Cycling shoes currently account for around 3%-5% share in the global footwear market. Bicycle shoe sales are likely to witness strong growth across the world due to rising health awareness, changes in lifestyles, and growing urbanization
Expanding at a CAGR of 5.3%, the global bicycle shoe market size is projected to increase from a valuation of US$ 1.16 Billion in 2022 to US$ 1.67 Billion by the end of 2029. The recent past has observed an increased adoption of bicycle shoes owing to increasing number of cycling events, clubs and association across the globe which in turn is accelerating the sales of cycling accessories such as bicycle shoes and helmets among riders.
Moreover, growing cycling interest and high penetration of online sales channel are expected to fuel the global sales of cycling footwear. FMI in its newest research report opines that the growing trend of custom bicycle shoes is leading to an uptick in the demand for bicycle shoe. On the back of these factors, the global bicycle shoe market is estimated to be valued at US$ 998.7 Mn in 2019 and expected to expand at 5.5% CAGR during the forecast period of 2019-2029.
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Key Takeaways from the Bicycle Shoe Market Study
Increasing Public Bicycle Rental Programs and Government Initiatives
Bike-sharing programs offer an active mobility option to individuals with an objective to increase cycling, reduce congestion, and minimize environmental pollution. Also, bicycles available on rent save users investment needed to purchase their own bicycles. In addition, users who make a habit of using rental bicycles can be potential buyers in the future for companies that target citizens who commute over shorter distances.
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A study by Institute for Transportation and Development Policy (ITDP) in 2014 revealed that bike-share programs have been initiated in over 600 cities worldwide, and more bicycle rental programs are starting each year. The Indian government has taken many initiatives, such as ‘Make in India’ and ‘Startup India’, with an objective of boosting the manufacturing sector and increasing the purchasing power of the average Indian customer.
Such initiatives would further boost demand and hence, spur the development of bicycles in addition to benefiting investors. Moreover, the Government aims to push the country’s manufacturing sector to account for 25% of its GDP, which is much higher than the current 17%. All these factors are anticipated to drive the growth of the bicycle market in the Asia-Pacific region, thereby boosting demand for bicycle shoes.
Who is winning?
Some of the key players operating in the bicycle shoe market are Alpinestars S.p.A, Dainese S.p.A, Fox Head Inc., Lemans Corporation, EVS Sports and others.
Several leading bicycle shoe players are launching new innovative products to expand their footprint and product portfolio. At present, manufacturers are focusing on research and development activities to come up with new technologies which can change the market landscape of bicycle shoe.
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Key Segments of Bicycle Shoe Industry Survey
Bicycle Shoe Market by Product:
Bicycle Shoe Market by Price Range:
Bicycle Shoe Market by Consumer Orientation:
Bicycle Shoe Market by Sales Channel:
Bicycle Shoe Market by Region:
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Apr 17, 2023