Recently, there has been significant growth in the global bicycle tires market because of growing awareness regarding the healthy lifestyle among many of the population globally. As a result of this, health enthusiasts from all across the globe are more inclined toward performing physical activities, for instance, cycling, to stay fit and healthy. Therefore, there is notable growth in demand for bicycles globally, eventually increasing the demand for bicycle tires. Along with this, the continuously growing fuel prices are another major factor stimulating the demand for bicycle tires and creating opportunities in the global market.
Data Bridge Market Research shows that the Bicycle Tires Market accounted for USD 1.34 billion in 2022 and is expected to reach 2.18 billion by 2030. The market is expected to grow with a CAGR of 6.30% from 2023 to 2030.
"Growing demand for green transportation is expected to drive the market growth"
The increasing demand for green transportation among large populations globally is anticipated to drive the market's growth from 2023 to 2030. As per the report of WHO, air pollution is one of the major death factors. Furthermore, passenger trucks and vehicles are the main reasons for air pollution because these vehicles generate large amounts of nitrogen monoxide, carbon monoxide, and other pollutants. Thus, the increasing demand for green transportation, such as bicycles, positively increases the demand for bicycle tires and is likely to boost the market growth in the forecast period.
What restraints the growth of the bicycle tires market?
"Negative environmental impact of tire manufacturing"
A large quantity of carbon dioxide gas is released during the manufacture of bicycle tires. As a result, various nations have imposed strict guidelines on manufacturing bicycle tires. In the rubber processing industry, for the production of bicycle tires use toxic chemicals, which release harmful gases and exacerbate pollution. These factors hamper the market's growth in the forecast period.
Segmentation: Global Bicycle Tires Market
The bicycle tires market is segmented on the basis of bicycle type, product type, width, size, and application and distribution channel.
- On the basis of bicycle type, the market is segmented into mountain, hybrid, electric, comfort, youth, cruiser, road.
- On the basis of product type, the market is segmented tube tire, tubeless tire, solid tire. On the basis of width, the market is segmented into 18mm - 32mm, 32mm - 52mm, above 52mm.
- On the basis of size, the market is segmented into up to 12 inch, 12 inch - 22 inch, above 22 inch.
- On the basis of application, the market is segmented into on-road application, all terrain application.
- On the basis of distribution channel, the market is segmented into bicycle tire aftermarket, original equipment manufacturers (OEMS).
Regional Insights: Asia-Pacific is expected to dominate the bicycle tires market
Asia-Pacific is expected to dominate the market and is expected to grow significantly because of the rising demand for premium bicycles and the high adoption of bicycles in this region. Moreover, China dominates the bicycle tires in the Asia-Pacific region because of the presence of top global producers of bicycle tires, known as 'The Kingdom of Bicycles.' This factor will further boost the growth of the bicycle tires market in this region.
- In addition, Europe is likely to register the highest growth rate from 2023 to 2030 because of increasing awareness among the population regarding environmental concerns in this region. Furthermore, growing disposable income will further boost the market growth in this region.
Recent Developments: Global Bicycle Tires Market
- In 2020, Continental AG introduced a new product called Ultra sport III. This new product, "Ultra sport III" is a low-range sport tire for bicycle lovers. It provides great traction capacity and better grip in a low price range.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-bicycle-tires-market
The Prominent Key Players Operating in the Bicycle Tires Market Include:
- Trek Bicycle Corporation (U.S.)
- Amerityre (U.S.)
- The Yokohama Rubber Co., Ltd. (Japan)
- Trelleborg AB (Sweden)
- Continental AG (Germany)
- Bridgestone Corporation (Japan)
- Michelin (France)
- The Goodyear Tyre & Rubber Company (U.S.)
- Sumitomo Corporation (Japan)
- Hankook Tire & Technology Co.,Ltd. (South Korea)
- Toyo Tire Corporation (Japan)
- Shimano Inc. (Japan)
- Hero Cycles Ltd (India)
- Specialized Bicycle Components (U.S.)
- Currie Technologies (U.S.)
- OMAX Corporation (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of bicycle tires market companies contact? https://www.databridgemarketresearch.com/contact
Research Methodology: Global Bicycle Tires Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
