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.
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.
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.
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.
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.
Bicycle Tire Market - Scope of the Report
Persistence Market Research (PMR) recently published a study report on the global bicycle tire market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the bicycle tire market structure. This market research report represents exclusive facts and figures about how the bicycle tire market will grow over the forecast period of 2019 to 2027.
Key indicators of market growth, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the bicycle tire market over the forecast period.
The study is relevant for manufacturers, stakeholders, distributors, suppliers, and investors, and can help them understand applicable strategies to grow in the bicycle tire market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the bicycle tire market can leverage the information and statistics presented in PMR’s research report.
The report includes facts & figures related to the macro as well as microeconomic factors that are impacting the growth of the bicycle tire market. The study also offers actionable insights based on the future trends in the bicycle tire market. Furthermore, regional players and new entrants in the bicycle tire market can also use the information presented in this report to make business decisions and gain momentum in the market.
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
Bicycle Tire Market: Research Methodology
In PMR’s research report, exclusive research methodology is utilized to conduct comprehensive research on the development of the bicycle tire market and reach conclusions on the future growth factors of the market. In this research methodology, secondary and primary research is utilized by analysts to ensure precision and reliability of the conclusions.
Secondary resources referred to by analysts during the evaluation of the bicycle tire market study include facts and figures from World Bank, OEM websites, government websites, white papers, trade journals, and external and internal databases. Analysts have thoroughly interviewed several industry experts, such as sales supervisors, sales operation managers, product portfolio managers, senior managers, market intelligence managers, marketing/product managers, and production managers to provide insightful information.
Comprehensive information acquired from primary and secondary resources is validated from companies in the bicycle tire market to make PMR’s projection on the growth prospects of the bicycle tire market more accurate and reliable.