The global cycling and skateboarding equipment market is experiencing significant growth driven by several factors. Increasing health and fitness awareness encourages more individuals to take up cycling and skateboarding as regular physical activities. Urbanization and the need for eco-friendly transportation alternatives boost demand, as bicycles and skateboards provide sustainable solutions to urban mobility challenges. Technological advancements, such as the integration of smart features and improved materials, enhance user experience and safety, further attracting consumers.
WILMINGTON, Del., Aug. 15, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Cycling And Skatebording Equipment Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, The global cycling and skatebording equipment market was valued at $70.5 billion in 2023, and is projected to reach $173.8 billion by 2033, growing at a CAGR of 9.5% from 2024 to 2033.
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Prime determinants of growth
The prime determinants of growth for the cycling and skateboarding equipment market include increased health and fitness awareness, technological advancements, urbanization, and eco-friendly transportation trends. In addition, supportive government policies, improved infrastructure, and the rising popularity of electric bikes and smart skateboards are driving market expansion. Consumer preferences for sustainable and high-performance equipment further increase market growth.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2024–2033 |
|
Base Year |
2023 |
|
Market Size in 2023 |
$70.50 Billion |
|
Market Size in 2033 |
$173.8 Billion |
|
CAGR |
9.5 % |
|
No. of Pages in Report |
180 |
|
Segments Covered |
• Type, Distribution channel, and Region. |
|
Drivers |
• Growing popularity of electric bikes • Rise of smart and connected devices in cycling gear • Customization and personalization options |
|
Opportunities |
• Integration of AI and IoT technologies • Growth in urban mobility solutions |
|
Restraint |
• High costs of premium equipment • Competition from other recreational activities |
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Segment Highlights
By type, protective helmets hold the maximum share in the cycling and skateboarding equipment market owing to its critical role in preventing severe head injuries. The high incidence of head-related injuries in these sports necessitates the use of helmets, which are often legally mandated and strongly recommended by safety organizations. Helmets are designed to absorb impact and protect the skull, significantly reducing the risk of traumatic brain injuries. The widespread awareness of these safety benefits, coupled with robust educational campaigns and stringent regulations, drives their predominant usage. In addition, advancements in helmet technology, such as improved materials and ergonomic designs, have increased consumer acceptance and comfort, further solidifying their dominance in the market
By distribution channel, online retail holds the major share in the distribution of cycling and skateboarding equipment. This dominance is driven by several factors, including the convenience and vast product selection available to consumers through online platforms. E-commerce websites allow customers to easily compare prices, read reviews, and access a wider range of products than traditional brick-and-mortar stores. The rise of major online retailers like Amazon, alongside specialized sports e-commerce platforms, has significantly boosted online sales. In addition, the ability to offer competitive pricing and frequent discounts online further attracts a larger customer base. Consequently, the online retail segment has become the preferred shopping channel for many consumers looking for cycling and skateboarding equipment
Regional outlook
North America holds a significant share in the cycling and skateboarding equipment market owing to its robust outdoor sports culture and high disposable income levels. The region’s well-developed infrastructure, featuring extensive bike lanes and skate parks, facilitates widespread participation in these activities. In the U.S., the number of cyclists rose from 48.88 million in 2018 to 52.73 million in 2021, according to Statista. This increase highlights the growing interest in cycling. Furthermore, the region’s focus on fitness and sustainable transportation, coupled with advancements in equipment technology, drives market growth. Supportive policies and initiatives, such as bike-sharing programs in major cities like New York and San Francisco, also contribute to North America’s dominant position in the market.
Players: –
Fuji Bikes
Endura Ltd
Element Skateboards
SCOTT Sports SA
Almost Skateboards
Zero Skateboards.
Plan B
GT Bicycles
DT SWISS
Alien Workshop
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The report provides a detailed analysis of these key players in the global cycling and skatebording equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
In January 2020, Endura was acquired by Pentland Brands, a move aimed at expanding Pentland’s portfolio of active and outdoor brands.
In July 2022, SCOTT Sports SA launched the SCOTT Spark RC in 2021, a high-performance mountain bike that features integrated suspension and advanced carbon technology.
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