According to the latest report by Future Market Insights, the bicycle tires market share 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 experiencing significant growth driven by several factors, including the increasing popularity of cycling as a recreational activity, the growing trend towards urban commuting and eco-friendly transportation options, and advancements in tire technology. Bicycle tires are essential components of bicycles, responsible for providing traction, shock absorption, and stability while riding on various surfaces.
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One of the primary drivers of this market is the rising interest in health and fitness, as more people turn to cycling as a form of exercise and outdoor recreation. With growing awareness of the health benefits of cycling, including cardiovascular fitness, weight management, and stress reduction, there has been a surge in demand for bicycles and related accessories, including high-performance tires that offer durability, grip, and puncture resistance.
Moreover, the increasing focus on sustainable and eco-friendly transportation options is driving demand for bicycles as a clean and efficient mode of transportation, particularly in urban areas with congested traffic and limited parking. Bicycle tires play a crucial role in ensuring a smooth and comfortable ride, making them a key consideration for cyclists looking for reliable and high-quality tires that can withstand the rigors of daily commuting and recreational riding.
Furthermore, advancements in tire technology, such as the development of tubeless tires, puncture-resistant materials, and tread patterns optimized for various riding conditions, are driving innovation in the bicycle tires market. These technological advancements improve performance, durability, and safety, enhancing the overall riding experience for cyclists and encouraging more people to take up cycling as a mode of transportation and leisure activity.
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.
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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