Technavio analysts forecast the global bicycle tires market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
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Technavio has released a new market research report on the global bicycle tires market for the period 2019-2023. (Graphic: Business Wire)
The emergence of eco-friendly bicycle tires is one of the major trends being witnessed in the global bicycle tires market 2019-2023. The products used in manufacturing rubber compounds are polluting the environment. The increasing air pollution is pushing manufacturers to reduce the emission from the manufacturing process. Thus, such environmental concerns have paved the way for innovation in terms of eco-friendly tires that are manufactured using pure rubber compounds and low-aromatic oils. Low-aromatic oils have low levels of harmful compounds, which makes them highly durable and non-carcinogenic. Suomi Tyres, a Finland-based company has introduced the process of using low-aromatic oils in bicycle tires. However, these eco-friendly tires are expensive due to the high cost of rubber compounds. Therefore, the trend of using eco-friendly bicycle tires is expected to have a positive impact on the global bicycle tires in the near future.
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According to Technavio analysts, one of the key factors contributing to the growth of the global bicycle tires market is the increasing demand for premium bicycles:
Global bicycle tires market: Increasing demand for premium bicycles
The growing popularity of premium bicycles around the world is attributable to the increasing acceptance of premium bicycles that provide better riding and safety features. These premium bicycles are built using advanced technologies and modern designs by incorporating high-end materials to offer comfort and durability. Bicycles in the premium segment usually cost over USD 1,000 and have a target segment that comprises cycling enthusiasts, adventure seekers, and urban commuters. With the launch of e-bicycles which are pedal assisted, the average cost of premium bicycles is increasing. The major reason for the growth of premium bicycles is increasing average disposable income and increasing dual-household income. Therefore, the growing demand for premium bicycles is expected to be one of the driving factors for the global bicycle tires market during the forecast period.
According to a senior analyst at Technavio, “The expanding urban population worldwide has emerged as one of the major reasons for the increase in traffic congestion. Urban mobility can be categorized into three main types: public transportation, individual transportation, and freight transportation. Factors such as the increasing rates of urbanization and rising disposable income are expected to keep growing throughout the forecast period, which, in turn, is expected to augment the growth of the global bicycle tires market during the forecast period.”
Global bicycle tires market: Segmentation analysis
The global bicycle tires market research report provides market segmentation by application (manual bicycles and E-bikes) and by region (the Americas, EMEA, and APAC). It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The APAC region held the largest share of the market in 2018, accounting for over 67% share, followed by the Americas and EMEA respectively. Although EMEA held the smallest share of the market, it is expected to witness the maximum increase in its market share over the forecast period followed by the Americas.
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