According to the latest report by Future Market Insights, the bicycle tires market growth is projected to witness substantial growth, with a Compound Annual Growth Rate (CAGR) of 6.4% from 2023 to 2033. The market is expected to achieve a valuation of US$ 7.8 billion in 2023, and by the year 2033, sales of bicycle tires are anticipated to soar to US$ 14.6 billion.
Market Growth: The bicycle tires market has experienced steady growth driven by the increasing popularity of cycling for various purposes such as commuting, fitness, recreation, and competitive sports. As more people embrace cycling as a lifestyle choice and governments invest in cycling infrastructure, the demand for high-quality bicycle tires continues to rise.
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Market Players: The bicycle tires market is served by a variety of manufacturers, including established tire brands, specialized bicycle tire manufacturers, and OEM suppliers. Major players in this market may include companies such as Continental AG, Michelin, Schwalbe, Maxxis International, and Vittoria Industries, among others.
Technological Advancements: Technological advancements in bicycle tire design and manufacturing focus on improving performance, durability, and puncture resistance. This includes innovations such as:
Tubeless tire technology: Eliminating the need for inner tubes for reduced weight, lower rolling resistance, and improved puncture protection.
Advanced rubber compounds: Offering enhanced grip, traction, and durability in various weather conditions and terrains.
Puncture-resistant materials: Reinforcing tire casings with layers of Kevlar, aramid fibers, or proprietary materials to reduce the risk of punctures and flats.
Tread patterns and compounds: Optimizing tread designs and rubber formulations for specific riding conditions, such as wet weather, loose gravel, or hard-packed trails.
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 FMI analyst.
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.
Top Key Companies in Bicycle Tires Market
- 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
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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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