DUBLIN, Feb. 24, 2023 /PRNewswire/ — The “US Bicycle Tire Replacement Market, By Type, By Tire Type, By Tire Size, By Distribution Channel, Estimation & Forecast, 2017-2030” report has been added to ResearchAndMarkets.com’s offering.
The US bicycle tire replacement market held a market value of USD 703.5 million in 2021 and is likely to reach USD 1,017.6 million by the year 2030. The market is anticipated to register a CAGR of 3.8% during the forecast period. The market volume is estimated to account for 67.1 million units in 2021 with a growth rate of 2.7% over the anticipated period.
Growth of the market is ascribed to a growing bicycle fleet after rocketing fuel prices forced vehicle owners to look into less expensive transportation options. Due to the ongoing demand for maintenance services, the popularity of cycling competitions in athletic events has also increased the market for aftermarket tyres. There are several opportunities in the electric bicycle market as well. Consequently, the industry is ready to start on a healthy development trajectory through 2030.
Although the use of bicycles has been a positive trend in the country, recent years have seen an equal rise in concerns about frequent crashes and accidents. According to the National Highway Traffic Safety Administration (NHTSA), bicycle accidents account for 2% of all traffic-related fatalities in the US.
Increasing Number of Cycling Events in the Country
One of the quickest, most adaptable, most dependable forms of transportation is cycling. Millions of people relied on bicycles to go to and from work even before the outbreak. However, the function of bicycles changed when stay-at-home orders temporarily restricted daily activities in all parts of the world. According to data by People for Bikes, an industry group based in Colorado, US, one in ten American adults reported riding a bike for the first time in a year (or more) since the start of Covid-19. And the Rails-to-Trails Conservancy, a nonprofit that encourages the conversion of abandoned rail lines into walking and cycling trails, claims that in March 2020, ridership on trails in the US reached a peak at a threefold rise compared to the same period in 2019.
Surging in Shifting from Traditional Bicycle Tires to Modern Tires
The main factor in the increased acceptance of top-notch tire types by bicycle makers is its low deflation rate. This lessens the likelihood of mishaps. Consumers frequently replace bicycle tyres because of wear and tear. Bicycles’ ongoing maintenance requirements and the ability to alter some of their characteristics after purchase will drive demand for them. Several companies operating in the market fuel the market growth.
For instance, a low range sport tyre for cyclists, the Ultra Sport III was introduced by Continental AG in 2020. It has a high capacity for traction and a good grip. Similarly, 2018 saw the introduction of MICHELIN’s first tubeless bicycle tyre. The new Michelin POWER Gravel tyre is designed to provide exceptional grip, performance, and durability in a variety of cycling environments, from tarmac to single-track.
- Increasing Number of Cycling Events in the Country
- Surging in Shifting from Traditional Bicycle Tires to Modern Tires
- Increasing Preventable Deaths from Bicycle Transportations
- Increasing Awareness Regarding Health Will Promote the Market Growth
The US bicycle tire replacement market is segmented into type, tire type, tire size, and distribution channel.
The road segment held the highest market share of more than USD 190 million in 2021. The gravel segment is expected to grow highest with a CAGR of 4.5% over the forecast period.
By Tire Type
The clincher segment held more than 40% of the market share in 2021.
By Tire Size
- Below 24 inch
- 24 inch
- 26 inch
- 275 inch
- 29 Inch
- 650 b
- 700 c
The below 24 inch segment held the revenue of more than USD 190 million in 2021. The 26 inch segment is likely to cross the mark of USD 350 million by 2031 in terms of revenue.
By Distribution Channel
- Big-box Stores
- Specialty Bicycle Stores
- Recreational Stores
- Equipment Stores
The recreational stores segment held the largest market share of more than 30% in 2021, with a revenue of USD 220.8 million.
The US bicycle tire replacement market report answers questions such as:
- What is the market size and forecast of the US bicycle tire replacement market?
- What are the inhibiting factors and impact of COVID-19 on the US bicycle tire replacement market during the assessment period?
- Which are the products/segments/applications/areas to invest in over the assessment period in the US bicycle tire replacement Market?
- What is the competitive strategic window for opportunities in the US bicycle tire replacement market?
- What are the technology trends and regulatory frameworks in the US bicycle tire replacement market?
- What is the market share of the leading players in the US bicycle tire replacement market?
- What modes and strategic moves are considered favorable for entering the US bicycle tire replacement market?
A selection of companies mentioned in this report includes
- Continental AG
- Kenda Tires
- Maxxis International
- Wilderness Trail Bikes (WTB)
- Fuperia Ltd
- The Goodyear Tire & Rubber Company
- Donnelly Cycling
- Panaracer Corporation
- Specialized Bicycle Components, Inc.
- CST Tires (Cheng Shin Ind. Co. Ltd.)
- Schwalbe tires, Pirelli & C. S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/5t18v9-bicycle-tire?w=5
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SOURCE Research and Markets