According to a new study by Future Market Insights (FMI), the global bicycle tire market is expected to be valued at ~US$ 6.4 Bn in 2021. Rising demand on environment-friendly modes of commuting is expected to help the market gain impetus in the coming years.
The electric vehicle (EV) revolution has dramatically altered the global automotive landscape. As environmental sustainability concerns mount, governments are calling for a swift transition towards alternative fuel sources to reduce carbon footprint. Hence, the market for electric vehicles is proliferating immensely. The 2020 Global EV Outlook published by the International Energy Agency (IEA) concluded that electric vehicle sales reached 2.1 million units in 2019, registering a 40% yearly increase.
This has spelt favorable conditions for the expansion of electric two-wheelers as well. Electric bikes are gaining momentum, providing tire manufacturers fertile ground for expansion. Furthermore, aggrandizing trends surrounding recreational biking is expected to stimulate cruiser bike sales, with Future Market Insights predicting its growth to be valued at 5% by 2021-end. Convenience is also becoming the need of the hour, with preference for foldable e-bikes acquiring major prominence.
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Key Takeaways of Bicycle Tire Market Study
- Bicycle tire market is set to expand at 7.7% CAGR between 2021 and 2031
- The U.S. will exhibit high demand, accounting for nearly 90% of bicycle tires sold in North America
- The U.K. market is forecast to exhibiting impressive year-on-year growth at nearly 8% in 2021
- Germany and France too are expected to register positive growth in sales of bicycle tires
- Within East Asia, China will continue accounting for maximum sales, although the demand from Japan and South Korea too is expected to rise at a steady rate
“Increasing concerns pertaining to traffic congestion and implementation of stringent carbon emission norms are creating lucrative opportunities for bicycle tire sales. Cycling-to-Work initiatives are gaining more traction than ever before. Various government programs encouraging the use of bicycle for commute is expected to push the global bicycle tire market growth” says FMI analyst.
Bicycle tire market is projected to be a fast growing market especially since sales are poised to surge considerably in the coming years. There is increasing focus on research and development activities within the market to customize design as per consumer preference. Also with leading manufacturers aiming at sustainability, FMI predicts positive outlook for the market between 2021 and 2031.
Bicycle Tire Market Competitive Landscape
The bicycle tire market is highly competitive. Some of the key players in the market are Cheng Shin Rubber Ind Co., Ltd., The Goodyear Tire & Rubber Company, and Giant Bicycles among others. These players are expected to contribute prominent share in the global Bicycle Tire market, and have admired relationships with governments and bicycle manufacturing companies and other customers
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Bicycle tire Market
By Bicycle Type
By Product Type
- Tube Tire
- Tubeless Tire
- Solid Tire
By Tire Size
- Upto 12 inch
- 12 to 22 inch
- Above 22 inch
By Sales Channel
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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Press Release Source: https://www.futuremarketinsights.com/press-release/bicycle-tires-market