The bicycle tires market is expected to witness significant growth over the assessment period owing to increasing bicycle ownership in response to discovering eco-friendly alternatives to conventional fossil-fuel-driven vehicles which have heightened sales of bicycles. From the introduction of tubeless tires to hybrid bikes, bicycle tire manufacturers are introducing a slew of innovative products to deepen market penetration.
According to the latest reports by Future Market Insights, the global bicycle tires market offers refined projections for the bicycle tires market. According to the historical analysis, the global bicycle tires market registered an opulent growth of over 6% until 2021.
The growth in the global bicycle tires market is attributed to the expanding bicycle fleet in the wake of catapulting fuel prices, promoting vehicle owners’ order to investigate cheaper transportation alternatives.
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The bicycle tires market is registering a robust increase over the assessment period as their key emphasis is laid on technological improvements that aid in providing a rider-friendly experience by equipping bikes with enhanced safety features. The market is predicted to grow across more than 20 countries because an exclusive section is dedicated to the potential impacts and implications of the COVID-19 pandemic.
Owing to the surging popularity of cycling competitions in sports events has also broadened the scope of aftermarket tire sales which is attributed to the persistent need for maintenance services. The electric bicycle segment is expected to provide growth opportunities to the bicycle tires market. Therefore, the market is poised to embark on a positive growth trajectory until 2031. After the upliftment of Covid-19 restrictions, the global bicycle tires market witnessed significant progress due to the resumption of biking activities all over the world.
Key Takeaways
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Competitive Landscape
The bicycle tire market is known to be moderately competitive, as it comprises the presence of a large number of players offering cost-competitive products. Major players are focusing to curve a niche for specific demography. Manufacturers are focusing on strategic collaborations with regional distributors to address the requirements of an expanding customer base. Suppliers also are adopting acquisition and regional expansion strategies to strengthen their foothold.
Key Companies Profiled
Bicycle tire Market
By Bicycle Type
By Product Type
By Tire Size
By Sales Channel
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More Insights into the Bicycle Tires Market
The U.S. bicycle tires market was anticipated to surpass US$ 520 Mn by 2021. Over the current estimation period, the global market is expected to surge by nearly 4% through 2030. Maximum growth opportunities abound across the electric bikes segment, poised to register approximately 12% CAGR through 2030. The growth is also attributed to the higher sales of bicycle aftermarket products, including bicycle tires, which are expected to register an upward-sloping curve in upcoming years.
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The post Bicycle Tires Market to Showcase a positive growth trajectory until 2031, Owing to Hike in Sustainable Transportation Requirements appeared first on Future Market Insights.