The global cargo bike tire market is projected to reach a valuation of USD 201.4 million in 2023 and is estimated to grow to USD 650 million by 2033, with a compound annual growth rate (CAGR) of 12.4% during the forecast period.
This market growth is driven by increasing demand for eco-friendly transportation. According to a World Health Organization (WHO) report, air pollution was a significant cause of premature deaths, affecting around 3.7 million people under the age of 60 in 2012. Passenger trucks and vehicles are major contributors to air pollution, releasing high levels of carbon monoxide, nitrogen monoxide, and other pollutants. The rising popularity of green transportation alternatives like cargo bicycles is positively impacting the demand for cargo bike tires, creating substantial growth opportunities.
Increased global awareness and concern for environmental issues have led to a significant shift toward eco-friendly transportation alternatives, resulting in higher sales of cargo bikes worldwide. Consequently, the global cargo bike tire market is experiencing promising growth prospects and ample opportunities in the forecast period.
The demand for sports bicycles is anticipated to rise due to increased usage for leisure, trekking, and participation in cycling competitions. The popularity of biking excursions to challenging terrains, such as steep mountain ranges, is growing. As these adventurous activities gain further traction, the demand for cargo bikes is expected to increase, subsequently boosting the demand for cargo bike tires.
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Key Takeaways
- Germany cargo bike tire market is expected to grow with a CAGR of 12.3% during the forecast period.
- The demand for cargo bike tire in United States is expected to grow with a CAGR of 12.1% during the forecast period.
- By product type, tubeless tire segment is projected to grow with a CAGR of 12.9% during the forecast period.
“Rising demand for eco-friendly transportation is expected to boost market growth during the forecast period,” – comments an FMI analyst.
Competitive Landscape
The market for cargo bike tire is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players Continental AG, Cheng Shin Rubber Ind Co., Ltd., The Goodyear Tire & Rubber Company, Trelleborg (Mitas), Michelin, Ralf Bohle GmbH (Schwalbe), Trek Bicycle Corporation, Hutchinson, Kenda Tires, PT. Inustri Karet Deli, Zhongce Rubber Group Company Limited, Ralson Tyres, Metro Tyre, Panaracer Corp, Vittoria S.p.A, WTB, HWA Fong Rubber Co., Ltd. (Duro Tires).
Some key developments in the cargo bike tire market are:
- In May 2021, Schwalbe (Ralf Bohle) made history by introducing the Schwalbe Pick-Up, the world’s first tire designed exclusively for cargo bikes.
- Continental AG introduced the Ultra Sport III in 2020, catering to bicycle enthusiasts seeking a high-quality yet affordable sport tire. This new product offers excellent traction and grip, delivering exceptional performance at a budget-friendly price point.
- Radio Flyer introduced a compact folding cargo electric bike in November 2022.
- In July 2022, Amazon made a significant announcement by introducing its inaugural fleet of electric cargo bikes, specifically designed to navigate the bustling streets of London.
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Key Segments Profiled in the Cargo Bike Tire Industry Survey
By Product Type:
- Tube
- Tubeless
By Tire Size:
- Below 20
- 20-24
- 26
- 27.5
- Others
By Cargo Bike Type:
- Two-Wheeled
- Three-Wheeled
- Four Wheeled
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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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