According to the latest reports by Future Market Insights, the global bicycle tires market offers refined projections for the bicycle tires market. According to the historical analysis, the global bicycle tires market registered an opulent growth of over 6% until 2021.
The demand for bicycle tires is expected to grow in the coming years as more people turn to cycling as a form of transportation, exercise, and recreation. Here are some details about the demand for bicycle tires:
- Sustainability: As more people become concerned about the environment, the demand for bicycles as a sustainable transportation option is increasing. This, in turn, is driving demand for bicycle tires that are long-lasting and environmentally friendly.
- Urbanization: As more people move to cities, the demand for bicycles as a form of transportation is increasing. This is driving demand for bicycle tires that can withstand the wear and tear of urban riding conditions.
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- Technology advancements: Technology advancements, such as the use of tubeless tires and advanced rubber compounds, are driving demand for bicycle tires that offer better performance, durability, and puncture resistance.
- Electric bicycles: The rise of electric bicycles is driving demand for bicycle tires. Electric bicycles require high-quality tires that can withstand the increased weight and speed of these vehicles.
The growth in the global bicycle tires market is attributed to the expanding bicycle fleet in the wake of catapulting fuel prices, promoting vehicle owners’ order to investigate cheaper transportation alternatives.
The bicycle tires market is registering a robust increase over the assessment period as their key emphasis is laid on technological improvements that aid in providing a rider-friendly experience by equipping bikes with enhanced safety features. The market is predicted to grow across more than 20 countries because an exclusive section is dedicated to the potential impacts and implications of the COVID-19 pandemic.
Owing to the surging popularity of cycling competitions in sports events has also broadened the scope of aftermarket tire sales which is attributed to the persistent need for maintenance services. The electric bicycle segment is expected to provide growth opportunities to the bicycle tires market. Therefore, the market is poised to embark on a positive growth trajectory until 2031. After the upliftment of Covid-19 restrictions, the global bicycle tires market witnessed significant progress due to the resumption of biking activities all over the world.
Key Takeaways
- Sustainable transportation is acquiring high momentum, owing to the surging concerns associated with high carbon emission levels over the recent years. According to the estimations by International Energy Agency, global energy-related carbon dioxide emissions have increased by around 2% to reach 33.1 gigatonnes in 2018.
- On the global scale, around 1.3 billion automobiles consume 79 quadrillions of BTU, mostly gasoline and diesel. Approximately 15% of the total greenhouse gases and 22% of CO¬2 emissions are attributed to transportation. Concerned by this, governments worldwide are proactively seeking to reduce their emission levels by switching to renewable alternatives.
- A prominent increase has been witnessed in the sales of bicycles which has resulted in generating improved growth prospects for several types of bicycle tires over the upcoming forecast period.
- As people are becoming more sustainably conscious, hybrid vehicles are gaining significant traction with sales surpassing around 2 million units until 2019, revealed by the Global EV Outlook Report. According to FMI estimations, it is predicted that the global e-bicycle fleet is likely to witness an expansion of 130 million units between 2020 and 2023.
- Owing to the technological advancements over the recent years in the electrification of two and three-wheelers, cars, and buses advances, their market is anticipated to witness an exponential surge. Ambitious policy announcements have proven highly instrumental in stimulating the electric vehicle rollout across lucrative markets.
- Due to the intensification of the pandemic crisis, people are surging seeking safer transportation alternatives and increasingly avoiding public transportation systems including subway trains, buses, or taxis. This change has surged the sales of e-bikes. Prominent manufacturers in the bicycle tires industry are shifting towards e-bikes as well. Bicycle tire manufacturers now have another lucrative sales channel in the e-bike market, going by market trends, e-bike sales are set to grow at a higher CAGR vis-à-vis traditional bicycles.
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Competitive Landscape
The bicycle tire market is known to be moderately competitive, as it comprises the presence of a large number of players offering cost-competitive products. Major players are focusing to curve a niche for specific demography. Manufacturers are focusing on strategic collaborations with regional distributors to address the requirements of an expanding customer base. Suppliers also are adopting acquisition and regional expansion strategies to strengthen their foothold.
Key Companies Profiled
- Cheng Shin Rubber Ind Co., Ltd.
- HUTCHINSON
- Trek Bicycle Corporation
- The Goodyear Tire & Rubber Company
- Specialized Bicycle Components
- MICHELIN
- Mitas
- Pirelli & C. S.p.A.
- Giant Bicycles
- Continental AG
Bicycle tire Market
By Bicycle Type
- Mountain
- Hybrid
- Electric
- Comfort
- Youth
- Cruiser
- Road
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
- OEM
- Aftermarket
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More Insights into the Bicycle Tires Market
The U.S. bicycle tires market was anticipated to surpass US$ 520 Mn by 2021. Over the current estimation period, the global market is expected to surge by nearly 4% through 2030. Maximum growth opportunities abound across the electric bikes segment, poised to register approximately 12% CAGR through 2030. The growth is also attributed to the higher sales of bicycle aftermarket products, including bicycle tires, which are expected to register an upward-sloping curve in upcoming years.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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