New York, NY – Rising popularity of sporting and recreational activities has driven aftermarket tire sales, owing to the 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.
The global bicycle tire market is projected to expand at a CAGR of close to 8 percent over the forecast period of 2021-2031.
“Increasing traffic and deteriorating congestion and air quality are putting the spotlight on cycling as an environmentally-friendly mode of transportation, thereby catalyzing demand for bicycle tires,” says a Persistence Market Research analyst.
The global bicycle accessory market has been characterized as a highly fragmented space, with the unorganized sector accounting for a significant portion of the total market.
Some of the leading market participants included in this report are Cheng Shin Rubber Ind Co., Ltd., Hutchinson, Trek Bicycle Corporation, The Goodyear Tire & Rubber Company, Specialized Bicycle Components, Michelin, Mitas, Pirelli & C. S.p.A., Giant Bicycles and Continental AG, who account for a fair share of the market.
To increase market footprint, key players are focusing on research and innovation for the development of better products. To meet the needs of an increasing customer base, manufacturers are pursuing strategic alliances with regional end consumers, distributors and other market participants. Key players are collaborating and forming alliances with other regional players and automobile manufacturers.
Due to rising bicycle sales and an increasing number of people opting for environmentally-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.