Bicycle Tire Sales Augmented by Growing E-bike Popularity: Study
ESOMAR-certified Future Market Insights (FMI) has recently published a report on the global bicycle tires market,expecting it to register a growth of 2.7% in 2021 over 2020. The outlook is poised to remain robust over the upcoming decade to register 7.5% value CAGR between 2020-2030.
Bicycle Tires Market
A recent market study published by FMI on the Global Bicycle Tires market includes industr...
The electric vehicle (EV) revolution has dramatically altered the global automotives landscape. As environmental sustainability concerns mount, governments are calling for a swift transition towards alternative fuel sources to reduce carbon footprint. Hence, the market for electric vehicles is proliferating immensely. The 2020 Global EV Outlook published by the International Energy Agency (IEA) concluded that electric vehicle sales reached 2.1 million units in 2019, registering a 40% yearly increase.
This has spelt favorable conditions for the expansion of electric two-wheelers as well. Electric bikes are gaining momentum, providing tire manufacturers fertile ground for expansion. Furthermore, aggrandizing trends surrounding recreational biking is expected to stimulate cruiser bike sales, with Future Market Insights predicting its growth to be valued at 5% by 2021-end. Convenience is also becoming the need of the hour, with preference for foldable e-bikes acquiring major prominence.
- Demand for electric bike tires to skyrocket, generating a revenue share of nearly 41% through 2030
- By product type, tubeless tires to record impressive sales, reaching US$ 2.3 Bn by 2020-end
- 12-22 inch sized bicycle tires to register Y-o-Y growth worth over 7% in the next few years
- By sales channel, aftermarket tire sales to account for a majority of the market share across the forecast period
- Opportunities abound across South Asia & Pacific, with India pivoting growth
- United States to hold nearly 90% share of North America bicycle tire market
- UK poised to expand at a Y-o-Y rate of over 8% across the forecast period
- Germany and France to exhibit stable growth, accounting for annual growth surpassing 11% by 2021
- Japan and South Korea to remain attractive growth hotspots
“Increasing traffic congestion problems combined with strict carbon emission standards are compelling vehicle owners to opt for alternative transportation options, thereby increasing bike sales and eventually providing traction to the bicycle tires market,” says the FMI analyst.
Prominent players operating in the global bicycle tires landscape include 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, Continental AG and Ralf Bohle GmbH.
Primary emphasis is laid on aftermarket sales as end-users seek regular maintenance services. This has helped the aforementioned players consolidate their position in the global market. Additionally, capacity expansion through collaborations, acquisitions and product launches are also relied upon.
More Insights on FMI’s Bicycle Tires Report
Future Market Insights, in its new report, offers an unbiased analysis of the global bicycle tires market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the bicycle tires on the basis of bicycle type (mountain, hybrid, electric, comfort, youth, cruiser & road), product type (tube tire, tubeless tire & solid tire), tire size (up to 12 inch, 12-22 inch & above 22 inch) and sales channel (OEM & aftermarket) across six prominent regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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