New York, April 18, 2023 (GLOBE NEWSWIRE) -- By 2023, the market for bicycle tyres is anticipated to be worth $7.28 billion USD, according to Persistence Market Research. The Bicycle Tyre Market is anticipated to reach US$ 15.4 billion by 2033, expanding at a 7.8% CAGR between 2023 and 2033.
The bicycle tire market has gained traction in recent years, owing to increasing consumer preferences for bicycles as a mode of transportation, recreation, and fitness.
Rising health awareness and the need for sustainable transportation options are driving the demand for bicycles, subsequently fueling the demand for bicycle tires.
The market is witnessing growing adoption of electric bicycles (e-bikes), which require specialized tires, providing a significant growth avenue for the bicycle tire market.
The bicycle tire market is experiencing unprecedented growth, driven by increasing awareness of health and fitness, growing environmental concerns, and the need for sustainable transportation options. Bicycles have emerged as an efficient and eco-friendly mode of transportation, promoting physical activity and reducing carbon emissions.
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Market Trends and Drivers:
The bicycle tire market is witnessing several trends and drivers that are shaping its growth trajectory. Some of the key trends and drivers are:
- Increasing demand for e-bikes: The growing popularity of e-bikes, which offer the benefits of assisted pedaling, longer travel distances, and higher speeds, is driving the demand for specialized e-bike tires.
- Growing adoption of tubeless tires: Tubeless tires, which eliminate the need for an inner tube, are gaining traction in the bicycle tire market. They offer lower rolling resistance, improved traction, and better puncture resistance compared to traditional tube-type tires.
- Focus on lightweight and high-performance tires: With increasing emphasis on performance and efficiency, manufacturers are focusing on developing lightweight and high-performance bicycle tires.
- Sustainable materials and manufacturing processes: Consumers are increasingly seeking sustainable and eco-friendly products, including bicycle tires. Manufacturers are exploring the use of sustainable materials, such as natural rubber, organic compounds, and recycled materials, in tire manufacturing.
- Urbanization and changing lifestyles: Rapid urbanization and changing lifestyles are driving the demand for bicycles as a convenient and eco-friendly mode of transportation in urban areas.
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Market Key Players:
Some Important key Players for global bicycle tire market are Cheng Shin Rubber Ind Co., Ltd., HUTCHINSON, Trek Bicycle Corporation, The Goodyear Tires & Rubber Company, Specialized Bicycle Components, MICHELIN, Mitas, Pirelli & C. S.p.A., Giant Bicycles, Continental AG and more
Recent Developments:
As of April 18, 2023, the bicycle tire market has experienced several notable developments:
- Increasing Demand for Electric Bike Tires: With the growing popularity of electric bicycles (e-bikes), there has been a significant increase in demand for e-bike tires. E-bikes require specialized tires that can handle the higher speeds and additional weight of the electric motor and battery. As a result, many bicycle tire manufacturers have introduced specific e-bike tire models with enhanced durability and puncture resistance.
- Focus on Sustainable and Eco-friendly Tires: Environmental concerns and sustainability have become important considerations for many consumers, including in the bicycle tire market. As a result, there has been a rising demand for eco-friendly and sustainable bicycle tires made from recycled materials, natural rubber, or other environmentally friendly materials. Some companies have also started exploring innovative tire technologies such as airless or puncture-resistant tires to reduce waste from discarded tires.
Market Segmentations:
- Tire Type: Bicycle tires can be categorized into several types, such as road bike tires, mountain bike tires, hybrid bike tires, gravel bike tires, e-bike tires, and BMX tires, among others.
- Tire Size: Bicycle tires come in different sizes, which are typically denoted by a combination of numbers on the sidewall of the tire. Common sizes include 26-inch, 27.5-inch (650b), 29-inch (29er), 700c, and 24-inch, among others.
- Tread Pattern: Tread pattern refers to the design of the tire's surface that comes into contact with the ground. Tread patterns can vary greatly, ranging from slick or smooth for road tires, to knobby or aggressive for mountain bike tires. Tread pattern is crucial for traction, grip, and performance on different surfaces, such as pavement, dirt, mud, or gravel.
- Distribution Channel: Bicycle tires are typically sold through various distribution channels, including online retailers, specialty bike shops, sporting goods stores, and mass merchandisers.
- Geography: The bicycle tire market can also be segmented based on geographical regions, as consumer preferences, cycling culture, and market dynamics can vary across different countries and regions.
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The Automotive and Transportation division of PMR provides exclusive coverage and actionable insights about the automotive and transportation industry encompassing the automotive, aviation, shipping and marine, and railway sectors. Market findings and competition intelligence of OEM, aftermarket, services, and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners, and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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