Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) -- According to latest report published by Fortune Business Insights, the global BMX Bike market size was valued USD 289.7 million in 2020, and the market is forecast to grow worth USD 420.7 million by 2029, at CAGR of 4.8% during forecast period. The rise can be attributed to the surging popularity of bicycle motocross sports across the globe.
Also improving bicycle infrastructure and favourable government policies to boost the market growth during forecast period. Fortune Business Insights™ has provided this information in its report titled, “BMX Bike Market, 2022-2029”.
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COVID-19 Impact:
Increased Product Demand on Account of Limitations on Public Transportation
The pandemic period discouraged the use of public transport such as railways and buses. This boosted the demand for bicycles as a popular option for mobility and personal fitness. The demand for personal modes of transportation was further propelled by the enforcement of social distancing norms. These factors paved the way for market expansion during the pandemic period.
Market Segment Analysis:
Sports Segment to Record Substantial Growth Owing to Surging Health Awareness
Based on application, the market for BMX bikes is fragmented into sports, fitness, and others. Of these, the sports segment is expected to register appreciable growth over the forthcoming years. The upsurge can be attributed to the growing health awareness and escalating popularity of bicycle motocross sports across numerous countries.
Online Segment to Gain Traction Due to Benefit of Customer Convenience
On the basis of distribution channel, the market is categorized into online and offline. The online segment is estimated to record notable expansion over the study period. This is mainly impelled by the launch of online retail platforms in developed and developing countries owing to their convenience.
20-22 Inches Segment to Gain Prominence Driven by Soaring Popularity of Racing Bikes
Based on top tube length, the market is classified into less than 18 inches, 18-20 inches, 20-22 inches, and 22 inches & above. The 20-22 inches’ segment is set to register commendable growth throughout the estimated period. This is on account of the growing popularity of this tube length among young riders.
Increasing Awareness and Events Relating to Street & Dirt BMX Bike Racing Aid to Market Growth
In category, the street segment has the largest market share during the forecast period. Rising awareness about the health benefits among people along with kids’ increasing interest in cycling for sports BMX bikes is responsible for rising demand for street bikes. Moreover, their tire patterns are smoother as they are the perfect choice for street biking and stunts. As a result, BMX rider can travel over the rough street tarmac with less resistance.
On the basis of geography, the market is sub-divided into North America, Europe, Asia Pacific, and the rest of the world.
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Report Coverage:
The report provides a comprehensive coverage of the significant trends that are expected to propel industry expansion over the forthcoming years. It further gives an insight into the prominent factors that are set to drive the business landscape across various regions. Additional aspects comprise the key steps taken by major market players for maintaining their industry position.
Market Drivers and Restraints:
Market Growth Propelled Due to Favorable Government Policies
The BMX bike market growth is majorly driven by an increase in the formulation and enforcement of favorable government policies. Some of the initiatives comprise the usage of green energy for transportation. Furthermore, several companies are adopting various strategies for staying competitive in the market, favoring industry expansion.
However, the high costs associated with BMX bikes are expected to hamper industry growth to some extent.
Regional Insights:
North America to Lead Driven by Surging Consumer Spending on Outdoor Recreation
North America BMX bike market share is expected to record appreciable expansion over the analysis period. The surge can be attributed to the increasing consumer spending on outdoor recreational activities. These include bike riding, paddle cycling, surfing, and others.
The Asia Pacific region is estimated to register a notable CAGR over the projected period. This is mainly driven by the introduction of new designs and supportive macroeconomic factors.
Competitive Landscape:
Industry Players Enter into Partnership Agreements to Expand Product Reach
Major companies are focusing on the adoption of a series of initiatives for strengthening their market presence. These include mergers, product developments, acquisitions, and others. Besides, some companies are forging partnership agreements and collaborations for expanding their product reach.
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Key Industry Development:
Box Components launched two carbon rims in 20×1-1/8 28H and 20×1.75 36H. The rims help with low weight category and ease bike riding.
List of Key Players Mentioned in the Report:
- Elite BMX (U.S.)
- Fitbikeco (U.S.)
- G.T. Bicycle (U.S.)
- Haro Bicycle Corporation (U.S.)
- KINK BMX (U.S.)
- Mafiabike (U.K.)
- Pacific Cycle, Inc. (U.S.)
- Redline Bicycles (U.S.)
- Stolen BMX (U.S.)
- Sunday Bikes (U.S.)
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BMX BIKE MARKET- TABLE OF CONTENT
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porters Five Forces Analysis
- PEST Analysis
- Technological Development
- Qualitative Insights On Shoes/Clothing Trends for BMX Bike
- Impact of Covid-19
- Global BMX Bike Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Application
- Sport
- Fitness
- Other
- Market Analysis, Insights and Forecast – By Distribution Channel
- Online
- Offline Vehicles
- Market Analysis, Insights and Forecast – By Top Tube Length
- Less than 18 Inches
- 18-20 Inches
- 20-22 Inches
- 22 Inches & Above
- Market Analysis, Insights and Forecast – By Category
- Street
- Dirt
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America BMX Bike Market Analysis, Insights and Forecast, 2018-2029
Continued…
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