According to a recent report published by Allied Market Research, titled, “BMX Bikes Market by Top Tube Length, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”
The global BMX bikes market was valued at $230.2 million in 2020, and is projected to reach $381.8 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.
North America dominates the market in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the global BMX bikes market share in 2020. Meanwhile LAMEA is expected to grow at a significant rate during the forecast period due to increase in demand for recreational sporting activities across the region.'
BMX bikes are specially designed bicycles, which are meant for recreational purpose such as sports activities, stunt biking, city commuting as well as are used to keep persons healthy. The increased inclination of youngsters toward the adoption of bicycles, which are meant for special purpose, supplements the growth of the global market. Moreover, technical advancement followed by the demand for lightweight body of the bicycle has also enabled the vehicle manufacturers to develop & introduce carbon framed bicycles, which increases the market share of the companies in the global market.
There are numerous developments carried out by top manufacturers, such as Haro Bikes, GT Bicycles, Pacific Cycles, and others, toward offering better & efficient BMX models, thereby creating a wider scope for the growth of the market. In line with the same, several government regulations followed by governmental support & subsidies for using electric propelled bicycles create an increased demand for BMX bicycles across the globe.
The global BMX bike market report has been segmented on the basis of top tube length, application, distribution channel, and region. Moreover, based on top tube length, the market has been divided into bikes having frame length less than 18 inch, 18-20 inch, 20-22 inch, and 22 inch & above. Based on application, the market has been fragmented into sports, fitness and others. Based on distribution channel, the market has been bifurcated into online and offline. By region, the market report has been studied across North America, Europe, Asia-Pacific, and LAMEA.
Factors, such as implementation of government regulations to encourage the use of bikes, growth in interest in cycling as a fitness & recreational activity, and consumer inclination toward the use of e-bikes as an eco-friendly & efficient solution for commute, create a positive impact on the growth of the global BMX bike market. Moreover, high cost of bikes is the only factor that is expected to hamper the growth of the global BMX bike market. However, improvement in bicycling infrastructure and rising trend for connected bicycles are the factors that are expected to create a positive impact, thereby supplementing the growth of the global BMX bike market during the forecast period.
Key Findings Of The Study
- By top tube length, the 22 inch & above segment is expected to register a significant growth during the forecast period.
- Depending on application, the fitness segment is anticipated to exhibit significant growth in the near future.
- On the basis of distribution channel, the online segment is projected to lead the global BMX bikes market, owing to higher CAGR as compared to other segments.
- LAMEA is anticipated to register the highest CAGR.
Covid-19 Impact Analysis
- The COVID-19 outbreak impacted the automotive industry significantly, which resulted in substantial decline in automobile sales, shortage of raw material, and others.
- The automotive industry players are facing issues such as complete halt of production activities, mandated plant closures by the government, unavailability of essential components, and others.
- The unavailability of raw materials for production has created a negative impact on the growth of the market.
- This unavailability is due to the demand and supply gap created due to halted transportation of raw materials.
- The BMX bikes market regained its growth trend sooner due to the factor that public transport is being neglected to avoid direct contact with other individuals.
- The key players analyzed in this report are Cult Crew, Elite BMX, Fit Bike Co., Haro Bikes, Kink, MafiaBikes, Pacific Cycles, Stolen BMX, GT Bicycles, and Redline Bicycles.