The latest market report published by Credence Research, Inc. is “Global Sports Bicycle Tire Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2030”. The Global Sports Bicycle Tire Market generated revenue of around USD 9.5 million in 2022 and is projected to grow a CAGR of over 5.9% during the forecast period from 2023 to 2030 to reach around USD 14.19 million in 2030.
Sports bicycle tires are designed especially for high-performance cycling, using advanced materials and construction techniques to provide optimal performance on various surfaces. The sports bicycle tire market is a fast-growing business catering to professional and recreational cyclists. Adventure sports, such as mountain biking and trekking, and cycling-related sports, like BMX racing, positively affect bicycle sales worldwide. Moreover, the growing number of cycling sports organizations and their appealing marketing strategies encourage people of all ages to participate in cycling as a recreational activity, which is expected to boost product demand in the coming years. In addition, technological advancements such as connected bikes and advanced tire materials for lightweight and efficiency are expected to fuel market expansion. However, the availability of alternative transportation solutions such as scooters, motorcycles, and other micro-mobility solutions with longer journey ranges than sports bicycles is anticipated to hinder the market growth during the forecast period. As oil prices have risen, bicycles have become a more viable transportation choice than gasoline-powered vehicles. Besides, customers are considering using bicycles for short-distance commutes. Also, the World Health Organization (WHO) calculates that 3.7 million people die from air pollution each year. As a result, reducing the unnecessary use of gasoline-powered vehicles and raising the use of bicycles benefits the growth of the sports bicycle tire market.
The global sports bicycle tire market is bifurcated into Design Type, Application, Tire Size, Sales Channel, and Geography. The market is categorized into the tube and tubeless types based on design type. Based on application, the global market is segmented into BMX, mountain bicycle, cyclocross, city-commuter, road, gravel/dirt, and others. Based on the tire size, the market is divided into below 12 inches, 12 inches to 24 inches, and above 24 inches. Based on sales channel, the market is categorized into OEM and aftermarket (independent, authorized, and online). The market is segmented based on geography: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
North America dominated the global sports bicycle tire market in 2022. This can be attributed to increased participation in recreational activities such as mountain biking and road racing, expanding biking infrastructure projects, and increased participation in cycling activities as an exercise that adds to the region’s market development. The trend towards adopting micro-mobility solutions is driven by increased traffic congestion in metropolitan areas and tax breaks provided by the US government. Moreover, rising consumer income and environmental concerns, combined with growing demand for cycling for fitness, are anticipated to propel the North American sports bicycle tire market growth.
The Sports Bicycle Tire Market major players analysis is a comprehensive report that delves into the current state of the market and its key players. This analysis covers various aspects such as market share, revenue, product offerings, geographical presence, and strategic initiatives undertaken by each player. Some of the major players identified in this report include Michelin, Continental AG, Vittoria Industries Ltd., Schwalbe Tires North America Inc., and Hutchinson SA. The report provides an in-depth understanding of their strengths, weaknesses, opportunities, and threats (SWOT) analysis to help businesses make informed decisions while considering these factors. Additionally, it also highlights emerging trends in the industry along with future growth prospects for individual companies involved in this market segment.
Some of the key dynamics shaping the sports bicycle tire market:
- Growing Popularity of Cycling: The increasing popularity of cycling as a sport and recreational activity is driving the growth of the sports bicycle tire market. More people are participating in cycling events, triathlons, and other cycling-related activities, which has led to an increase in demand for high-performance bicycle tires.
- Awareness of Health and Fitness: The growing awareness of health and fitness is driving the demand for sports bicycle tires. Many people are using cycling as a means of staying fit and healthy, which has led to an increase in demand for high-quality, durable, and comfortable bicycle tires.
- Advancements in Tire Technology: With the advancement of technology, sports bicycle tires have become more efficient, durable, and lightweight. Newer tires are designed to provide better traction, grip, and control, which helps to improve the overall performance of the bicycle.
- Consumer Preference for Eco-Friendly Products: The increasing consumer preference for eco-friendly products is driving the demand for sustainable sports bicycle tires. Manufacturers are developing tires made from recycled materials or using manufacturing processes that minimize environmental impact to cater to this demand.
- Fluctuating Raw Material Prices: The fluctuating prices of raw materials such as rubber and petroleum products are affecting the cost of sports bicycle tire production. The price volatility of raw materials can affect the profit margins of manufacturers and limit the growth of the sports bicycle tire market.
Overall, the sports bicycle tire market is expected to continue to grow due to the growing popularity of cycling, increasing awareness of health and fitness, and advancements in tire technology. The market is also expected to benefit from consumer preference for eco-friendly products and the need for sustainable manufacturing processes.
Why to Buy This Report-
- The report offers a quantitative and qualitative analysis of the global sports bicycle tire market by segments, drivers, current trends, restraints, challenges, opportunities, and market dynamics with the historical period from 2018–2021, base year–2022, and forecast period 2023–2030.
- The report provides insights into the competitive landscape, including how key players in the market are operating globally, regionally, and at the country levels.
- The report contains an extensive analysis of the global sports bicycle tire market segmentation by design type, application, tire size, and sales channel, which can assist stakeholders in better understanding market dynamics and identifying potential growth opportunities.
- The report offers business insights into technological advancements, research and development activities, and product innovations in the global sports bicycle tire market.
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