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.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report:
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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.
Key Takeaways:
- 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…
