DUBAI, United Arab Emirates, Jan. 14, 2022 (GLOBE NEWSWIRE) — The cargo bike tire market the value should grow to 12.2% CAGR between 2021 and 2031 and the market volume is expected to grow at a CAGR of 11.6% over the forecast period.
|Cargo bike market value (2021A)||US$162.7 million|
|Estimated Annual Cargo Bike Market Value (2022E)||US$181.1 million|
|Projected annual value of the Cargo Bikes market (2031F)||US$515.5 million|
|CAGR Value (2021-2031)||12.2||%|
According to Future Market Insights (IMF), over the forecast period from 2021 to 2031, the global cargo bike tire market is expected to grow at a CAGR of 12.2%.
The key factors driving the cargo bike tire market are the longer service life offered by cargo bikes, the increase in the number of miles traveled by cargo bikes every year, growing concern over safety and the maintenance, and technological advances to deliver better grip and tire performance. .
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As city streets continue to clog at rapid speed, cargo bikes have become one of the most productive and beneficial means of transportation for freight companies. Driven by this, the sales of cargo bikes will accelerate globally and this trend will continue throughout the forecast period.
Guided by the implementation of strict emission control standards, market players are focusing on the production of electric cargo bike. Various players working in the cargo bike tire industry are expected to expand their product portfolio in the coming years.
Key insights from market research
- By product type, tubeless tires are expected to represent sales of more than 60% in the world market.
- Three-wheeled cargo bikes held a market share of around 45% in terms of the type of cargo bike on the market.
- By region, Europe is expected to contain more than 65% of the world market.
- Tubeless tire is expected to be the fastest growing segment in terms of product type, posting a CAGR of 12.7%
- The 26-inch tire segment should represent 38% market depending on tire size.
Cargo Bike Tire Market Competitive Landscape
The market was described as slightly fragmented globally. Some of the major market players include Cheng Shin Rubber Ind., Goodyear Tire & Rubber Company, Ralf Bohle GmbH (Schwalbe), Trek Bicycle Corp., Hutchinson, Zhongce Rubber Group Company Limited, Michelin Group, Trelleborg Group, Continental AG, Kenda Tires . , PT. Inustri Karet Deli, WTB, Vittoria SpA, Ralson Tyres, Metro Tyres, Mitas, Panaracer Corporation, HWA Fong Rubber Co., Ltd. (Duro Tires) and others.
Key organizations are investing in research and development to deliver better products to expand their market share. A few organizations working in the freight business, including DHL, UPS, and Amazon, plan to test cargo bike capacity in New York City and have introduced a test case program to minimize congestion in specific parts of Manhattan.
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Cargo Bike Tire Market Projection
Tires for cargo bikes will see a surge in demand due to the increase in sales of cargo bikes and the growing number of people choosing environmentally friendly electric bikes. Manufacturers are also influenced by environmental regulations to develop products that adopt technological improvements.
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The automotive division of FMI offers an original approach and an innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of investment, portable, process, construction, industrial and special-purpose machinery in the manufacturing sector and a distinctive analysis of the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established and budding industry players, and channel partners when it comes to maintaining, growing and identifying new revenue opportunities.
|Historical data available for||2016-2020|
|Market analysis||Millions USD for value and units for volume|
|Key regions covered||North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa|
|Main countries covered||United States, Canada, Germany, United Kingdom, France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Oceania, GCC countries, Turkey and South Africa|
|Key Segments Covered||Product type, tire size, cargo bike type, sales channel and region|
|Profiled Key Companies||
|Report cover||Market forecasts, brand share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, strategic growth initiatives|
|Customization and pricing||Available on demand|
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