Consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute and increase in interest in cycling as a fitness & recreational activity have boosted the growth of the global BMX bikes market.
PORTLAND, Ore., July 27, 2021 /PRNewswire/ — Allied Market Research recently published a report, titled, «BMX Bikes Market by Top Tube Length (Less than 18 Inch, 18-20 Inch, 20-22 Inch, and 22 Inch & Above), Application (Sports, Fitness, and Others) and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021–2030″. As per the report, the global BMX bikes industry was pegged at $230.2 million in 2020, and is projected to reach $381.8 million by 2030, growing at a CAGR of 5.1% from 2021 to 2030.
Drivers, restraints, and opportunities
Rise in interest in cycling as a fitness & recreational activity, implementation of government regulations to encourages the use of bikes, and consumer inclination toward use of e-bikes as an eco-friendly & efficient solution for commute drive the growth of the global BMX bikes market. However, high cost of bikes hinders of the market growth. On the contrary, rise in trend for connected bicycles and improvement in bicycling infrastructure are expected to create lucrative opportunities for the market players in the future.
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- The Covid-19 pandemic affected the automotive industry, due to decline in sales, shortage of raw materials, and disrupted supply chain. Moreover, the industry has been facing challenges such as halt on production activities, plant closure by the government, and unavailability of essential components.
- The disruption of supply chain and gap in supply and demand hampered the production of bikes.
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The 20-22 inch segment held the largest share
By top tube length, the 20-22 inch segment held the largest share in 2020, accounting for more than half of the global BMX bikes market, as these bikes are lightweight compared to other bikes. However, the 22 inch & above segment is projected to register the highest CAGR of 7.7% during the forecast period, as these bicycles are easy to use across several verticals such as city commuting, health & fitness purposes, and recreational activities.
The fitness segment to manifest the highest CAGR through 2030
By application, the fitness segment is anticipated to manifest the highest CAGR of 6.1% during the forecast period, due to surge in demand for fitness activities among people. However, the sports segment held the lion’s share in 2020, contributing to nearly three-fourths of the global BMX bikes market, owing to wide adoption of different sports activities through bicycles.
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North America held the largest share
By region, the market across North America held the largest share in 2020, accounting for more than half of the market, owing to increase in demand for sporting activities across the region. However, the global BMX bikes market across LAMEA is expected to portray the highest CAGR of 9.1% from 2021 to 2030, due to rise in inclination of youngsters toward BMX biking across LAMEA.
Major market players
- Cult Crew
- Fit Bike Co.
- Elite BMX
- Haro Bikes
- Pacific Cycles
- GT Bicycles
- Stolen BMX
- Redline Bicycles
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