Market Overview
the global mountain bike footwear and socks market to grow at the CAGR of 4.10% during the forecast period of 2022-2030. A mountain bike is a bicycle made for riding off-road. Mountain bikes are comparable to regular bicycles, but they have features that help them last longer and perform better on rugged terrain. Front or full suspension, wide knobby tires, more durable wheels, more powerful brakes, straight handlebars, and lower gear ratios for climbing steep climbs are all examples of these features. Mountain bikes are primarily used on unpaved surfaces such as mountain trails, single track, fire roads, and other rough terrain. When riding a mountain bike, a good shoe is required to deliver power via the pedals. Nylon-soled shoes, flat pedal shoes, and clipless shoes are examples of shoe kinds. There are some crucial ‘must-haves' while choosing clipless spd-style shoes or flat-pedal shoes. A moderate amount of stiffness is required to ensure that energy is transferred to the shoe and the trail. To protect your feet from pebbles and crashes, you should also seek for heel and toe protection.
Market Trends
In recent years, the popularity of digital and social media marketing has skyrocketed. Furthermore, major social media platforms' age and gender tailored marketing options made it easier for businesses to engage with potential clients, boosting the growth of the mountain bike footwear and socks market. Furthermore, technological advancements in mountain bike equipment and accessories, such as footwear and shoes, have offered participants with a great deal of comfort and convenience. The global mountain bike footwear and socks industry is being impacted in a variety of ways as the number of cases continues to rise.
The COVID-19 outbreak has had a significant influence on the global bike market. In 2020, the industry is expected to suffer considerable losses. COVID-19-related lockdown restrictions are expected to be a major impact in the overall bike market's slowing growth. Furthermore, the increasing number of female participants, particularly in North America and Europe, is driving up demand for mountain bike boots and socks. COVID-19-related lockdown restrictions are expected to be a major impact in the overall bike market's slowing growth. Bike sales are expected to drop dramatically in regions like North America and Europe. The bike markets in these countries are well-developed. COVID-19 has also forced the cancellation of several mountain biking events. The interim prohibition on recreational cycling in these countries because of COVID-19, however, is expected to slow the growth of the overall mountain bike and accessory industry. Furthermore, many e-commerce sites that sell mountain bikes and related equipment are currently experiencing a demand shortfall. Furthermore, many businesses are dealing with supply chain challenges, which is expanding the demand-supply imbalance.
Market Segmentation
Mountain bike footwear is expected to maintain its dominance among the types during the projection period. In addition, due to a growth in demand for bike footwear, particularly among females, the segment is expected to grow at a robust CAGR of 5.57 percent over the forecast period. Customers are also more likely to select a specific mountain biking shoe. During the review period, the demand for mountain bike footwear was also fueled by an increase in the number of young people in developing economies. The male segment accounts for 63 percent of the worldwide mountain bike footwear and socks market, while the female segment accounts for 34 percent. During the forecast period, the segment is expected to grow at a strong 5.05 percent CAGR.
The store-based distribution channel is expected to maintain its dominance during the projected period. Moreover, the segment is expected to grow at a strong 5.18 percent CAGR over the forecast period.
Region Overview
North America, South America, Europe, Asia Pacific, and the rest of the world make up the worldwide mountain bike footwear and socks market (ROW).
Over the projection period, the North American region will dominate the market. During the forecast period, the market is expected to develop at a CAGR of 5.46 percent. This is due to the region's high demand for mountain bike boots and socks. The United States leads the market for mountain bike footwear and socks in North America among North American countries.
During the review period, however, the Asia Pacific area is predicted to increase at a CAGR of 6.30 percent. China is predicted to have a 33 percent market share in the Asia Pacific area in 2022.
Competitive Dynamics
Shimano, Five Ten Footwear Company, Diadora Sports S.R.L, Trek Bicycle Corporation, Louis Garneau Sports, Giro, Cannondale, Mavic, Fizik, and Northwave have been considered as the key Mountain Bike Footwear and Socks Market players.
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