Market Overview:
Mountain bike footwear are specially designed shoes and socks for mountain biking. Mountain bike footwear is designed to pair with specific type of pedals used in mountain bikes, offer foot protection, and have stiff soles that enhance the power transfer and reduce fatigue. There are mainly two types of mountain bike footwear, one designed for use with flat pedals and the other to use with clip less pedals. Also, mountain bike footwear provides various advantages of pedaling, control, safety and specificity.
Market Forecast:
The popularity of digital and social media marketing has increased manifold in recent years. In addition, the age and gender targeted marketing options offered by major social media platforms made it easier for the companies to connect with the potential customers which has boosted the growth for mountain bike footwear and socks market.
Furthermore, the technological advancement in mountain biking equipment and accessories including footwear and shoes has provided a lot of comfort and convenience to participants. Moreover, growing number of women participation specifically in North America and Europe region is accelerating the demand for mountain bike footwear and socks.
However, athletic shoes and socks market is highly consolidated in North America accounting for more than 70% of the market where as global market is moderately consolidated. Smaller, specialized players have limited market share. The major players have well established brands, enjoy high brand recall among consumers as well as have large base of loyal consumers. This is considered to be a major barrier for new entrants in the market. Nevertheless, all these factors are boosting the Global Mountain Bike Footwear and Socks Market to grow at the CAGR of 5.57% to reach USD 7,154.49 million by 2024.
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Downstream Analysis:
Among the type, mountain bike footwear segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.57% during the given period due to increase in the demand of bike footwear especially for females. Customers are also inclined to adopt specific shoe for the mountain biking purposes. Also, increasing youth population in the developing economies is also propelling the demand of mountain bike footwear in the review period. Among the end-user of mountain bike footwear and socks market, male segment accounts for 63% followed by female accounting for 34% of the global mountain bike footwear and socks market. The segment is projected to register a healthy CAGR of 5.05% during the forecast period 2017-2024.
Among the distribution channel, store based segment is anticipated to retain its dominance throughout the forecast period. Also, the segment is projected to register a healthy CAGR of 5.18% during the given period.
Key Players Profile and Competitive Analysis:
This report includes a study of strategies used in the market, mergers, and acquisitions and multiple product launches by mountain bike footwear and socks market players. It further includes product portfolios and developments of leading players, which includes:
- Shimano, Inc. (Japan)
- Five Ten Footwear Company (U.S.)
- Diadora Sports S.r.l (Itlay)
- Trek Bicycle Corporation (U.S.)
- Louis Garneau Sports (Canada)
- Giro (U.S.)
- Cannondale (U.S.)
- Mavik (France)
- Fizik (U.S.)
- Northwave (Itlay)
Major manufacturers also are found to have high focus on strategic product launch in order to seek consumers’ attention towards their product range. They are also involved in the strategic expansion which will further support the company to reach out consumers across the regions. Partnerships are also done to mark the company’s presence and expand their business line.
Key players in the mountain bike footwear and socks market are inclined towards partnership with different companies and events for product promotions and expanding their geographical presence. Additionally, the companies are inclined towards new product launch and strengthening their product portfolio. The companies are highly focusing on partnership with various events to pave a sustainable growth and expand its business through a long term strategic move.
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Region Analysis:
The global mountain bike footwear and socks market is segmented into North America, South America Europe, Asia Pacific, and rest of the world (ROW). Among these, North American region is dominating the market over the forecast period. The market is projected to grow at a CAGR of 5.46% during the review period. This is attributed to high demand of mountain bike footwear and socks in this region. Among the North American countries, the U.S. is majorly driving the market of mountain bike footwear and socks market in this region. However, Asia Pacific region is expected to grow with a CAGR of 6.30% during the review period. In Asia Pacific region, China is expected to hold 33% market share in the year 2017.
Market Segmentation:
The global mountain bike footwear and socks market is segmented by type, end-user, distribution channel and region
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