Bicycle Tire Market to get Going on the Grounds of Eco-Friendliness and Wellness
With consumers’ preference for eco-friendly means to commute (apart from the health-consciousness prevailing), the bicycle tire market is bound to stand in good stead in the forecast period, as stated by Persistence Market Research.
Bicycle Tire Market Dynamics
The global bicycle tire market, by type of product, spans tube bicycle tires, tubeless bicycle tires, and solid bicycle tires. By size of tires, it’s up to 12-inch bicycle tires, 12 to 22-inch bicycle tires, and above 22-inch bicycle tires. By type of bicycle, it’s mountain bicycle tires, hybrid bicycle tires, electric bicycle tires, comfort bicycle tires, youth bicycle tires, cruiser bicycle tires, and road cycle tires. By sales channel, it’s bicycle tires sold through OEMs, and Bicycle tires sold in the aftermarket. Persistence Market Research has entailed these facts with future perspectives in its latest market study entitled “Bicycle Tire Market”.
North America holds the largest market share due to the US witnessing growth opportunities in aplomb. Another reason is people getting apprehensive regarding public transport in the post-Covid era. Coming to Europe, Italy and France dominate the market due to the increasing production of regular bicycles. The government of France, in April 2020, did allocate € 20 Mn, which renders everyone eligible for repairs of bikes for up to € 50 at the registered mechanics. Germany is another country expected to be the hotspot for the bicycle tire market shortly. This could be reasoned with the propagation of various innovative business concepts concerning the advantages of cycling. The UK Bicycles Association states that sales of bicycles did witness a substantial 63% from April to June 2020 alone. The Asia-Pacific is expected to ride on China and India. As per AICMA (All India Bicycle Manufacturers Association), more than 4 Mn bicycles were sold from May to September 2020 as the people did realize the vitality of maintaining social distancing during as well as after the pandemic. Persistence Market Research has, with the help of analysts and consultants, etched the key findings with insights in its latest market study entitled “Bicycle Tire Market”.
Persistence Market Research has profiled the key players in the bicycle tire market as Cheng the Rubber Ind Co., Ltd., Hutchinson, Trek Bicycle Corporation, The Goodyear Tire & Rubber Company, Specialized Bicycle Components, Michelin, and Mitas. These players are engaged in various modes of expansion to sail through the bicycle tire market. They include mergers, acquisitions, new product launches, partnerships, and joint ventures. For instance – The year 2020 witnessed Continental AG launching a new-fangled product called “Ultra Sport III”, which comes across as a low-range sport tire for those who love cycling. It does make way for proper grip, that too, with cost-effectiveness. Michelin, in the year 2018, did table its very first tubeless cycling tire. This POWER Gravel tire has been engineered for delivering exceptional performance, grip, and durability in numerous cycling conditions.