Analysis on New Product Launches in Covid-19 Related Markets-Bicycle Tire Market 2020-2024| Increasing Prevalence of Health Issues to Boost Market Growth | Technavio
The bicycle tire market is expected to grow by USD 542.7 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Bicycle Tyre Market 2020-2024 (Graphic: Business Wire)
The prevalence of chronic back pain is increasing, owing to the lack of physical activities among people. This has encouraged them to adopt a healthier lifestyle. Additionally, the hectic work schedules and the increasing prevalence of health issues are also compelling people to undertake some form of daily exercise to remain healthy and prevent various health conditions. This has, in turn, increased participation in recreational activities, such as cycling. Cycling offers several benefits, including body awareness and coordination. It also strengthens the abdominal muscles which can help alleviate back pain. In addition, the use of bicycles reduces air and noise pollution. They are environmentally sustainable and do not contribute to greenhouse gas (GCG) emissions. For instance, cycling around 3-9 miles (5-15 km) each way to work can save around 1,102-4,960 pounds (500-2,250 kg) of GCG emissions each year. Thus, the health, environmental, and economic benefits of bicycles will contribute to the growth of the global bicycle market, which, in turn, will drive bicycle tire market growth during the forecast period.
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As per Technavio, the growing adoption of premium bicycles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bicycle Tire Market: Growing Adoption of Premium Bicycles
There has been a growth in the popularity of premium bicycles across the world as they provide a better riding experience and safety features. Vendors are focusing on innovation and portfolio expansion because of the growing competition and customers’ demand for innovative products. Premium bicycles are built using advanced technologies and modern designs by incorporating high-end materials to offer comfort and durability. In addition, with the launch of e-bicycles, which are pedal-assisted, the average cost of premium bicycles is increasing. However, the increase in the average disposable income and dual-household income, has been contributing to the growing adoption of premium bicycles. This will subsequently drive the need for bicycle tires, leading to the growth of the market at a CAGR of over 3%.
"The bicycle tire market has many growth opportunities, especially due to the increasing number of bicycle rental service providers. Vendors in the market are trying to partner with these service providers to expand their businesses, primarily in developing regions such as South America and MEA.", according to a senior analyst at Technavio
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Bicycle Tire Market: Segmentation Analysis
This market research report segments the bicycle tire market by application (manual bicycles and e-bikes) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the bicycle tire market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rising number of cycling enthusiasts, particularly, in China and Japan.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200429005534/en/
