According to a new market research report published by Credence Research “Bicycle Tires Market (By Product Type– Tubed, Tubeless and Airless; By Application: On-road and All Terrain) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”, the global bicycle tires market was valued at US$ 4.9 Bn in 2016 and is expected to grow at a CAGR of 5.7% during the forecast period from 2017 to 2025.
The complete report is available at http://www.credenceresearch.com/report/bicycle-tires-market
Bicycle tires industry has witnessed high growth in the recent years on account of factors such as rising health awareness, resulting into higher bicycle sales. Due to increased sedentary lifestyle across the world, disorders such as obesity and cardiovascular diseases have posed serious threat to human health. Subsequently, several people are turning towards healthy practices so as to maintain healthy lifestyle. Bicycles are among the easiest and effective solutions promoting better health and greener mode of commute. Cycling helps burning nearly 500 calories per hour providing an excellent workout session.
The overall bicycle tires market is primarily driven by the consistently rising bicycle sales worldwide. Several countries such as China, Japan and many of the European countries have embraced cycling as their mode of transportation. Due to high health awareness across the regions, bicycles are witnessing increased adoption for fitness as well as transit. Apart from this, the bicycles industry has also witnessed strong growth due to factors such as growing bicycle sports activities and promotional measures undertaken by national governments. Various national governments emphasize on developing a separate infrastructure for cyclists so as to minimize any on-road mishaps.
Apart from the aforementioned factors, the overall bicycle tires market is also supported by the advent of several tire designs. In order to provide optimum convenience and safety, various tire designs such as tubeless tires, foldable tires, studded tires, puncture resistant tires and soft/hard rubber tires. In addition, over the period of time, all-terrain bicycle tires have been designed to ensure a safe and stable ride on any type of surface.
The global bicycle tires market is fairly fragmented with numerous leading providers of bicycle tires operating in various major markets across the world. The key players of bicycle tires market include MICHELIN, Continental AG, Vittoria Group, Kenda Tires, Maxxis International–USA, Schwalbe Tires North America, Inc., SUOMEN RENGASTEHDAS OY, Ralson Tyres, Zhongce Rubber Group Company Limited, and Hwa Fong Rubber Ind. Co., Ltd. High competition is experienced among the major players of bicycle tires manufacturers. Consistent rise in the people using a bicycle for daily commute has boosted the overall demand for bicycles. Consequently, the demand for the bicycle tires has also escalated considerably. Bicycle tire manufacturers are adopting different strategies such as the expansion of their global reach and strengthening their sales and distribution network. Making partnerships with eminent sports professionals and sponsoring major bicycle events for their brand promotion is one of the prime strategies inculcated by the bicycle tires manufacturers.
– Increasing investments and rising number of product launches in the airless (solid) bicycle tires segment
– Higher demand for tubeless all terrain tires from consumers for better convenience and usability
– Market is expected to witness consolidation as large global players seek to acquire small local companies to widen their geographic presence