A new research report, published by Report Ocean, states that the global bicycle tire market is likely to witness significant progress in its valuation over the next few years. The report, titled “Global Bicycle Tire Market Size study, by Bicycle Type (Mountain, Hybrid, Electric, Comfort, Youth, Cruiser, Road), by Distribution Channel (Online, Offline), by Sales Channel (OEM, Aftermarket) and Regional Forecasts 2020-2027,” is prepared after carrying out a thorough analysis of the market, taking its past and current performance in to consideration.
As per the research study, the overall valuation of the global bicycle tire market in 2019 was approximately US$5.6 bn. The market is anticipated to rise at an exponential CAGR of more than 6.20% over the forecast period of 2020-2027.
The worldwide bicycle tire market is deriving much of its growth from the increasing focus of consumers on health and fitness. Nowadays, people prefer riding a bicycle over driving a motor vehicle because it doubles as an exercise. Also, the rising awareness pertaining to augmenting pollution level and the surge in carbon footprint is encouraging people to use bicycle for day-to-day commute. As per Statista, almost 12.4% of the population in the US cycled on a regular basis in 2016. The number of cyclists reached 47.5 mn in 2017 in the US alone. All of these are resulting in a high demand for bicycle tires across the world.
Going forward, the rise in cycling sports events in several countries is likely to support the cycling tire market, globally, over the period of the forecast. The intense competition among the key companies, leading to innovations and new product launches, is also projected to add to the progress of this market in the near future. The rise in riding bicycles is the key driver for the bicycle tire market. On the flip side, continuing fluctuation in raw material prices may restrict the market from proliferating smoothly in the years to come, reports the research study.
The research report also offers an in-depth regional analysis of market for bicycle tires across the world. According to it, the market is spread across Asia Pacific, North America, Europe, Latin America and the Rest of the World. The leading regional market for bicycle tires is North America. The increase in cycling sports events and the promotional efforts undertaken by the governments are boosting this regional market substantially. Researchers expect this regional market to remain seated on the top over the period of the forecast. Among other regional markets for bicycle tires, Asia Pacific is anticipated to report the highest growth rate over the next few years. Factors, such as the increase in the awareness regarding healthcare and the environment, are likely to create lucrative growth prospects for the bicycle tire market in Asia Pacific in the coming years, states the report.
Impact of Covid 19 on Global Bicycle Tire Market
The Coronavirus pandemic affected the global bicycle tire market significantly. Due to the restriction imposed on movement, people were forced to stay in, which resulted in lesser use of bicycle, leading to a decline in the demand for bicycle tires. However, now as the governments are providing relaxations in lockdown norms, the market is likely to return to its normal pace very soon.
- The leading regional market for bicycle tires is North America.
- Asia Pacific is anticipated to report the highest growth rate over the next few years.
The global bicycle tire market is segmented into:
By Bicycle Type
By Distribution Channel
By Sales Channel
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Trek Bicycle Corporation
- Challenge Tires
- Rene Herse Cycles
- The Continental Corporation
- PT INDUSTRI KARET DELI
- Diamondback Bicycles.
- DONNELLY CYCLING
- Duro Tire & Wheel Corp.
- Ere Research
Company Name: Report Ocean
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