Introduction of mountain bicycle tire designs are gaining niche demand in professional sporting settings, despite lower sales for mass production.
Future Market Insights, Dubai: The growing awareness about the health benefits associated to cycling, and increasing interest as recreational activities key factors driving bicycle tire sales. The bicycle tire market projected to reflect a healthy growth rate of approximately 6% CAGR from 2021 to 2031. Availability of bicycle tires in multiple material and configuration options are factors will influence developments in the market in the coming decade. Sustainability initiatives are also driving the development and distribution of green tire offerings.
“Expanding fleets of bicycles in sharing programs, growing interest in bicycle sporting activities, and increased health and environment consciousness levels are major factors that will support distribution and sales of bicycle tires through the forecast period,” says the FMI study.
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Bicycle Tires Market – Primary Takeaways
Tires for hybrid bicycles are expected to display a relatively stronger rate of growth owing to increased interest in multi-terrain sporting events.
Aftermarket sales channel display strong growth on the back of a high replacement rate for pressurized tubes.
Tubeless tires are emerging as major contributors to revenue, despite higher costs owing to significant reductions in deflation rates.
India to display strong potential for growth owing to a substantial middle-income consumer base.
France will emerge as a lucrative market backed by subsidy and reimbursement programs for bicycle owners.
Bicycle Tires Market – Growth Factors
Health and environment awareness among consumers is a key factor supporting sales and product development.
Growing popularity of bicycle sharing and rental programs around the world are contributing to long term developments.
High replacement rates as compared to other bicycle components is a key factor supporting revenue generation.
Bicycle Tires Market – Major Constraints
Lack of adequate designated bicycle zones, especially in developing countries is holding back sales.
High levels of competition in the bicycle tires market limits the scope of profitability in the industry.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has negatively impacted the global bicycle tire market. Lockdown restrictions and social distancing guidelines limited bicycle sales and usage, in addition to sporting events which hurt demand in the short term. Also, disruption of production activities and raw material supplies hindered production.
The market is likely to display a gradual recovery through 2021 accounted for by relaxation on regulations on outdoor activities and resumption of production by manufacturers. The growing popularity of electric bicycles will also generate revenue growth opportunities, supporting long-term sales prospects.
Explore data on the bicycle tires market with 129 figures, 35 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/reports/bicycle-tires-market
Prominent manufacturers operating in the bicycle tires market include but are not limited to Continental AG, Cheng Shin Rubber Ind. Co. Ltd., Giant Bicycles, Hutchinson, Pirelli & C. S.p.A., Trek Bicycle Corporation, Mitas, The Goodyear Tire & Rubber Company, Michelin, and Specialized Bicycle Components.
Investments into product development with an emphasis on material and design improvements, and eco-friendly material formulations are key strategies being employed by manufacturers in the bicycle tires industry.
Goodyear Bicycle Tires have announced the expansion of their portfolio in collaboration with Rubber Kinetics for high and ultra-high performance Eagle F1 product ranges, including tan sidewall and tubeless construction options. Continental unveiled its new Urban Taraxagum bicycle tire under its sustainability initiative, made primarily from dandelion rubber. Air Fom unveiled a flagship bicycle tire system which includes multi-foam inserts instead of conventional air pressurized tubes to eliminate punctures.
More on the Report
FMI provides in-depth insights on the bicycle tires market. The market is segmented in terms of bicycle type (mountain, hybrid, electric, comfort, youth, cruiser, road), product type (tube tire, tubeless tire, and solid tire), tire size (up to 12 inch, 12 to 22 inch, and above 22 inch), and sales channel (OEM and aftermarket), across six regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
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