NEWARK, Del, June 21, 2023 (GLOBE NEWSWIRE) — According to Future Market Insights, the bicycle tires market is anticipated to grow at a CAGR of 6.4% between 2023 and 2033. A valuation of US$ 7.8 billion is predicted in 2023, according to the analysis. Bicycle tire sales are anticipated to reach US$ 14.6 billion by 2033.
The bicycle tires market has grown considerably in the past decade, owing to increased bicycle ownership as a consequence of the discovery of sustainable alternatives to traditional fossil-fuel-driven automobiles, which is boosting bicycle sales. Bicycle tire businesses are introducing a number of creative offerings to broaden market penetration, ranging from tubeless tires to hybrid bikes.
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Their efforts are bearing fruit, with the market registering a significant increase in the upcoming forecast period. The emphasis is on technological advancements that help to provide a more user-friendly experience by outfitting bikes with enhanced safety features.
Future Market Insights (FMI), an ESOMAR-certified market study and consulting firm, offers enhanced forecasts for the bicycle tire market in its new report.
- The global market is expected to be worth $7.8 billion in 2023.
- Over the historical period, the global market grew at a CAGR of 6%.
- By the end of 2023, a valuation of nearly $150 million is expected.
- South Asia and the Pacific are set to be the fastest-growing bicycle tire markets, with annual growth rates exceeding 5.6% through 2023.
- The German bicycle tire market is expected to reach $175 million by the end of 2023.
“As technology advances in the electrification of two and three-wheelers, cars, and buses, their market is expanding at an exponential rate. Ambitious announcements regarding policy have been extremely beneficial in stimulating the…