According to the latest report by Future Market Insights, the bicycle tires market is projected to witness substantial growth, with a Compound Annual Growth Rate (CAGR) of 6.4% from 2023 to 2033. The market is expected to achieve a valuation of US$ 7.8 billion in 2023, and by the year 2033, sales of bicycle tires are anticipated to soar to US$ 14.6 billion.
The Bicycle Tires Market is a segment of the bicycle industry that focuses on the production, distribution, and sale of tires specifically designed for bicycles. Bicycle tires play a crucial role in determining the performance, comfort, and safety of bicycles, and they come in a variety of types, sizes, and designs to suit different riding styles and conditions. Here’s an overview of the Bicycle Tires Market:
Market Overview: The Bicycle Tires Market serves a diverse range of consumers, including casual riders, commuters, enthusiasts, and competitive cyclists. Bicycle tires are essential components that directly impact the ride quality, handling, and efficiency of bicycles, making them a key focus for manufacturers, retailers, and consumers.
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Market Drivers:
Innovation and Technology: Ongoing advancements in tire materials, construction techniques, tread designs, and puncture protection systems drive innovation and product differentiation in the Bicycle Tires Market, offering cyclists improved performance, durability, and safety.
Riding Trends and Preferences: Changing consumer preferences, including increased interest in gravel riding, bikepacking, urban commuting, and electric bicycles, influence demand for specialized tires tailored to specific riding styles and conditions.
Environmental Awareness: Growing awareness of environmental issues and sustainability drives demand for eco-friendly tire materials, manufacturing processes, and disposal options that minimize environmental impact throughout the product lifecycle.
Key Players:
Tire Manufacturers: Leading tire manufacturers in the Bicycle Tires Market include companies such as Continental, Schwalbe, Michelin, Vittoria, Maxxis, Kenda, Panaracer, and Hutchinson, which produce a wide range of bicycle tires for different applications and price points.
Bicycle Brands: Bicycle brands and manufacturers, including Trek, Specialized, Giant, Cannondale, and Santa Cruz, often specify and OEM tires from tire manufacturers for their bicycles, offering branded tire options as original equipment or aftermarket upgrades.
Market Trends:
Tubeless Technology: The adoption of tubeless tire technology in the Bicycle Tires Market continues to grow, offering benefits such as reduced weight, improved puncture resistance, lower rolling resistance, and the ability to run lower tire pressures for enhanced traction and comfort.
Plus-Size and Wide Tires: The popularity of plus-size and wide tires, including 27.5+ and 29+ tires, for mountain biking and gravel riding increases, providing riders with increased traction, stability, and comfort on rough terrain.
Sustainable Materials: Tire manufacturers explore sustainable materials such as natural rubber, recycled rubber, and biodegradable compounds to reduce environmental impact and improve the eco-friendliness of bicycle tires.
Key Takeaways:
- The global market is expected to be worth $7.8 billion in 2023.
- Over the historical period, the global market grew at a CAGR of 6%.
- By the end of 2023, a valuation of nearly $150 million is expected.
- South Asia and the Pacific are set to be the fastest-growing bicycle tire markets, with annual growth rates exceeding 5.6% through 2023.
- The German bicycle tire market is expected to reach $175 million by the end of 2023.
“As technology advances in the electrification of two and three wheelers, cars, and buses, their market is expanding at an exponential rate. Ambitious announcements regarding policy have been extremely beneficial in stimulating the rollout of electric vehicles in lucrative markets.” says an FMI analyst.
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Competitive Landscape
Some of the market’s strongest competitors are making investments in studies and research (R&D) in order to facilitate the provision of an extensive selection of leather manufactured in a variety of colors and substances for a variety of applications. Companies hope to keep up with the changing environment by doing so. For instance,
- Vittoria presented the Corsa Pro, a tubeless-ready clincher tire for road bicycles that it illustrates as “the most advanced cotton road tire ever made” in May 2023. The tire was created with Vittoria’s most recent graphene and silica substance, which integrates the organization’s Graphene research-applied insight with silica to provide faster acceleration, puncture resistance, and grip on edges and on slippery terrain.
- In May 2023, the P Zero Race 4S, Pirelli’s all-around race tire, is currently tubeless-ready and set for the ship. For those who are inexperienced the tire falls somewhere between the full-on race-focused P Zero TLR and the high-performance training-focused Cinturato Velo.
Top Key Companies in Bicycle Tires Market
- 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
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Bicycle Tires 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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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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