Current Trends in the Global Bicycle Tires Market: Some Key Questions
2021-02-11 | Future Market Insights | Automotive
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.
How is the rise in fuel prices affecting the global bicycle tires market?
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.
How is the growth of electric vehicles affecting the global bicycle tires market?
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.
What is the impact of increasing environmental concerns on the 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.
What is the regional distribution for the global bicycle tires market?
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.
What are the different categories in bicycle tires prevailing in the global market?
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.
What is the current competitive landscape in the global bicycle tires market?
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.
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.