Increasing awareness about health and fitness among people is expected to be a major driver of the global fat bike market. Increasing pollution and rising traffic congestion have increased the demand for eco-friendly modes of transportation. These factors are anticipated to fuel the demand for fat bikes, which are eco-friendly and stylish. Rise in initiatives by governments, such as a dedicated lane for bikes to promote eco-friendly modes of commuting, is also anticipated to propel the market.
The high price of fat bikes, as compared to conventional bikes, is anticipated to be a major restraint of the market. Additionally, the rising cost of raw materials coupled with the increasing popularity and demand for motor bikes is projected to hamper the market. Moreover, the absence of specialized cycling tracks and safe mountain trails in developing economies is also likely to hinder the market.
A major trend in the fat bike market is the shift toward lightweight materials such as carbon fiber for the frame of the bike. Moreover, the trend of ’folding bikes’ is also gaining traction. Several companies are on the verge of integrating smartphones with fat bikes due to the rise in smartphone penetration and global reach of internet. This, in turn, is estimated to help commuters navigate and provide them with streaming audio as they commute.
The global fat bike market can be segmented based on type, application, and geography. Based on type, the market can be segmented into aluminum, carbon, and steel. In terms of application, the market can be divided into commuting and racing. The racing segment is expected to hold a dominant position in the market primarily due to the significant demand for fat bikes from extreme sports enthusiasts.
Moreover, the commuting segment is expected to expand at a substantial growth rate during the forecast period due to the increasing health consciousness among the population. Based on geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a major share of the global fat bike market due to the rising adoption in adventure sports in the region.
The market in North America is also expected to expand at a significant growth rate, driven by countries such as the U.S. where the disposable income is relatively high. According to the Organization for Economic Co-operation and Development (OECD), more than 35% of adults in North America were considered obese.
Hence, the market in the region is projected to expand due to the rise in number of people picking cycling as a hobby. In terms of market share, North America is expected to be followed by Asia Pacific and Europe. The market in Asia Pacific is anticipated to be driven by the high populations of countries such as India and China. Middle East & Africa and South America are likely to hold a minor share of the global market.
Major players operating in the global fat bike market are Mongoose, Huffy, Framed Bikes Company Inc., Borealis Bikes, Diamondback, Kent International, ProdecoTech, XDS, GMC, Fuji Bikes, Kawasaki, Micargi, Cannondale, Felt Bikes, and Dynacraft. Other prominent players in the market include Trek Bikes, Giant, SE Bikes, and Raleigh Bicycle Company.