The global bicycle shoe market is set to reach a massive valuation of US$ 1.6 Bn during the forecast period (2019-2029), as projected by a new report by Future Market Insights (FMI). Leading market players are investing in development and launch of innovative new products, with increased focus on online sales activities.
“Health awareness and tech innovations are setting the market up for fitness products. Characteristics of low weight, breathable fabric, pedal compatibility and customization in bicycle shoes are expected to be the key points of focus for manufacturers,” states the FMI report.
Impact of Novel Coronavirus Outbreak
The COVID-19 pandemic and its dramatic implications on the bicycle industry are visibly influencing sales of bicycle accessories such as bicycle shoes. The manufacturing and supply chain elements are critically hampered, resulting into an uncertain business outlook in the near term. Preparing their brands for future, companies are adopting radical solutions that are likely to introduce new business models to the bicycle shoe market. Retailers, on the other side, are shifting to delivering private shopping experience to customers and opting for an offer for help delivery model.
Bicycle Shoe Market: Key Findings
- Mountain bike shoes continue to account for over 45% of total sales, buoyed by increasing proclivity for adventure sports activities.
- Men’s bicycle shoes will witness a substantial increase in demand during the forecast period.
- Offline sales will account for majority of the market value; online sales are picking up faster through competitive pricing and availability benefits.
- East Asia will hold a leading position in the bicycle shoe market, driven by a larger population and a rising number of international cycling events in the region.
Bicycle Shoe Market: Key Driving Factors
- International trade shows such as Eurobike continue to be the key factor driving market for bicycle shoes and other accessories.
- Rising popularity of cycling activities for leisure and exercise, and increasing awareness about the benefits of cycling is a key growth driver for the market.
- Availability of bicycle shoes from multiple sales channels are generating profitable opportunities.
- Increasing female participation in cycling activities is increasing the adoption rates of bicycle shoes among potential visitors.
- A wide range of options made available from multiple vendors, secure payment, low prices, and doorstep delivery options will increase sales.
Bicycle Shoe Market – Key Restraints
- High level of competitiveness from affordable alternatives is a key factor hampering the growth of the bicycle shoes market.
- The current COVID-19 pandemic is posing a multifaceted impact on supply and distribution networks, eventually hampering the market growth.
Competition Landscape of Bicycle Shoe Market
Some of the key players in the global bicycle shoe landscape include, but are not limited to, EVS Sports, Alpinestars S.p.A., Lemans Corporation, Dainese S.p.A., and Fox Head Inc. Leading market players remain focused on product innovations to widen their global footprint. Market leaders are also investing in research and development activities for new technologies for superior product functionality.
Press Release Source: https://www.accesswire.com/584209/Bicycle-Shoe-Market-to-be-Hit-by-COVID-19-Impact-on-Bicycle-Accessories-New-Retail-Models-Will-Gain-Success-in-Near-Term-Says-FMIs-Updated-Report
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI’s largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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