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 bicycle shoe. 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
- East Asia is expected to dominate the global bicycle shoe market owing to large population base which are more inclined towards fashion and health. Cycling activity which has emerged as health & fitness program among consumers, attracts East Asia riders for higher participation which is resulting to an uplift of bicycle shoe in the region. As per Union Cycliste Internationale (UCI), 40 UCI cycling teams are registered in 2018 which was 17 in 2009, increased more than double in past years.
- According to FMI, mountain bike shoe accounted for the maximum share in the global bicycle shoe market owing to high preference for adventure sports among consumers supported by the manufacturers with continuous innovation in mountain biking (MTB) such as wireless drivetrains, wireless dropper-posts, fork & shock controls which further generates the necessity of mountain bike shoe.
- An upsurge in consumer spending was seen in the segment of men within the global bicycle shoe market. As per Statistics for American Motorcycle Riders, female motorcycle owners accounted for only 19% as compared to men (81%) in 2018.
- While offline sales channel will continue to dominate the bicycle shoe market during the forecast period, online sales channel is expected to see a prolific rise with a higher CAGR in bicycle shoe. Preferential shift of consumers towards online platforms are primarily driven by product availability and competitive vendor prices etc. Online platforms offer multiple sellers at the same time with numerous bicycle shoes to choose from. Moreover, bicycle shoe delivery at doorstep also saves the consumer’s time which is another important factor towards the growth of online sales channel.
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“Health awareness activity and technological innovation are gearing the market for fitness as well as health improvement products. Light weight, pedal compatibility, breathable fabric and most importantly customization in bicycle shoe are expected to remain the key focal points of manufacturers in the coming years. Manufacturers are also focusing on step-in pedals & cycling shoes which will enhance the riding experience of new comers in upcoming days.” says an FMI analyst.
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. 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.
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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.
- In March 2020, Leatt, a company which designs & manufactures of protective neck braces, body armour and cycling shoe, has launched innovative shoe line for mountain biking.
- In Feb 2019, the company Shimano launched indoor cycling footwear, IC5 and IC3 shoes.
Get Valuable Insights into Bicycle Shoe Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global bicycle shoe market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2019-2029. The bicycle shoe study reveals compelling insights on 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 goods stores, department stores & others) across all regions.