The global cargo bike tire market is anticipated to attain a valuation of US$ 201.4 million in 2023 and is estimated to reach US$ 650 million by 2033. During the forecast period, a CAGR of 12.4% is expected for the market.
The global market is poised for growth in the coming years due to the increasing demand for eco-friendly transportation. According to a WHO report, air pollution has emerged as a significant cause of premature deaths, affecting approximately 3.7 million individuals under the age of 60 in 2012. Passenger trucks and vehicles are major contributors to air pollution, releasing high levels of carbon monoxide, nitrogen monoxide, and other pollutants. As a result, the growing popularity of green transportation alternatives like cargo bicycles has a positive impact on the demand for cargo bike tires. This trend is expected to create substantial opportunities for market growth in the future.
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The rising global awareness and concern for environmental issues have led to a significant shift towards eco-friendly transportation alternatives. This shift has resulted in increased sales of cargo bikes worldwide. Consequently, the global cargo bike tire market is witnessing promising growth prospects and ample opportunities in the forecast period.
In the coming years, there is an anticipated rise in the demand for sports bicycles, driven by increased usage for leisure, trekking, and participation in cycling competitions. The popularity of biking excursions to challenging terrains, such as steep mountain ranges, has been growing. As these adventurous activities gain further traction, the demand for cargo bikes is expected to increase, subsequently boosting the demand for cargo bike tires.
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Key Takeaways
- Germany cargo bike tire market is expected to grow with a CAGR of 12.3% during the forecast period.
- The demand for cargo bike tire in United States is expected to grow with a CAGR of 12.1% during the forecast period.
- By product type, tubeless tire segment is projected to grow with a CAGR of 12.9% during the forecast period.
“Rising demand for eco-friendly transportation is expected to boost market growth during the forecast period,” comments an FMI analyst.
Competitive Landscape
The market for cargo bike tire is highly competitive, with numerous prominent industry players making substantial investments in increasing their manufacturing capabilities.
The key industry players Continental AG, Cheng Shin Rubber Ind Co., Ltd., The Goodyear Tire & Rubber Company, Trelleborg (Mitas), Michelin, Ralf Bohle GmbH (Schwalbe), Trek Bicycle Corporation, Hutchinson, Kenda Tires, PT. Inustri Karet Deli, Zhongce Rubber Group Company Limited, Ralson Tyres, Metro Tyre, Panaracer Corp, Vittoria S.p.A, WTB, HWA Fong Rubber Co., Ltd. (Duro Tires).