Bicycle Tires Market

Global Bicycle Tires Market size was valued at USD 8.39 Bn in 2023 and is expected to reach USD 13.57 Bn by 2030, at a CAGR of 7.1 %.

Bicycle Tires Market Overview:

Bicycle tires are essential components of bicycles, serving as the point of contact between the bike and the road surface. Bicycle tires are constructed from a combination of materials, typically including rubber, fabric, and sometimes metal wires. The design and construction of these tires have evolved over time, leading to a variety of tire types tailored to specific cycling needs. Key factors in tire selection include size, tread pattern, and inflation pressure. The range of available options allows cyclists to choose tires that best suit their intended use, whether for road, mountain, hybrid, or specialized purposes.

The growing popularity of bicycling throughout the world is expected to create possibilities in the global bicycle tire market during the forecast period. In the global market for bicycle tires, there are three types of products: tubed, tubeless, and airless tires.To know about the Research Methodology :- Request Free Sample Report

Bicycle Tires Market Dynamics

Pedestrians have been driven to utilize bicycles for their daily commute for a variety of reasons, including environmental concerns, health, and fitness. As a result, the market has seen an increase in demand for new bicycles for a variety of uses, including ordinary on-road riding, off-road biking, and sports. Thus, health-conscious people all around the world are turning to physical hobbies like cycling as it is an effective way to promote improved health and a greener method of transportation. These above-mentioned factors are expected to drive the market's growth during the forecast period.

In addition, global fuel prices have risen dramatically, leading car owners to seek out alternate forms of transportation. Primary energy consumption increased by 1.3 percent in 2023 compared to 2.8 percent in 2022, according to the BP Statistical Review of World Energy. In 2022, oil consumption increased by a lower-than-average of 0.9 million barrels per day. Bicycle sales have increased dramatically, in 2022, worldwide bicycle ownership surpassed 1 million units, with China accounting for the largest portion of 450,000 units. Similarly, citizens of the United States are spending US$ 81 million annually on biking. All these factors are expected to drive the growth of the Bicycle Tires industry during the forecast period.Opportunities: The most sought-after bicycle tires are those that are both cost-effective and high-performing. Customers are also likely to be looking for tires that are mature, long-lasting, and cost-effective. Reduced costs, product innovation, and market possibilities are expected to be created through long-term supply relationships with manufacturing businesses and distribution channel players.

Restraints: A large quantity of CO2 is released during the manufacture of bicycle tires, resulting in pollution. As a result, countries have imposed strict environmental rules on tire production. The use of toxic solvents and other chemicals in tire manufacture, which generates harmful emissions, exacerbates pollution during rubber processing. Cycling is regarded as the greenest mode of transportation, however, the trash created by bicycle tires pollutes the environment. Butyl rubber, a synthetic substance that does not biodegrade, is commonly used in inner tubes and tires. As a result, the negative environmental effect of tire manufacturing is expected to hamper the market's growth during the forecast period.

Bicycle Tires Market Segmentation Analysis

By Type, Tubed tires are expected to lead the entire bicycle tire market in 2023, accounting for roughly 57 percent of total market sales. Tubed tires have been adopted by several prominent bicycle manufacturers over the years due to their simplicity of installation and cheap assembly cost. Due to the presence of strong, yet elastic rubber, tube tires offer a high degree of robustness and stability when riding, allowing them to be used for extended periods. As a result, the segment is expected to maintain its dominance in the market during the forecast period.
Tubeless tires have become increasingly popular as the demand for more durable tires grows. In 2023, the segment accounted for 43% of the market as these tires are more puncture-resistant and durable. Tubeless tire usage has been hampered by factors such as increased installation costs and the necessity for spoke-less wheels on bicycles. With the growing popularity of tubeless tires, Continental released the tubeless Grand Prix 5000 road tire in 2018, which features a 12 percent lower rolling resistance, a 20% increase in puncture resistance, and is 10 grams lighter than the previous model. Thus, tubeless tires, puncture-resistant tires, and other advances are expected to be driving factors for the growth of the segment during the forecast period.

Bicycle Tires Market Regional Insights

North America dominated the largest market share in 2023 and is expected to grow at a significant CAGR over the forecast period. A well-established cycling culture, with a growing interest in recreational and competitive cycling. There is a preference for road and hybrid bike tires, driven by urban commuting and long-distance touring. Additionally, mountain biking is popular in regions with rugged terrain, influencing the demand for durable off-road tires.

The United States accounts for around 6% of the worldwide bicycle tire market. It is expected to increase at a rate of almost 4% during the forecast period. Electric bikes have a lot of room for development, with a CAGR of over 12% expected through 2030. As people become less willing to utilize public transit as a result of the COVID-19 epidemic, reliance on personal mobility has encouraged growth in the country's cycling sector, boosting demand for bicycle tires. For instance, according to the non-profit rails-to-trails conservancy, trail usage has increased by 3x since March 2021. As a result of this rising tendency, sales of bicycle aftermarket products, like bicycle tires, are expected to grow during the forecast period. As individuals become more hesitant to use public transit, reliance on private travel implies adopting ecologically friendly options, resulting in a surge in the regional bicycle market, allowing opportunity for growth in the bicycle tire market.

The Asia Pacific is expected to grow at 5% during the forecast period. India provides a highly opportune market, owing to the presence of a huge middle-income population. Between May and September 2021, over 4 million bicycles were sold in India, according to the All-India Bicycle Manufacturers Association, as people understood the necessity of keeping correct social distance amid the pandemic crisis, as well as the importance of improving physical fitness.

In the Asia Pacific, China holds about 90 percent of the bicycle tire market. As customers seek alternatives to public transportation, China's bike production surged substantially in 2023 compared to 2019. China is renowned as the "Kingdom of Bicycles" since it produces the most bicycles in the world. China continues to be a major producer of bicycles and bicycle tires across the world. Companies that provide bicycle-sharing services in China are aggressively extending their operations in countries like India and Australia.

The French bicycle tire market is expected to grow during the forecast period due to increasing investment from major manufacturers. By the end of 2023, it is expected to be worth almost US$ 100 million, indicating an annual rise of more than 6%. France, like Italy, has implemented a compensation and subsidy scheme to reduce pollution levels. The French government set aside € 20 million in April 2020 for everyone to have bike repairs of up to € 50 at registered mechanics. By 2022, the U.K. bicycle tire market is expected to increase at an annual pace of more than 8%, with a market value of more than US$ 42 million. According to figures from the United Kingdom Bicycles Association, sales of bicycle tires increased by an amazing 63 percent between April and June 2020.

COVID-19 Impact on the Bicycle Tires Market

The COVID pandemic has had a significant influence on the market in terms of sales, with more than 44% of unit sales being impeded due to disruptions in manufacturers' shipping capacities as a result of strict lockdown regulations and rising safety concerns.

Manufacturing has been suspended, and the supply chain has been affected, resulting in a reduction in tire exports during the epidemic. Raw material costs account for 65-70 percent of total tire costs. When there is an increase in the cost of raw materials such as nylon and polyester, as well as rubber fluctuating pricing of raw materials, takes place, which is a major challenge that the tires market faced due to the COVID-19 pandemic.

Competitive Landscape

The global bicycle tire market is highly competitive and diverse, with key players like Continental AG, Schwalbe, Michelin, Maxxis, and others offering a wide range of high-quality tires catering to different cycling disciplines and terrains. These manufacturers emphasize innovation, sustainability, and market positioning. New entrants should prioritize product quality, innovation, sustainability, and cost-efficient manufacturing to succeed. As the cycling industry evolves with emerging technologies and changing consumer preferences, the competitive landscape continues to shift. Adapting to market trends and meeting consumer demands will be essential for sustained success in the dynamic global bicycle tire market.

For instance, Continental, a leading tire manufacturer, is celebrating its 150th anniversary. Since its inception in 1871, the company has been a pioneer in the tire industry, introducing innovations like the first treaded tire, tubeless tire, and winter tire. Continental is committed to sustainability, aiming to manufacture all its tires from 100% sustainable materials and achieve a climate-neutral supply chain by 2050. The company is also at the forefront of digitalization in the tire industry, offering smart and digital tire solutions and services. Continental's history is marked by technological excellence, safety, and a focus on environmental responsibility.

Bicycle Tires Market Scope: Inquiry Before Buying

Bicycle Tires Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East & Africa (South Africa, GCC, Egypt, Nigeria and the Rest of ME&A)

Bicycle Tires Key Players

1. Schwalbe Tires North America Inc.
2. Trek Bicycle Corporation
3. Fyxation Bicycle Co.
4. Continental
5. Kenda Tires
6. Hutchinson
7. Suomi Tyres
8. Michelin
9. Vittoria Group
10. Kenda Tires
11. Cheng Shin Rubber Ind. Co. Ltd. (Cheng Shin Tire)
12. Maxxis International-USA
13. Suomen Rengastehdas Oy
14. Ralson Tyres
15. Zhongce Rubber Group Company Limited
16. Hwa Fong Rubber Ind. Co. Ltd.

Frequently Asked Questions:

1] What is the growth rate of the Global Bicycle Tires Market?
Ans. The Global Bicycle Tires Market is growing at a significant rate of 7.1 % during the forecast period.

2] Which region is expected to dominate the Global Bicycle Tires Market?
Ans. North America region is expected to dominate the Bicycle Tires Market growth potential during the forecast period.

3] What is the expected Global Bicycle Tires Market size by 2030?
Ans. The Bicycle Tires Market size is expected to reach USD 13.57 Bn by 2030.

4] Which are the top players in the Global Bicycle Tires Market?
Ans. The top players in the market include Schwalbe Tires North America Inc., Trek Bicycle Corporation, Fyxation Bicycle Co., Continental and others.

5] What are the factors driving the Global Bicycle Tires Market growth?
Ans. The health-conscious people all around the world are turning to physical hobbies like cycling is key growth driver for the market expansion.