High sky rocketed fuel prices across the globe and the awareness about health and its benefits are the major drivers for the market.
According to the current analysis of Introspective Market Research, the global Bicycle Tire Market was valued at USD 6.66 Billion in 2019 and is expected to reach USD 8.49 Billion by the year 2026, at a CAGR of 5.22%.
Due to the increase in fuel prices the consumers are leaning more towards the environmentally friendly ways for the means of transport which is also increasing the sales of the bicycle market. From the development of the technology and being used in the bicycles and also the introduction of tubeless tires is boosting the growth of the Bicycle Tire Market. Bicycle manufacturers are adapting new technologies for the production of better eco-friendly and the easily accessible bicycles which is making the bicycle tire market more attractive.
The main focus is laid on the technological aspects which helps in offering the customer-friendly experience by equipping bicycles with more safe facilities. The sales for Asia-Pacific region is estimated at a CAGR of 5.14% showing remarkable growth in the forecast period. Also, the rising popularity of cycling competition and the interest of customer towards the health issues are propelling the growth of the market.
Due to the fuel and oil prices skyrocketing the market, customers are more favorable for the bicycles which also provides them with a lot of health benefits. According to a statistical report by the review of World Energy, the energy consumption rate went down by 1.3% in the year 2019 compared to the 2.8% in the year 2018. Indicating that the sales of the bicycles market witnessed an exceptional increase that year. Also due to the pandemic, there were a few glitches in the growth of the market but then the awareness for health among the public and the high avoidance of public transport increased the sales of the bicycle tire market.
The Bicycle Tire Market is segmented by Bicycle Type (Mountain, Hybrid, Electric, Comfort, Youth, Cruiser and Road), by Product Type (Tube Tire, Tubeless Tire, Solid Tire), by Tire Size (Up to 12-inch, 12-22 inch, Above 22 inch), by Sales Channel (OEM and Aftermarket). The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- More manufacturers are likely to have an access and shop from the Bicycle Tire stores for tubeless tires over 50% and increase the Bicycle Tire market share by 45.90% in the year 2021.
- Due to the outbreak of corona virus and the lockdown restrictions witnessed across the globe, there was an increase of 40% Bicycle Tire shops and the market witnessed exponential boost especially for the electric bikes.
- The segment OEM i.e. Original Equipment Manufacturers witnessed a large growth during the year 2019-2020 due to the consumers leaning more towards the health benefits and their preference for mountain and road bike.
- The United States bicycle tires market was valued at over USD 3.89 billion in the year 2026 and is expected to grow with the CAGR of 5.46% in the forecast period.
Key Participants like Vittoria, Continental AG, Apollo Vredestein, Maxxis, Challenge Tires, Freedom Bicycle, Kenda Tires, Suomi Tires, Cheng Shin Rubber, Bridgestone, Trek Bicycle Corporation and Many Others.
For this report, Introspective Market Research have segmented the Bicycle Tire markets market on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM