The global cargo bike tire market is expected to be valued at USD 201.4 million in 2023 and is projected to grow to USD 650 million by 2033, reflecting a compound annual growth rate (CAGR) of 12.4% during the forecast period.
This growth is driven by the rising demand for eco-friendly transportation options. A World Health Organization (WHO) report highlighted that air pollution was a significant factor in premature deaths, affecting approximately 3.7 million individuals under 60 in 2012. Passenger vehicles and trucks are major contributors to air pollution, emitting high levels of carbon monoxide, nitrogen monoxide, and other harmful pollutants. The increasing popularity of green transportation alternatives, such as cargo bicycles, is positively influencing the demand for cargo bike tires and creating significant growth opportunities.
Growing global awareness and concern for environmental issues have led to a notable shift towards sustainable transportation options, resulting in higher cargo bike sales worldwide. As a result, the cargo bike tire market is witnessing promising growth prospects and numerous opportunities during the forecast period.
Additionally, the demand for sports bicycles is expected to rise due to increased usage for leisure activities, trekking, and cycling competitions. The popularity of biking excursions in challenging terrains, such as steep mountain ranges, is on the rise. As these adventurous activities gain traction, the demand for cargo bikes is likely to increase, further driving the need 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.
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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