Bicycle Shoe Market Segments, Opportunity, Growth And Forecast By End-Use Industry 2019-2029

(Markitwired via Comtex)

The recent past hasobserved an increased adoption of bicycle shoes owing to increasing number ofcycling events, clubs and association across the globe which in turn isaccelerating the sales of cycling accessories such as bicycle shoes and helmetsamong riders. Moreover, growing cycling interest and high penetration of onlinesales channel are expected to fuel the global sales of bicycle shoe. FMI in itsnewest research report opines that the growing trend of custom bicycle shoes isleading to an uptick in the demand for bicycle shoe. On the back of thesefactors, the global bicycle shoe market is estimated to be valued at US$ 998.7 Mn in2019 and expected to expand at 5.5% CAGR during the forecast period of2019-2029.

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Key Takeaways from the Bicycle ShoeMarket Study

  • East Asia is expected to dominate the global bicycle shoe marketowing to large population base which are more inclined towards fashion andhealth. Cycling activity which has emerged as health & fitness programamong consumers, attracts East Asia riders for higher participation which isresulting to an uplift of bicycle shoe in the region. As per Union CyclisteInternationale (UCI), 40 UCI cycling teams are registered in 2018 which was 17in 2009, increased more than double in past years.
  • According to FMI, mountain bike shoe accounted for the maximumshare in the global bicycle shoe market owing to high preference for adventuresports among consumers supported by the manufacturers with continuousinnovation in mountain biking (MTB) such as wireless drivetrains, wirelessdropper-posts, fork & shock controls which further generates the necessityof mountain bike shoe.
  • An upsurge in consumer spending was seen in the segment of menwithin the global bicycle shoe market. As per Statistics for AmericanMotorcycle Riders, female motorcycle owners accounted for only 19% as comparedto men (81%) in 2018.
  • While offline sales channel will continue to dominate thebicycle shoe market during the forecast period, online sales channel isexpected to see a prolific rise with a higher CAGR in bicycle shoe.Preferential shift of consumers towards online platforms are primarily drivenby product availability and competitive vendor prices etc. Online platformsoffer multiple sellers at the same time with numerous bicycle shoes to choosefrom. Moreover, bicycle shoe delivery at doorstep also saves the consumer'stime which is another important factor towards the growth of online sales channel.

"Healthawareness activity and technological innovation are gearing the market forfitness as well as health improvement products. Light weight, pedalcompatibility, breathable fabric and most importantly customization in bicycleshoe are expected to remain the key focal points of manufacturers in the comingyears. Manufacturers are also focusing on step-in pedals & cycling shoeswhich will enhance the riding experience of new comers in upcoming days." saysan FMI analyst.

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Increasing Public Bicycle RentalPrograms and Government Initiatives

Bike-sharing programs offeran active mobility option to individuals with an objective to increase cycling,reduce congestion, and minimize environmental pollution. Also, bicyclesavailable on rent save users investment needed to purchase their own bicycles.In addition, users who make a habit of using rental bicycles can be potentialbuyers in the future for companies that target citizens who commute overshorter distances. A study by Institute for Transportation and DevelopmentPolicy (ITDP) in 2014 revealed that bike-share programs have been initiated inover 600 cities worldwide, and more bicycle rental programs are starting eachyear. The Indian government has taken many initiatives, such as 'Make in India'and 'Startup India', with an objective of boosting the manufacturing sector andincreasing the purchasing power of the average Indian customer. Suchinitiatives would further boost demand and hence, spur the development ofbicycles in addition to benefiting investors. Moreover, the Government aims topush the country's manufacturing sector to account for 25% of its GDP, which ismuch higher than the current 17%. All these factors are anticipated to drivethe growth of the bicycle market in the Asia-Pacific region, thereby boostingdemand for bicycle shoes.

Who is winning?

Some of the key playersoperating in the bicycle shoe market are Alpinestars S.p.A, Dainese S.p.A, FoxHead Inc., Lemans Corporation, EVS Sports and others.

Several leading bicycle shoeplayers are launching new innovative products to expand their footprint andproduct portfolio. At present, manufacturers are focusing on research anddevelopment activities to come up with new technologies which can change themarket landscape of bicycle shoe.

  • In March 2020, Leatt, a company which designs & manufacturesof protective neck braces, body armour and cycling shoe, has launchedinnovative shoe line for mountain biking.
  • In Feb 2019, the company Shimano launched indoor cyclingfootwear, IC5 and IC3 shoes.

Get Valuable Insights into Bicycle Shoe Market

Future Market Insights, inits new offering, provides an unbiased analysis of the global bicycle shoemarket, presenting historical demand data (2014-2018) and forecast statisticsfor the period from 2019-2029. The bicycle shoe study reveals compelling insightson the bicycle shoe market on the basis of product type (mountain bike shoe,road bike shoe, touring & city bike shoe, winter shoe), price range(premium, mass), consumer orientation (male, female, kids), and sales channel(online and offline- specialty bicycle retailers, full-line sporting goodsstores, department stores & others) across all regions.

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