As per the analysis by PMR, the global bicycle tire market is expected to progress at a CAGR of 6.5% from 2019 to 2029, and reach a value worth US$ 9.6 Bn by the end of 2027. Increasing number of cyclists has resulted in growing demand for bicycles, and subsequently bicycle tires. The factors contributing toward this rise are growing traffic congestion and emergence of cycling as a leisure activity in tier-1 and tier-2 cities. Rapidly rising demand for e-bicycles is another factor giving impetus to market growth.
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Current and Upcoming Scenario of Bicycle Tires
- East Asia accounted for a prominent share of electric bicycle sales in 2018, with China registering a significant fleet of e-bikes, owing to a decent network of roads. The electric bicycle segment is expected to remain attractive during the forecast period.
- Bicycle tire manufacturers are providing multi-terrain commuting tires with customization to meet changing consumer requirements. For example, Otrajet, a Taiwanese manufacturer of bicycle tires, developed a solid NEXO airless tire with macro materials to meet users’ expectations of stability, weather-resistance, comfort, efficiency, and good traction. This is creating new horizons in the bicycle tire market.
- Additionally, growth in racing and adventure sports, such as off-road riding and dirt biking, will boost the growth of the bicycle tire market in the coming years.
- Frequent replacement of tires to improve ride quality is a common practice for off-road riders, creating potential opportunities for aftermarket growth.
- Online sales channels are gaining traction in the global bicycle tire market, as against physical retailers.
“The use of composite materials to make lightweight, durable, and multi-terrain bicycle tires is an ongoing trend being practiced by manufacturers of bicycle tires. The growing use of e-bikes along with conventional bicycles is further expected to augment market growth. Online sales channels have adjacently emerged as a prominent route for buyers and sellers of bicycle tires,” says a PMR analyst.
How is the Market Defined?
The global bicycle tire market has been found to be highly competitive, comprising a significant number of OEMs operating at local and global levels. Key players are expanding their global presence by following organic growth strategies such as acquisitions and establishment of new production facilities in potential regions such as Latin America, South Asia, etc., to fortify their business footprint beyond existing territories. Companies are also implementing brand promotion strategies such as sponsoring sport-based events to gain customer attention. For example, CST Tires, a brand of Cheng Shin Rubber Ind. Co. Ltd., sponsors the Tour of Qinghai Lake. Manufacturers are keen on producing high quality tires to enhance properties such as lightweight and durability. In addition to that, companies are producing multi-application bicycle tires that can be used on mountain, hybrid, or urban bicycles.
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Multi-terrain Oriented Bicycle Tires Being Offered by Manufacturers
Growing use of bicycles has led manufacturers to invest in producing all-terrain tires, contributing in the market growth. Growth in cycling activities such as adventure sports and professional cycling is expected to create striking opportunities for market growth. The bicycle tire market has lucrative aftermarket growth. The market in South Asia & Pacific is expected to witness extensive growth in the coming years, at a high CAGR.
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