The bicycle tires market is predicted to expand significantly over the course of the assessment period due to rising bicycle ownership as a result of the discovery of environmentally friendly alternatives to traditional fossil-fuel powered vehicles, which has increased sales of bicycles. Bicycle tire producers are launching a host of novel goods, from hybrid bikes to the introduction of tubeless tires, to increase market penetration.
The worldwide bicycle tire market gives precise estimates for the bicycle tire market, according to the most recent data from Future Market Insights. The historical data shows that the market for bicycle tires would increase extravagantly by more than 6% through 2021.
The growing bicycle fleet in response to skyrocketing gasoline prices, which encouraged vehicle owners to look into less expensive transportation options, is credited with driving the growth in the market for bicycle tires globally.
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The market for bicycle tires has grown significantly over the evaluation period as a result of technical advancements that help to make riding more enjoyable by outfitting bikes with better safety measures. Because a special portion is devoted to the probable effects and implications of the COVID-19 pandemic, the market is expected to expand across more than 20 countries.
Due to the ongoing demand for maintenance services, the growing popularity of bicycle races in sporting events has also expanded the market for aftermarket tires. The market for bicycle tires is anticipated to experience growth from the electric bicycle sector. Because of this, the market is prepared to begin a positive growth trajectory until 2031. Due to the restoration of riding activities worldwide following the lifting of Covid Covid-19 limitations, the market for bicycle tires saw tremendous growth.
Key Takeaways
- Due to growing worries over recent high carbon emission levels, sustainable mobility is gaining significant momentum. International Energy Agency estimates that global energy-related carbon dioxide emissions increased by about 2% in 2018 to reach 33.1 gigatonnes.
- 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.
- The Global EV Outlook Report found that sales of hybrid vehicles will surpass 2 million units by 2019 as a result of people’s growing environmental consciousness. Between 2020 and 2023, the number of e-bikes worldwide is expected to increase by 130 million units, according to FMI estimates.
- 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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Competitive Landscape
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.
- HUTCHINSON
- Trek Bicycle Corporation
- The Goodyear Tire & Rubber Company
- Specialized Bicycle Components
- MICHELIN
- Mitas
- Pirelli & C. S.p.A.
- Giant Bicycles
- Continental AG
Bicycle tire 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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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.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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