• Nitten Gokhaley

Here’s a quick look at the global bicycle tires market

By the year 2026, the global tire market is expected to reach $8.6 billion. Like other industries, the bicycle tire market was significantly impacted last year due to the coronavirus pandemic.

Bicycle tires work with a bicycle (road bike), handcycle, wheelchair, and specific electric bikes. Tires are manufactured and available in a variety of sizes (outer diameter and width).

Factors that triggered demand for bicycle tires between 2015 and 2020

Governments worldwide are promoting environment-friendly modes of commuting. Some nations are working towards reducing their carbon footprint by opting for alternative fuel sources. These factors have triggered sales of electric vehicles, including bicycles (hybrid, mountain, and road), around the world, ultimately resulting in greater demand for bicycle tires.

Critical challenges faced by the industry

Tire manufacturing depends on the availability of raw materials like natural rubber, synthetic rubber, sulfur, silica, black carbon, nylon fabrics, etc. The coronavirus pandemic has disrupted the material supply chain.

Along with ensuring their products fulfill high-quality requirements, companies need to react swiftly to meet the sudden rise in demand for new tire designs. Reducing CO2 emission and other pollution as per ever-changing environmental regulations is another challenge.

Adherence to grading standards in various countries is also a headache. Thus, manufacturers are spending a fortune on replacing the existing materials with environmentally-friendly ones.

To make matters worse, certain tire producers have relationships with bicycle manufacturers and governments in the highly competitive market. It helps a select few in lobbying and maintaining a monopoly with the help of red-tapism.

Highest selling types

Electric bicycles control 52 percent of the worldwide market share. The use of such bicycles is also encouraged by several nations to reduce traffic congestion and carbon emissions. Thus tires for such bicycles are in great demand. Stats indicate electric bicycle tires had a 29 percent market share in 2020.

Worldwide market share

Europe and North America had dominated a significant portion of the bicycle tire market until recently. However, since 2019, nations in Asia (East Asia + South Asia and Pacific), namely India, China, Japan, Thailand, and South Korea, have become the largest market. Most of these countries are encouraging the use of bicycles for commuting. And this trend may continue post-2021 as people might not favor crowded public transport options to avoid getting infected with the coronavirus.

Leading manufacturers

Key players in the worldwide bicycle tire market are Vittoria, Continental AG, Apollo Vredestein, Maxxis, Challenge Tires, Hutchinson SA, Freedom Bicycle, Michelin, Kenda Tires, Schwalbe, Suomi Tyres, Panaracer Corporation, Fyxation, Cheng Shin Rubber, Bridgestone, and Trek Bicycle Corporation.

What’s the future for this market?

Like other industries, the bicycle tire market was significantly impacted last year due to the coronavirus pandemic. However, things are set to change for good as people slowly move towards healthier lifestyles. The most effective and most accessible solution for tackling lifestyle diseases is cycling. Growing health concerns during this year would boost the tire market as users would keep their bikes in usable condition.

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