DUBAI, United Arab Emirates, Jan. 14, 2022 (GLOBE NEWSWIRE) -- The cargo bike tire market value is projected to grow at 12.2% CAGR between 2021 and 2031 and market volume is expected to grow at a CAGR of 11.6% over the forecast period.
| Cargo Bike Market Value (2021A) | US$ 162.7 Mn | |
| Cargo Bike Market Estimated Year Value (2022E) | US$ 181.1 Mn | |
| Cargo Bike Market Projected Year Value (2031F) | US$ 515.5 Mn | |
| Value CAGR (2021-2031) | 12.2 | % |
According to Future Market Insights (FMI), over the forecast period from 2021 to 2031, the global cargo bike tire market is projected to grow at a CAGR of 12.2%.
Key factors driving the cargo bike tire market are higher life-span offered by cargo bikes, rise in the number of miles being ridden by cargo bikes each year, increasing concern towards safety and maintenance, and technological advancements to offer better grip and performance of tires.
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As city streets keep clogging up at a rapid speed, cargo bicycles have emerged as one of the most productive and advantageous methods of transportation for cargo firms. Driven by this the sales of cargo bikes will pick up pace globally and this trend will continue through the course of the forecast period.
Steered by implementation of stringent emission control norms, the market players are focusing in on the production of electric cargo bike. Various players working in the cargo bike tire industry are expected to expand their product portfolio in the forthcoming years.
Key Takeaways from Market Study
- By product type, tubeless tire are anticipated to account for sales of more than 60% in the global market.
- Three wheeled cargo bikes held a market share of about 45% in terms of cargo bike type in the market.
- By region, Europe is projected to hold more than 65% of the global market.
- Tubeless tire is projected to be the fastest growing segment in terms of product type, exhibiting a CAGR of 12.7%
- The 26 inches tires segment is projected to account for 38% of the market based on tire size.
Cargo Bike Tire Market Competitive Landscape
The market has been described as slightly fragmented globally. Some of the leading market participants include Cheng Shin Rubber Ind., Goodyear Tire & Rubber Company, Ralf Bohle GmbH (Schwalbe), Trek Bicycle Corp., Hutchinson, Zhongce Rubber Group Company Limited, Michelin Group, Trelleborg Group, Continental AG, Kenda Tires, PT. Inustri Karet Deli, WTB, Vittoria S.p.A., Ralson Tyres, Metro Tyres, Mitas, Panaracer Corporation, HWA Fong Rubber Co., Ltd. (Duro Tires) and others.
Key organizations are investing in research and development to offer better products to expand their market share. A few organizations working in the cargo business, including DHL, UPS, and Amazon plan to test the capability of cargo bikes in New York City, and have introduced a test case program to minimize traffic congestions in specific parts of Manhattan.
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Cargo Bike Tire Market Projection
Cargo bike tires will witness a large increase in demand due to rising cargo bike sales and increasing number of people choosing for environmentally friendly e-bikes. Manufacturers are also being influenced by environmental regulation to develop products that adopt technology improvements.
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Scope of Report
| Attribute | Details |
| Forecast Period | 2021-2031 |
| Historical Data Available for | 2016-2020 |
| Market Analysis | USD Million for Value and Units for Volume |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa |
| Key Countries Covered | US, Canada, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Oceania, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Product Type, Tire Size, Cargo Bike Type, Sales Channel, and Region |
| Key Companies Profiled |
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| Report Coverage | Market forecast, brand share analysis, competition intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives |
| Customization & Pricing | Available upon Request |
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