United States Bicycle Tire Replacement Market to Rise at a Revenue of US$ 1,017.6 Million by 2031

CHICAGO, UNITED STATES, May 31, 2023/EINPresswire.com/ -- United States bicycle tire replacement market held a revenue of US$ 727.2 Mn in 2022 and is forecast to reach US$ 1,017.6 Mn by 2031 at a CAGR of 3.8% during the forecast period. In terms of volume, the market is estimated to grow a CAGR of 2.7% from 2023 to 2031.

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In the U.S., replacing a bicycle tire is a regular occurrence for cyclists. Our study indicates that the average cyclist replaces their tires once every two to three years on the basis of the type of tire, the riding conditions, and the amount of use. The research also demonstrates that a range of bicycle tires, including road, mountain, and racing tires, are offered on the market.

As per the analysis of Astute Analytica, the increasing popularity of cycling is a significant driver of market growth. Several factors contribute to this trend, including a growing focus on improving physical and mental health, concerns over climate change and air pollution, and the rise of cost-effective and sustainable transportation options.

As more people become aware of the advantages of frequent exercise for both physical and mental health, cycling is growing in popularity in the US. Cycling is a low-impact exercise that is simple to fit into daily routines and provides an enjoyable way to remain active. This pattern will likely continue, with more people turning to non-traditional workouts outside the club. As per the data from People for Bikes, an industry organization with headquarters 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. Additionally, the Rails-to-Trails Conservancy, a charity that promotes the conversion of disused railroad tracks into hiking and biking routes, asserts that in March 2020, trail users in the U.S. peaked at a threefold increase compared to 2019.

Road Bicycle Type Demands Frequent Tire Replacements

In 2022, the road segment accounted for a significant revenue of US$ 190 Mn in the U.S. bicycle tire replacement industry. In addition, the segment is likely to record an opportunity of US$ 54.3 Mn over the forecast years. Road bikes are one of the most popular models of bicycles among adult bikers in the United States. Contrary, the gravel segment is likely to extend at a CAGR of 4.5% over the forecast period.

Clincher Tire is Gaining Popularity Among the Riders

In 2022, the clincher segment dominated the United States bicycle tire industry, recording a revenue share of 40.7% owing to their rising popularity among recreational and professional cyclists, the comfort of use, and availability in diverse sizes and tread patterns. On the other hand, tubeless tires are likely to witness the highest CAGR during the forecast period due to their resistance to punctures, lower chance of pinch flats, and better riding experience.

26-inch Tire Size Attained a Revenue of US$ 190 Million

In 2022, the 26-inch segment recorded a valuation of US$ 190 million in the U.S. bicycle tire replacement industry, appreciated among mountain cyclists for its rapid acceleration and nimble handling. Yet, larger wheel sizes like 27.5-inch and 29-inch are becoming popular since they provide better traction, stability on unsteady ground, and ease of obstacle navigation.

Recreational Store Held a Revenue Share of US$ 220.8 Million

In 2022, the recreational store segment generated a revenue share of 30% of the U.S. bicycle tire replacement industry since they hold a wider variety of bike tires, utilizes knowledgeable team, and are conveniently located for consumers.

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Top 5 players in the US bicycle tire replacement market account for almost 45% of market revenue

The replacement bicycle tire industry in the US is very competitive, offering a wide range of tire types and brands at various price points. The analysis of this market by Astute Analytica gives a summary of the key players, their market share, product lines, and pricing tactics.

Continental, Michelin, Good Year Tire and Company, Giant Bicycle, and CST Tires are the top five market participants in the US for replacement bicycle tires, together holding more than 45% of the market. These businesses provide a variety of goods, such as tires for commuter/city bikes, mountain bikes, and roads. Depending on the brand and kind of tire, these products' prices can vary greatly.

With the largest market share, Continental is the market leader. They provide a large selection of goods in all categories and place an emphasis on offering good goods at reasonable prices.

With a 30% market share, Michelin is the second-largest player. They concentrate on quality and performance rather than affordability, specializing in high-performance road and mountain bike tires at a premium price range.

Another significant player in the US tire industry, which includes the replacement of bicycle tires, is Goodyear. As part of its focus on environmentally friendly transportation options, Goodyear provides a variety of tires for various bicycle types, including road bikes, mountain bikes, and e-bikes. Its "Silica Rain" technology is made to increase grip and durability in slick conditions. In 2020, the business teamed up with Pure Cycles to introduce a line of commuter bikes that featured its bicycle tires and a collaborative marketing effort. Although Continental and Michelin dominate the US bicycle tire replacement industry, Goodyear is a business worth keeping an eye on because of its commitment to sustainability and efforts to grow its footprint.

Prominent Competitors
Vittoria
Kenda Tires
Continental AG
Maxxis International
Hutchinson
Michelin
FUPERIA LTD
Wilderness Trail Bikes (WTB)
Goodyear Tire & Rubber Company
Panaracer Corporation
Donnelly Cycling
CST Tires (Cheng Shin Ind. Co. Ltd.)
Specialized Bicycle Components, Inc.
Pirelli & C. S.p.A.
Schwalbe tires
Other Prominent Players

Segmentation Outline

The United States bicycle tire replacement market segmentation focuses on Bicycle Type, Tire Type, Tire Size, and Distribution Channel.
By Bicycle Type
Road
Urban
Gravel
Mountain
Racing
Youth

By Tire Type
Clincher
Tubeless
Tubular

By Tire Size
Below 24 inch
24 inch
26 inch
27.5 inch
29 Inch
650 b
700 c
Others

By Distribution Channel
Online
Big-box Stores
Specialty Bicycle Stores
Recreational Stores
Equipment Stores
Others

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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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