Bicycle Tires Market – Business Opportunities and Global Forecast by 2031
The bicycle tires market is expected to witness significant growth over the assessment period owing to increasing bicycle ownership in response to discovering eco-friendly alternatives to conventional fossil-fuel-driven vehicles which have heightened sales of bicycles. From the introduction of tubeless tires to hybrid bikes, bicycle tire manufacturers are introducing a slew of innovative products to deepen market penetration.
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 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.
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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 Covid-19 restrictions, the global bicycle tires market witnessed significant progress due to the resumption of biking activities all over the world.
- 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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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.
- Trek Bicycle Corporation
- The Goodyear Tire & Rubber Company
- Specialized Bicycle Components
- Pirelli & C. S.p.A.
- Giant Bicycles
- Continental AG
Bicycle tire Market
By Bicycle Type
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
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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.