Bicycle Tires Market Key Players & Growth Strategies Adopted by Them | Latest report by FMI

The bicycle tires market is predicted to expand significantly over the course of the assessment period due to rising bicycle ownership as a result of the discovery of environmentally favorable alternatives to traditional fossil-fuel powered vehicles, which has increased sales of bicycles. Bicycle tire makers are launching a slew of innovative products, from hybrid bikes to the introduction of tubeless tires, to increase market penetration.

The market for bicycle tires is expected to experience significant growth in the future, driven by several factors including the increasing popularity of cycling as a mode of transportation and the growing trend towards e-bikes and other electric-powered bicycles.

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One of the main drivers of growth in the bicycle tire market is the increasing popularity of cycling as a mode of transportation, particularly in urban areas. With more people using bicycles for commuting and other everyday activities, there is a growing demand for high-quality, durable, and efficient tires that can withstand the demands of daily use.

Another key factor driving the growth of the bicycle tire market is the increasing trend towards e-bikes and other electric-powered bicycles. These bikes require specialized tires that can handle the higher speeds and heavier loads associated with electric-assisted cycling. As the market for e-bikes continues to grow, the demand for specialized bicycle tires is expected to increase as well.

Key Takeaways

  • Sustainable transportation is acquiring high momentum, owing to the surging concerns associated with high carbon emission levels over the recent years. According to the estimations by International Energy Agency, global energy-related carbon dioxide emissions have increased by around 2% to reach 33.1 gigatonnes in 2018.
  • On the global scale, around 1.3 billion automobiles consume 79 quadrillions of BTU, mostly gasoline and diesel. Approximately 15% of the total greenhouse gases and 22% of CO¬2 emissions are attributed to transportation. Concerned by this, governments worldwide are proactively seeking to reduce their emission levels by switching to renewable alternatives.
  • A prominent increase has been witnessed in the sales of bicycles which has resulted in generating improved growth prospects for several types of bicycle tires over the upcoming forecast period.
  • As people are becoming more sustainably conscious, hybrid vehicles are gaining significant traction with sales surpassing around 2 million units until 2019, revealed by the Global EV Outlook Report. According to FMI estimations, it is predicted that the global e-bicycle fleet is likely to witness an expansion of 130 million units between 2020 and 2023.
  • Owing to the technological advancements over the recent years in the electrification of two and three-wheelers, cars, and buses advances, their market is anticipated to witness an exponential surge. Ambitious policy announcements have proven highly instrumental in stimulating the electric vehicle rollout across lucrative markets.
  • Due to the intensification of the pandemic crisis, people are surging seeking safer transportation alternatives and increasingly avoiding public transportation systems including subway trains, buses, or taxis. This change has surged the sales of e-bikes. Prominent manufacturers in the bicycle tires industry are shifting towards e-bikes as well. Bicycle tire manufacturers now have another lucrative sales channel in the e-bike market, going by market trends, e-bike sales are set to grow at a higher CAGR vis-à-vis traditional bicycles.

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Competitive Landscape

The bicycle tire market is known to be moderately competitive, as it comprises the presence of a large number of players offering cost-competitive products. Major players are focusing to curve a niche for specific demography. Manufacturers are focusing on strategic collaborations with regional distributors to address the requirements of an expanding customer base.  Suppliers also are adopting acquisition and regional expansion strategies to strengthen their foothold.

Key Companies Profiled

  • Cheng Shin Rubber Ind Co., Ltd.
  • Trek Bicycle Corporation
  • The Goodyear Tire & Rubber Company
  • Specialized Bicycle Components
  • Mitas
  • Pirelli & C. S.p.A.
  • Giant Bicycles
  • Continental AG

Bicycle tire Market

By Bicycle Type

  • Mountain
  • Hybrid
  • Electric
  • Comfort
  • Youth
  • Cruiser
  • Road

By Product Type

  • Tube Tire
  • Tubeless Tire
  • Solid Tire

By Tire Size

  • Upto 12 inch
  • 12 to 22 inch
  • Above 22 inch

By Sales Channel

  • OEM
  • Aftermarket

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More Insights into the Bicycle Tires Market

 The U.S. bicycle tires market was anticipated to surpass US$ 520 Mn by 2021. Over the current estimation period, the global market is expected to surge by nearly 4% through 2030. Maximum growth opportunities abound across the electric bikes segment, poised to register approximately 12% CAGR through 2030. The growth is also attributed to the higher sales of bicycle aftermarket products, including bicycle tires, which are expected to register an upward-sloping curve in upcoming years.

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.


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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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