I believe this will happen. Fat 26 hardtail rigid> 26 front suspension fat> 26 full suspension fat> 27.5 or 29" full suspension Fat.
I think tires will max out around 5". Lighter wheelsets and tires will allow us to ride full suspension fatties more easily.
If there was a full suspension fattie right now in a more affordable price range than 5K I think a lot of people would buy one, myself included. I would use it as my primary mountain bike in the summer with slimmer tires and have the benefit to run wider tires in the winter and ride in the snow.
I think the 29ers paved the way for 26x4 fat bikes by getting people used to the geometry. Maybe if people totally go for 29x3 someone will try pushing 27.5x4 with the same geometry, but then why wouldn't a customer just go with 26x5 if they like the size and want fat? For that reason I don't think they will get very far.
I used to think a 29x4 or 29x5 would come eventually, and it may as a specialty item, but I think that while 29er geometry works for many adults, unless you can invent a whole new use for a bike that bike, a tire too much bigger than 26x5 will leave out a lot of people.
I see people talking about going down in rim size if tires are going to get much fatter than 5in, and as much as I like big wheels, I think that makes sense.
But with the same 29er geometry in mind, I do think there's a chance they will push a 27.5 almost-fat as an all season MTB with more standard components.
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