Industry: Automotive
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 235
Report ID: PMRREP31362
According to Persistence Market Research, the market is estimated to be worth US$ 7,271.6 million by 2023. The growth is fuelled by increasing bicycle fleet coupled with high fuel prices. In addition, this increased fuel prices has forced vehicles owners to look for more efficient and eco-friendly alternatives. The global market for Bicycle Tire is expected to reach US$ 15,410.5 million by 2033, growing at 7.8% CAGR from 2023 to 2033.
Increasing non-profit road bicycle events coupled with growth of electric bicycle fleet are anticipated to create wide range of prospects for the market.
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Global Bicycle Tire Market Size (2022A) |
US$ 6,792.4 Mn |
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Global Size (2023E) |
US$ 7,271.6 Mn |
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Projected Bicycle Tire Market Value (2033F) |
US$ 15,410.5 Mn |
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Value CAGR (2023-2033) |
7.8% |
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Collective Value Share: Top 3 Countries (2022) |
64.5% |
The demand for sports bicycles will increase over the next several years as more people utilise bicycles for leisure and trekking activities as well as more cycling competitions. There have been more biking excursions in recent years to challenging landscapes like steep mountain ranges. It is anticipated that as these adventures gain popularity, demand for bicycles will increase, boosting the demand for bicycle tires.
The global Bicycle Tire accounts for ~ 6 to 8% of its parent market of the automotive tire market.
From 2017 to 2022, the market for Bicycle Tire increased at a 5.5% CAGR and is anticipated to grow at a CAGR of 7.8% in the forecast period of 2023 to 2033. This increase in CAGR is higher because of factors including the worldwide expansion of the bicycle fleet.
The Covid-19 epidemic has posed numerous difficulties for the tire business. Thoughts of a greener, post-pandemic future have grown as locked-down people rediscover their passion for two wheels. As a result, the bicycle industry has prospered. Pirelli and Goodyear, who have just just returned to the bicycle tire market after a decades-long absence, have benefited significnatly from the Covid bike boom.
A significant amount of CO2 is released during the production of bicycle tires, contributing to pollution. Governments have therefore imposed strict environmental controls on the production of tires. The usage of hazardous compounds such as toxic solvents and other substances during tire manufacturing, which results in hazardous emissions, further exacerbates pollution during rubber processing.
Numerous government organisations in many cities are increasingly supporting bicycles as an environment healthy and healthful means of transportation. These elements are anticipated to support demand for bicycle tires from 2023 to 2033.
European nations like Germany, Denmark, and the Netherlands have rules and regulations in place that mandate the provision of incentives for the use of e-bicycles.
The market does have some drawbacks, however, the overall forecast remains very optimistic, and the market is poised to create opportunities worth US$ 8,138.93 Mn through the forecast period.
Tire punchers are one of the most critical issues faced by cyclists all over the globe. However, this problem can be eliminated by the introduction of airless tires.
This innovation is intended to provide a more comfortable ride, especially when users travel off-road. The design appears extremely different from conventional bike wheels because it fully replaces the inner tube and a section of the wheel. Airless bicycle tires are also made from recyclable components, so they are also eco-friendly.
With an increasing focus on sustainability in the mobility industry, the introduction of airless tires is seen as notable achievement. Experts anticipate that airless tire will hold a lot of growth prospects for the market in the years to come.
Fuel costs have soared globally in recent years, forcing car owners to switch to alternative ways of transportation. The BP Statistical Review of World Energy states that Primary energy demand increased by 5.8% in 2021, exceeding 2019 levels by 1.3%.
In the last few years, bicycles have witnessed increased sales, part of which is due to increased fuel prices, and fuel prices are stated to increase further amid economic uncertainty and the Russia-Ukraine conflict. Growing fuel prices will force customers to turn to alternative options like bicycles, which will benefit the bicycle and markets.
Where Does the China Stand in the Global Market for Bicycle Tire?
Nearly 90% of the bicycle tire market in East Asia is dominated by China. China continues to be the world's largest producer and exporter of bicycles, accounting for 60% of all international trade, despite the pandemic. The traditional markets for Chinese bicycle manufacturers were Southeast Asian nations, but the severe pandemic situation in the foreign markets has helped to open the gates for more bicycles to enter the US and European countries. The growing demand for Chinese bicycles in China as well in export markets will create significant opportunities for the domestic tire manufactures in the country.
What is the Outlook for Bicycle Tire Manufacturers in Germany?
With an 11% market share in Europe, Germany's cycling sector appears to have a bright future with prospects in road and ordinary bicycles, MTB and racing bicycles, children's bicycles, and e-bikes.
Growing health consciousness among the people, technological advancements in bicycle tires, environmental concerns, growing traffic congestion, and government initiatives to encourage cycling are all significant growth drivers for this sector. Growing demand for bicycles with better safety features and aesthetics, as well as rising use of folding electric bicycles, are two recent trends that directly affect the dynamics of the bicycle business.
Why is There High Demand for Tires in Electric Bicycles?
By 2023, more than of 130 Mn e-bicycles (using all battery technologies) are expected to be sold worldwide from 2020.
The bicycle industry been driven by demand for electric bicycles, which holds more than 52% share of the market. Electric bicycles account for a prominent portion of the demand in developing economies around the world, such as China, India and others. Electric bicycles are encouraged by governments in a number of countries to reduce carbon emissions and traffic congestion.
Why are Sales of Tubeless Bicycle Tires Surging?
Tubeless tires are anticipated to witness significant revenue generation in coming years, accounting for 43% share of the market. In addition, depreciation rate is the one of the prominent factors responsible for growing usage of bicycle.
In the next five years, tubeless tires are expected to account for 43% of market revenue, making them a significant source of income. The primary driver of greater acceptance by Bicycle Tire Market is the low depreciation rate of bicycles.
The demand for tube tires is also anticipated to remain robust, primarily due to their superior grip offerings. Due to the presence of strong, yet elastic rubber, tube tires offer a high level of resilience and stability during riding, enabling them to be used for a longer period of time.
The development of the bicycle industry is being accelerated by technological advancements and the availability of government subsidiaries. The development and affordable sale of green modes of transportation would profit from increased income and government assistance. Long-term agreements with end customers will cover both revenue security and growth prospects.
In the contemporary environment, where there is a growing emphasis on electric mobility, electric bicycles are becoming increasingly prevalent. On the other hand, manufacturers of bicycle products are fully aware of the problem of making relatively substantial investments for a limited market. As a result, forming partnerships or co-manufacturing for better future prospects.
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Product Type:
By Tire Size:
By Bicycle Type:
By Sales Channel:
By Region:
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The global Bicycle Tire market is estimated to be valued at over US$ 7,271.6 Mn as of 2023.
Bicycle Tire are projected to increase at 7.5% CAGR and is expected to be valued at around US$ 15,410.5 Mn by 2033 end.
Cheng Shin Rubber Ind Co., Ltd., HUTCHINSON, Trek Bicycle Corporation, The Goodyear Tires & Rubber Company, Specialized Bicycle Components, MICHELIN, MitasPirelli & C. S.p.A., Giant Bicycles, Continental AG and others.
Germany, China, U.S., India, and Japan are driving most of the demand for Bicycle Tire.
The market in the U.K. is set to expand at 8.9% CAGR during the coming forecasted period.
China, the Japan., and Germany are major producers and exporters of Bicycle Tire.
Japan is slated to hold a 4.2% share of the global market in 2022.
