NEWARK, Del, June 21, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the bicycle tires market is anticipated to grow at a CAGR of 6.4% between 2023 and 2033. A valuation of US$ 7.8 billion is predicted in 2023, according to the analysis. Bicycle tire sales are anticipated to reach US$ 14.6 billion by 2033.
The bicycle tires market has grown considerably in the past decade, owing to increased bicycle ownership as a consequence of the discovery of sustainable alternatives to traditional fossil-fuel-driven automobiles, which is boosting bicycle sales. Bicycle tire businesses are introducing a number of creative offerings to broaden market penetration, ranging from tubeless tires to hybrid bikes.
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Their efforts are bearing fruit, with the market registering a significant increase in the upcoming forecast period. The emphasis is on technological advancements that help to provide a more user-friendly experience by outfitting bikes with enhanced safety features.
Future Market Insights (FMI), an ESOMAR-certified market study and consulting firm, offers enhanced forecasts for the bicycle tire market in its new report.
Key Takeaways:
- The global market is expected to be worth $7.8 billion in 2023.
- Over the historical period, the global market grew at a CAGR of 6%.
- By the end of 2023, a valuation of nearly $150 million is expected.
- South Asia and the Pacific are set to be the fastest-growing bicycle tire markets, with annual growth rates exceeding 5.6% through 2023.
- The German bicycle tire market is expected to reach $175 million by the end of 2023.
“As technology advances in the electrification of two and three-wheelers, cars, and buses, their market is expanding at an exponential rate. Ambitious announcements regarding policy have been extremely beneficial in stimulating the rollout of electric vehicles in lucrative markets,” - says an analyst at FMI.
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Competitive Landscape:
Some of the market's strongest competitors are making investments in studies and research (R&D) in order to facilitate the provision of an extensive selection of leather manufactured in a variety of colors and substances for a variety of applications. Companies hope to keep up with the changing environment by doing so. For instance,
- Vittoria presented the Corsa Pro, a tubeless-ready clincher tire for road bicycles that it illustrates as "the most advanced cotton road tire ever made" in May 2023. The tire was created with Vittoria's most recent graphene and silica substance, which integrates the organization's Graphene research-applied insight with silica to provide faster acceleration, puncture resistance, and grip on edges and on slippery terrain.
- In May 2023, the P Zero Race 4S, Pirelli's all-around race tire, is currently tubeless-ready and set for the ship. For those who are inexperienced the tire falls somewhere between the full-on race-focused P Zero TLR and the high-performance training-focused Cinturato Velo.
Major 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
More Valuable Insights:
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Application transformation market presenting a historical analysis from 2018 to 2022 and forecast statistics for the period of 2023 to 2033.
The study reveals essential insights by Bicycle Type (Mountain, Hybrid, Electric, Comfort), Product Type (Tube Tire, Tubeless Tire, Solid Tire), Sales Channel (OEM, Aftermarket) & Region
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Market Segmentation:
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
View the Complete TOC of this Report: https://www.futuremarketinsights.com/toc/rep-gb-3128
Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
Cargo Bike Tire Market Size: Is expected to attain a valuation of US$ 201.4 million in 2023 and is projected to reach US$ 650 million by 2033, likely to expand at a CAGR of 12.4% during the forecast period.
Automotive Tire Market Share: Is valued at US$ 503.9 billion as of 2023. The market is expected to grow at a CAGR of 6.6% during the forecast period, and by 2033, the market is expected to reach a valuation of US$ 958.8 billion.
Retread Tire Market Demand: Is expected to attain a valuation of US$ 11.2 billion in 2023, and is projected to reach US$ 20 billion by 2033.
Green Tire Market Growth: Is poised to expand at 9.7% between 2022 and 2032, totaling a valuation of US$ 78.6 Billion by 2032.
EV Tires Market Trends: Is projected to grow by 26.6% from 2023 to 2033. Also according to the EV tire market analysis report, the market is expected to rise up to US$ 99,884.7 million by 2033.
Bicycle Components Aftermarket Size: Is projected to increase at a CAGR of 6.9% over the forecast period, to reach a valuation of US$ 28.3 Billion by 2032.
Bicycle Market Share: Is anticipated to have a stable CAGR of 5.8% during the forecast period of 2022 to 2032.
Bicycle Light Market Growth: Is projected to grow at a CAGR of 7.1% from 2022 to 2032. It is anticipated to reach a valuation of US$ 2,454.7 Million by the end of 2032.
Aircraft Tire Market Demand: Is expected to attain a valuation of US$ 1.8 billion in 2023 and is projected to reach US$ 3.3 billion by 2033, expanding at a CAGR of 6.2% during the forecast period.
Ultra-High Performance (UHP) Tire Market Outlook: Is expected to attain a valuation of US$ 13.6 billion in 2023 and is projected to reach US$ 39 billion by 2033.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient 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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