The global bicycle tyre market is poised for significant expansion, driven by a surge in cycling popularity and a growing emphasis on sustainable transportation. According to a new report by Future Market Insights (FMI), global sales of bicycle tyres are projected to reach USD 10,158.3 million in 2024, with a compound annual growth rate (CAGR) of 8.8 percent over the next decade.

Several factors are contributing to this market growth. Rising health consciousness and a desire for eco-friendly transportation have propelled bicycles to the forefront of urban mobility. The increasing adoption of electric bicycles, offering convenience and efficiency, has further fuelled demand.

Beyond fitness, cycling has emerged as a popular recreational activity, driving demand for a diverse range of bicycle types tailored to various terrains. Innovations in bicycle design, such as the use of lightweight materials and advanced gears, are making cycling more accessible and enjoyable for riders of all levels.

While fluctuating raw material prices pose a challenge, the overall market outlook remains positive. The bicycle tyre industry is well-positioned to capitalise on the growing trend towards sustainable and active lifestyles.

“The bicycle tyre market is experiencing steady growth, driven by rising environmental awareness and the demand for urban mobility solutions. Increased interest in cycling for fitness, recreation, and eco-friendly transportation continues to fuel the market's expansion” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key drivers fuelling the bicycle tyre market

The bicycle tyre market is experiencing robust growth, driven by various factors. Rising health consciousness is a primary driver, as individuals increasingly recognise the fitness benefits of cycling. Urban mobility challenges have also contributed to the market's expansion, with bicycles offering a convenient and efficient solution to navigate congested cities.

Environmental concerns have further fueled demand, as governments and individuals seek to reduce carbon emissions. Government support for cycling, including developing cycling-friendly infrastructure and policies, has played a crucial role in driving market growth.

The popularity of electric bicycles has also been a significant factor, offering riders convenience and ease of use. Additionally, cycling for recreation has expanded the market for specialized tyres designed for various terrains.

Technological innovations in bicycle design, such as high-quality gears and lightweight materials, have further boosted demand for durable and efficient bicycle tyres. These combined factors are propelling the bicycle tyre market towards continued growth.

Challenges facing the bicycle tyre market

The bicycle tyre market, while experiencing significant growth, is not without its challenges. Fluctuating raw material prices, particularly for rubber and metals, can impact the pricing and profitability of bicycle tyres. Supply chain disruptions caused by factors such as manufacturing delays or transportation issues can also affect the timely availability of products.

Competition from other eco-friendly modes of transport, such as electric scooters, could potentially slow down the growth of the bicycle tyre market. Varying consumer preferences based on bicycle type and terrain make it challenging for manufacturers to cater to all market segments effectively.

In regions with limited cycling infrastructure, bicycle adoption and tyre demand may be slower. Additionally, environmental regulations governing rubber and tyre component production can increase manufacturers' operational costs.

Apollo Tyres Ltd has secured a one-season shirt-sleeve sponsorship agreement with AS Monaco, one of French football's most successful clubs, to increase awareness for its premium Vredestein brand.

This partnership will leverage Ligue 1's ranking as the fifth most watched football league in the world to raise awareness of Vredestein's award-winning products among a large audience in France and abroad. On November 22, AS Monaco's home league game against Brest will have the new sleeve branding for the first time. The Vredestein brand will be heavily promoted at Stade Louis-II for the 2024–2025 season, including on player sleeves and LED screens around the field. Exclusive social media initiatives will further help make the brand prominent, reaching a large and interested audience.

Yves Pouliquen, Vice President – Commercial, Europe, Apollo Tyres, said, “This partnership is an exciting opportunity to strengthen Vredestein’s presence in one of our key markets. AS Monaco’s rich history and commitment to excellence mirror our focus on performance and innovation. We look forward to building a successful relationship with the club and celebrating its achievements this season.”

Thibaut Chatelard, Marketing and Revenue Director, AS Monaco, said: “We are delighted to welcome Apollo Tyres and its Vredestein brand to the family of AS Monaco partners. This collaboration makes sense in view of the values we share, such as the constant pursuit of performance and excellence. There’s no doubt that this new support will be precious for the rest of our season, which promises to be thrilling.”

Nexen Tire, a leading global tyre manufacturer, has launched the Nexen N´Blue S tyre, adding to its range of summer tyres and providing drivers with advanced safety, energy efficiency and superior driving stability in wet and dry conditions.

Developed using highly dispersed silica and equipped with an optimised structural design, the Nexen N´Blue S tyre provides reduced road noise and improved driving stability. The tyre features an innovative tread compound, formulated with hydrophilic fillers and microstructure-controlled polymers, and provides lower rolling resistance and exceptional dry and wet grip. The tyre also excelled in test results by demonstrating an 11 percent improvement in wet braking distance compared to its predecessor.

Apart from providing excellent performance, the Nexen  N´Blue S also scores high on the sustainability index. The tyre provides an eco-friendly solution for environmentally conscious drivers by minimising fuel consumption and CO2 emissions. The Nexen N´Blue S summer tyre is available in 58 sizes, which makes it compatible with different types of vehicles.

Kumho Tire Vietnam Co., Ltd. is all set to expand its investment project in Binh Duong province of Vietnam, with the phase 3 of expansion commencing in early 2025. This was discussed at a recent meeting between Vo Van Minh, Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Committee (PPC), and Kim Hyun Ho, General Director of Kumho Tire Vietnam Co., Ltd.

The meeting was held on 13 November at the Administrative Centre of Binh Duong province, as per an official statement. Apart from the company’s investment till date and the planned investment for phase 3, the two also discussed about the challenges and obstacles regarding procedures and processes to have more land funds to expand the manufacturing plant, along with taking measures to tackle the obstacles. Kim Hyun Ho also conveyed to the PPC Chairman that Kumho Tire Vietnam Co., Ltd. belongs to South Korea's Kumho Tire Group and is currently ranked 10th in the car tyre manufacturing industry.

The company had invested in a tyre manufacturing plant in My Phuoc 3 Industrial Park in 2007 with a total initial investment of USD 308 million, which was supplemented by another USD 300 million in 2021. This extended the factory scale to six hectares and increased the production capacity to 12.5 million tyres annually. With the expansion in early 2025, the company will raise its total investment to USD 908 million and increase the factory's production capacity to 17 million tyres annually. The expanded capacity is expected to be operational by early 2026.

Yokohama-ATG, a leading manufacturer of all-terrain and off-the-road tyres, has expanded its Galaxy MFS 101 SDS range of forklift tyres with the launch of white, non-marking tyres.

The Galaxy MFS 101 SDS range consists of puncture-proof SDS tyres with extended wear limits designed for high-intensity working shifts and long durability. These are premium, solid rubber tyres developed for tough demands, a long service life and high driving comfort. The addition of white, non-marking tyres is specifically aimed at clean working environments.

Marked by a 3-stage construction process, the forklift tyres feature reduced heat build-up, effective shock absorption and minimised vibrations. The pattern design guarantees a smooth ride and good steerability thanks to its continuous centre lug and circumferential grooves. Furthermore, the flat walls and wide flat profile offer excellent stability when using a forklift for vertical stacking. The tyres are also equipped with anti-slip steel beads for improved rim fitment

In a case study on a CAT 2.5-tonne forklift that was used for handling heavy pallets on asphalt, the Galaxy MFS 101 SDS outshone the competitors with impressive performance. The tyre delivered an approximate 900 working hours before replacement against competitors’ 500 working hours.