Bicycle Tire Market is projected to Reach US$ 2.7 Bn at a CAGR of close to 8% over the forecast period of 2021-2031

Bicycle Tire Market 2022

The global bicycle tire market is projected to expand at a CAGR of close to 8% over the forecast period of 2021-2031. With an absolute dollar opportunity of around US$ 2.7 Bn, East Asia is expected to be the most lucrative market for bicycle tire suppliers. 

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Rising popularity of sporting and recreational activities has driven aftermarket tire sales, owing to regular requirement for tire maintenance services. The manufacturing sector has experienced substantial growth in recent years, and this trend is expected to continue in the future.

Bicycle tires will experience higher sales than ever before as demand for bicycles, especially e-bikes, mountain bikes, and road bikes, surges across regions. Tubeless tires will be in particularly high demand, and the need for increased grip and hassle-free riding experience will continue to grow over the coming years.

Key Companies-

• Cheng Shin Rubber Ind Co., Ltd.
• HUTCHINSON
• Trek Bicycle Corporation
• The Goodyear Tire & Rubber Company
• Specialized Bicycle Components
• MICHELIN
• Myth

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Key Takeaways from Market Study

• Low-cost manufacturing in Southeast Asia and Africa, as well as new transportation routes, are expected to fuel demand for bicycle tires by opening up significant logistic opportunities.
• Government laws and regulations that enforce the provision of incentives for the adoption of e-bikes are in place in European countries such as Germany, Denmark, and the Netherlands, which will boost sales of bicycle tires.
• Tubeless tires to account for over 40% of the global market value due to capability of steadiness, less frequent punctures, and better grip.
• Due to a positive outlook for bicycle sales, demand in South Asia and Asia Pacific is increasing. Aggressive marketing of prospective distributors in key countries in South Asia and Pacific, as well as MEA, may benefit players in these regions even more.
• Around half of global bicycle tire sales are projected to come from East Asia.
• Tire size 12-22 inches would be the most in demand, accounting for nearly 40% of total market share.
• Aftermarket sales channel to account for nearly two-third of overall of bicycle tires.

"Increasing traffic and deteriorating congestion & air quality are putting the spotlight on cycling as an environment-friendly mode of transportation, thereby catalyzing demand for bicycle tires," says a Persistence Market Research analyst.

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Conclusion

Due to rising bicycle sales and an increasing number of people opting for environment-friendly e-bikes, demand for bicycle tires will grow significantly. Environmental legislations are also putting pressure on producers to develop products that incorporate technological advancements. The bicycle accessory market is also expected to grow due to low-cost parts manufacturing in Southeast Asia as well as new transportation corridors in the making.

Key Questions Answered in This Report.

What will the Market growth rate in Future?
What are the key factors driving the global Market?
Who are the key manufacturers in Market space?
What are the opportunities and threats faced by the vendors in the global industry?
What are sales, revenue, and price analysis by regions of industry?

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