MOUNTAIN BIKE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In April 2022, Hero International (HIT), part of India's Hero Motors Company, expanded its manufacturing operations for electric bikes by adding a new assembly plant to its facility in Manchester. With a production target of 50,000 bikes over the next three years, the company aims to produce premium electric cycles and push bikes equipped with IoT capabilities for customers in the United Kingdom and European Union. This initiative is part of a broader £150 million investment to enhance local production and innovation in the cycling industry.
• In March 2021, American Landmaster, a manufacturer known for its innovative utility vehicles, introduced the Landmaster EV, a lithium-powered side-by-side vehicle. The company collaborated with two industry leaders in lithium technology and AC motors to develop this advanced vehicle, which aims to enhance performance and efficiency for outdoor enthusiasts and workers alike.
• In March 2021, RumbleOn Inc. (NASDAQ: RMBL), an e-commerce company using innovative technology to aggregate and distribute pre-owned vehicles to both consumers and dealers, announced a definitive agreement to acquire RideNow Powersports, the nation's largest powersports retailer. The US$ 575.4 million deal will combine RumbleOn's technology platform with RideNow's extensive geographic footprint and strong retail brand, creating the first omnichannel customer experience in powersports and the largest publicly traded powersports dealership platform.
• In December 2020, Polaris Industries Inc., a leading manufacturer of off-road vehicles, was awarded three national master standing offers (NMSOs) by Public Services and Procurement Canada, the federal department responsible for managing government procurement. These standing offers allow Polaris to supply snowmobiles, all-terrain vehicles (ATVs), and side-by-side utility vehicles (SSVs) to the Canadian government, enhancing its presence in the public sector vehicle market.