The bicycle tires market is set for significant expansion, projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2033. The market, valued at approximately USD 7.8 billion in 2023, is expected to reach USD 14.6 billion by 2033.
Market Growth
The bicycle tires market has shown steady growth, driven by the increasing popularity of cycling for various uses including commuting, fitness, recreation, and competitive sports. As more individuals adopt cycling as a preferred lifestyle choice and governments enhance cycling infrastructure, the demand for high-quality bicycle tires continues to rise.
Technological Advancements
Innovations in bicycle tire design and manufacturing are focusing on enhancing performance, durability, and puncture resistance. Key technological advancements include:
Tubeless Tire Technology: Eliminates the need for inner tubes, reducing weight and rolling resistance while improving puncture protection.
Advanced Rubber Compounds: Provide better grip, traction, and durability across different weather conditions and terrains.
Puncture-Resistant Materials: Incorporate layers of Kevlar, aramid fibers, or proprietary materials into tire casings to minimize the risk of punctures and flats.
Optimized Tread Patterns and Compounds: Refine tread designs and rubber formulations to suit specific riding conditions such as wet weather, loose gravel, or hard-packed trails.
These advancements are shaping the future of the bicycle tire market, catering to the evolving needs of cyclists and contributing to the overall growth of the industry.
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Key Takeaways from the Bicycle Tires Market Report:
- 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.
Competitive Landscape:
Some of the market’s strongest competitors are making investments in studies and research (R&D) 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.
Leading Key Players:
- 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
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Bicycle Tires 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
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