The bicycle tires market is expected to display healthy growth of around 5% CAGR for the forecast period between 2020 and 2030. The demand for bicycle tires has been largely driven by growing levels of health awareness in urban regions. Efforts towards emission reduction such as bicycle sharing programs and dedicated infrastructure of bicycling activities in public areas by governments is also expected to bolster the use of bicycles, which in turn supports sales of bicycle tires.
“Sustained rise in the prices of fuel is one of the leading factors stimulating demand and generating opportunities in the global bicycle tire market. Growing concerns associated to environmental degradation, and the resultant need for environmental-friendly alternatives for transportation will influence developments in the long-term,” says the FMI study.
Bicycle Tires Market – Leading Takeaways
- Sport and hybrid tire applications are reflecting strong growth in demand, with advancements in macro materials.
- Tires for road bicycles are highly sought after driven by high rate of adoption in emerging economies in Asia and Latin America.
- Asia Pacific is a leading market, driven by government initiatives and a substantially larger consumer population.
Bicycle Tires Market – Growth Factors
- The significant rise in professional cycling sports and recreational events is a key factor bolstering sales.
- The higher replacement rate of bicycle tires, as compared to other components is driving purchases.
Bicycle Tires Market – Constraints
- Limited cycling infrastructure, particularly in emerging economies is a constraining factor hindering applications.
- The fragmented and competitive nature of the bicycle tires industry hurts profitability for market players.
Expected Impact on Market by Coronavirus Outbreak
The coronavirus pandemic has had a moderately adverse impact on the bicycle tires market. Lockdown restrictions on outdoor activities, trade, and the disruptions in terms of raw materials have hurt short term demand.
However, increased health awareness during the pandemic has generated key opportunities which are likely to continue even after the crisis passes. Moreover, sales through e-commerce channels will also rise and generate opportunities for sales, minimizing losses, and aiding faster recovery in the months ahead.
Some of the leading manufacturers participating in the bicycle tires market are 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 and Ralf Bohle GmbH among others.
Leading players in the bicycle tires market have displayed higher interest in the expansion of product portfolios with the aim of incorporating design and material improvement, aimed towards varied demographics.
For instance, Continental has unveiled the Urban Taraxagum bicycle tire as a part of the company’s sustainability strategy, made from dandelion rubber. Goodyear has announced the launch of its Eagle F1 and Eagle F1 Supersport tires that use graphene technology for lightweight characteristics. Pirelli Tire S.p.A. released the P Zero Race TLR SL and P Zero Race TLR bicycle tires aimed for professional road racing and high performance cycling applications.
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More on the Report
FMI’s provides in-depth insights on the bicycle tires market. The market is segmented in terms of bicycle type (mountain, hybrid, electric, comfort, youth, cruiser, and road), product type (tube tire, tubeless tire, and solid tire), tire size (up to 12 inch, 12 to 22 inch, 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).
Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
4. Key Success Factors
4.1. Strategic Promotional Strategies
5. Global Bicycle Tires Market Demand Analysis 2015-2019 and Forecast, 2020-2030
5.1. Historical Market Volume (‘000 Units) Analysis, 2015-2019
5.2. Current and Future Market Volume (‘000 Units) Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
6. Global Bicycle Tires Market – Pricing Analysis
6.1. Regional Pricing Analysis By Bicycle Type
6.2. Global Average Pricing Analysis Benchmark
7. Global Bicycle Tires Market Demand (in Value or Size in US$ Mn) Analysis 2015-2019 and Forecast, 2020-2030
7.1. Historical Market Value (US$ Mn) Analysis, 2015-2019
7.2. Current and Future Market Value (US$ Mn) Projections, 2020-2030
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis