The global bicycle tire market is projected to expand at a CAGR of close to 8% over the forecast period of 2021-2031.
Rising popularity of sporting and recreational activities has driven aftermarket tire sales, owing to regular requirement for tire maintenance services. The manufacturing sector has experienced substantial growth in recent years, and this trend is expected to continue in the future.
Bicycle tires will experience higher sales than ever before as demand for bicycles, especially e-bikes, mountain bikes, and road bikes, surges across regions. Tubeless tires will be in particularly high demand, and the need for increased grip and hassle-free riding experience will continue to grow over the coming years.
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Key Takeaways from Market Study
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“Increasing traffic and deteriorating congestion & air quality are putting the spotlight on cycling as an environment-friendly mode of transportation, thereby catalyzing demand for bicycle tires,” says a Persistence Market Research analyst.
Market Landscape Identified to Be Fairly Fragmented
The global bicycle accessory market has been characterized as a highly fragmented space, with the unorganized sector accounting for a significant portion of the total market.
Some of the leading market participants included in this report 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, and Continental AG, who account for a fair share of the market.
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To increase market footprint, key players are focusing on research and innovation for the development of better products. To meet the needs of an increasing customer base, manufacturers are pursuing strategic alliances with regional end consumers, distributors, and other market participants. Key players are collaborating and forming alliances with other regional players and automobile manufacturers.
Due to rising bicycle sales and an increasing number of people opting for environment-friendly e-bikes, demand for bicycle tires will grow significantly. Environmental legislations are also putting pressure on producers to develop products that incorporate technological advancements. The bicycle accessory market is also expected to grow due to low-cost parts manufacturing in Southeast Asia as well as new transportation corridors in the making.
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Persistence Market Research, a research and consulting firm, has published a revised market research report on the bicycle tire market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031. The report provides in-depth analysis of the market through different segments, namely, product type, tire size, sales channel, bicycle, and region.
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