To aid consumer demand for safety and comfort riding, manufacturers are keen on developing lightweight, durable, and multi-application tires. According to market estimates, the global bicycle tire market is projected to reach US$ 9.6 Bn by the end of the forecast period, registering a CAGR of 6.5% from 2019 to 2027.
The main reason cited for the increase in the bicycle tire market size is an expanding fleet of bicycles, increasing sporting activities, and more aftermarket sales. Additionally, based on the considerations outlined in the report, high consumer preference for electric bikes it leading to much higher growth potential for this segment as compared to other segments.
As such, the global market for the electric type appears promising, with a CAGR of 9%, mainly driven by East Asia.
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- Trek Bicycle Corporation
- Challenge Tires
- Rene Herse Cycles
- The Continental Corporation .
- PT INDUSTRI KARET DELI
- Diamondback Bicycles.
- DONNELLY CYCLING
- Duro Tire & Wheel Corp.
- Ere Research
Increase in Use of Bicycles to Expand Need for Bicycle Tires
The global bicycle fleet has witnessed a significant rise over the past few years, owing to increasing traffic congestion coupled with rising fuel prices. Bicycle use for sporting activities as well as a sustainable transportation option has scaled up their production.
This is subsequently resulting in the growth of the bicycle tire market. Persistent growth has been observed in the global e-bicycle fleet over the past five years. Recent increase in the number of cycling events coupled with rising number of cycling rental schemes is expected to drive the growth of the global bicycle market over the forecast period.
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Significant Aftermarket Sales Opportunity to Drive Market Growth
There has been significant growth in racing and sporting activities in recent years; for example, events such as the Tour de France. In addition to that, the Olympics and other professional races compel manufacturers to come up with new types of tires, subsequently propelling market growth.
Tires are one of the most important components in a bicycle, and the replacement rate of tires is also high due to continuous friction between the tire and road. Hence, the aftermarket for replacement is projected to remain healthy over the forecast period.
Moreover, in developed nations, the ability to ride at faster speeds with comfort is estimated to drive the growth of the bicycle tires market in the near future.
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Bicycle Tire Market – Competitive Landscape
With the emergence of composite material technology, OEMs are moving toward the production of lightweight and more durable tires. In terms of market structure, the bicycle tire market shows a perfect competitive scenario, with huge brands flooded in the marketplace.
This can primarily be attributed to efforts being made by companies to meet the growing demand for bicycles in South Asia and Latin America where the fleet is expanding. With innovations such as green tires, manufacturers are determined to keep their competitive foot forward.
Prominent players covered in the bicycle tire market report include The Continental Corporation, Ralson Limited, Cheng Shin Rubber Ind. Co. Ltd. (CST Tires) The Continental Corporation, Apollo Tyres Ltd., and others.
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An extensive assessment of the bicycle tires market has led analysts to conclude that, owing to a significant fleet of conventional as well as electric bicycles in East Asia, the region holds a prominent share of the global bicycle tires market. In terms of sales, the Latin America market is estimated to be an opportunistic space. Leading companies in the market are providing lightweight and durable tires made out of composite materials. The bicycle tire market is characterized by the presence of a few big players from Germany, India, and China. Growing demand for eco-friendly transportation, significant rise in cycling events and professional cycling, as well as cycling as a viable mode of transportation are expected to fuel the demand for bicycle tires during the forecast period. Advanced macro materials used for the manufacturing of airless bicycle tires for sports and hybrid bicycles will also give impetus to the growth of the bicycle tire market over the coming years.
Key Segments of Bicycle Tire Market
PMR’s study on the bicycle tire market is divided into four significant segments – bicycle type, sales channel, distribution channel, and region, for the better understanding of readers. This report offers comprehensive data and information about the important market dynamics and growth parameters related to these categories for the period of forecast ending 2027.
Key Questions Answered in PMR’s Bicycle Tire Market Report
- Which region is anticipated to hold a prominent market share of the global bicycle tire market over the forecast period of 2019 to 2027?
- What will be the key driving factors prompting the demand for bicycle tires during the forecast period?
- How will current trends will impact the bicycle tire market?
- Who are the significant market participants in the bicycle tire market?
- What are the crucial strategies of prominent players in the bicycle tire market to upscale their positions in this landscape?