Bicycle tires are essential components of every bike, used to generate traction and stability. In recent years, there have been a number of advances in bicycle tire technology, allowing cyclists to benefit from greater performance, comfort, and durability of tires.
The key market players are considering the rise eco-friendly initiatives to be the major driving factor for the global bicycle tires market. The bicycle tires market is projected to exhibit a robust 12% CAGR through 2030. The innovation and development of new products by various companies help to grow and expand the market by fulfilling the requirements of customers worldwide.
In the recent years, most of the major economies have witnessed a rapid rise in the fuel prices. The overall consumption of fuel for different purposes on a daily basis has also seen a boost. Governments have been making efforts to put a check on the situation but the inflated prices are not easy to be controlled. This has caused the growth of the global bicycle tires market by encouraging people all over the world to shift to using bicycles for transportation purposes other than fuel-operated vehicles. Many people are accepting this change gradually learning about the benefits of bicycles from the ecological perspective as well.
The advancement in technology and the rising environmental concerns are spurring the growth of electric vehicles worldwide. Various mergers and deals have been executed to start the manufacturing processes for electric vehicles in the emerging economies as well. The people are complying with this shift due to the convenience and efficiency offered by the electric cars, buses or two and three wheelers. The electric bikes market also witnessed a boost in the same period. As people are getting more aware of the sustainable projects, they are bending towards the latest products which are safe for the environment. This has caused the growth and expansion of the global bicycle tires market.
With the rapid rise in carbon dioxide emissions from numerous sources causing the greenhouse-effect, the people are getting aware about the significance of sustainable transport systems. The government has introduced multiple initiatives and reforms to promote the use of bicycles. The U.S. government announced to provide subsidies to the bicycle manufacturers in selective goods to ensure affordable costs of the bicycles to boost the growth of the market. Continuous use of fossil fuels in vehicles will lead to exhaustion of the non-renewable resource which can have severe impacts on the lives of people. The rise in environmental initiatives encourages people to shift their focus to sustainable transportation and will be the key driver for the market in the forecasted period.
The U.S. holds the largest share of the bicycle tires market in terms of revenue and products which is valued at approx USD 500M. The government has introduced several reforms to boost the growth of the market which will increase the demand of bicycles in the forecasted period. Europe has the second largest market for bicycle tires and are very popular in the UK, Italy, France and Germany, followed closely by the Asia-Pacific region where the government-introduced schemes have caused the growth in sales of bicycles thus causing the expansion of the global bicycle tires market in the forecasted period. Several market analysts have concluded that the global market for bicycle tires will witness further growth and development in the coming years owing to the environmental concerns and technological advancements.
The global market has multiple categories to offer depending upon the preferences and requirements of the buyers. The electric bikes are gaining popularity from the customers worldwide as they are safe for the environment and are designed with the latest technology to ensure the presence of maximum safety features. These factors will spur the growth of electric bicycle tires market which will account for the maximum share of CAGR in the forecasted period.
The tubeless bicycle tires are the major source of revenue for the bicycle manufacturers. The safety features of tubeless tires along with the less deflation rate encourages companies to invest their resources in the research of development. The conventional tube tires are still used by the majority of people owing to its stability and long-lasting properties. The different categories in the global bicycle tires market are expected to witness growth in the following years.
The demand for performance-oriented tires is on the rise as cyclists become more serious about their riding. Tires are no longer just a functional piece of equipment. They are now seen as a way to get the most out of a cycling experience. As a result, various cyclists are opting for tires that have been designed to maximize performance and durability.
Several of these tires feature advanced tread patterns and materials that improve grip in all conditions, from wet surfaces to hard-packed dirt trails. Certain brands specialize in making tires with specific features such as low rolling resistance and high puncture protection.
By incorporating these technologies into their designs, manufacturers are able to provide riders with an improved level of ride quality and comfort. Innovations have also reduced the risk of flat tires during long rides.
In recent years, there has been a noticeable shift towards a healthy lifestyle and awareness of the benefits of cycling. Rising shares of people have begun recognizing the positive physical, mental, and environmental impacts of cycling. It will lead to a marked increase in demand for bicycle tires suited for fitness regimens.
This shift towards healthy living has led to an increase in the variety of bicycle tires available on the market. Different types of tires are designed to suit different riding styles and terrain. For instance, road bike tires are designed to offer superior performance and grip on paved roads while mountain bike tires are designed to tackle tough surfaces.
The major companies in the market are focusing on technological advancements, research and development (R&D), and innovation of latest products to attain a competitive edge over the other players in the market. Some of the key competitors in the global bicycle tires market are Cheng Shin Rubber Ind. Co. Ltd, Trek Bicycle Corporation, The Goodyear Tire & Rubber Company, Specialized Bicycle Components, MICHELIN, Mitas, Pirelli, Giant Bicycles, Continental AG and Ralf Bohle GmbH.
For instance, in April 2021, the Smart Tyre Company and NASA have partnered to provide bicyclists the innovative air-free tire. The tires are constructed of a creative memory alloy that, when deformed, returns to its original shape.
In July 2022, The Vredestein Cargo, a new tire from Apollo Tyres, is intended specifically for micro mobility. The new tire will make its premiere at Eurobike 2022 in Frankfurt, Germany, and was created exclusively for electrically powered bicycles that are used for urban delivery.
The global bicycle tires market is projected to rise in the forecasted period due to the rise in environmental concerns and the advancement in technology. The negative impact of the COVID-19 pandemic-induced shutdowns will soon be overcome by the growing companies in the market. The rapid rise in fuel prices and electric vehicles are another major cause for the growth and development of the global bicycle tires market in the forecasted period. The key players are focusing on innovation and design through latest technology to ensure the production of efficient products for the customers all over the world.