market can be segmented on the basis of end-user, type, distribution channel, and region.
On the basis of end-user, the worldwide mountain bike footwear and socks market can be distinguished into men, women, and kids.
On the basis of type, the worldwide mountain bike footwear and socks market can be divided into footwear and socks.
On the basis of the distribution channel, the worldwide mountain bike footwear and socks market can be divided into store-based and non-store-based.
On the basis of region, the worldwide mountain bike footwear and socks market can be distinguished into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
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The global market for bike footwear and socks is projected to grow significantly during the assessment period. Extensive research has been performed on regions such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW). According to MRFR, the worldwide market is predicted to be led by North America. The region acquired a market share of 42.25% in 2018 and is anticipated to maintain its position during the assessment period. The maximum contribution is anticipated to come from the U.S. Innovation in the product, and the product portfolio is anticipated to drive the market further significantly.
On the other hand, the APAC region is projected to grow at the fastest rate during the assessment period. APAC is experiencing a rise in disposable income leading to the expansion of the market. Also, the increasing awareness of protection gears and apparels while biking on terrains is another important factor of regional market growth.
However, COVID-19 has affected the market negatively. Regions like North America and Europe have been affected adversely. However, the market will recover from the losses incurred during the lockdown post-COVID-19 period.
The established players of the worldwide mountain bike footwear and socks market are Adidas AG (Germany), Shimano, Inc. (Japan), Fox Head, Inc. (the U.S.), Frankd MTB Apparel (Australia), POC Sweden AB (Sweden), Kitsbow LLC (U.S.), SCOTT Corporation S.A. (Switzerland), Trek Bicycle Corporation (U.S.), Indola (South Africa), and Endura Ltd (U.K.), and a few more.
Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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