Two-Wheeler Tires Market Analysis | 2022-2027

Market Highlights

The two-wheeler tires market was estimated at USD 13.19 billion in 2021 and is likely to grow at a CAGR of 5.5% during 2022-2027 to reach USD 18.4 billion in 2027.

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Market Dynamics

Introduction

Two-wheeler tires are crucial parts that affect the efficiency, safety, and performance of bicycles, scooters, and motorbikes. These tires, which are available in tubeless, tube-type, radial, and bias-ply tires, are made to withstand a variety of terrains and weather conditions. Important elements that affect their grip, stability, and lifetime include tread patterns, rubber compounds, and durability. Thanks to developments in tire technology, contemporary two-wheeler tires now provide improved traction, increased fuel efficiency, and resistance to punctures. need for high-performance and environmentally friendly tire solutions is increasing due to the growing popularity of adventure biking and the growing need for electric two-wheelers.

COVID-19 Impact

The COVID-19 pandemic, on the other hand, has had a significant impact on the two-wheelers market in 2020, leading to a decline of -8.8% in the market. However, the two-wheelers market is expected to regain its momentum, whose similar reflections are likely to be imprinted on the demand for tires.

Market Drivers

The two-wheeler tires market is driven by a host of factors, some of which are noted below:

• There are more two-wheelers in developing countries around the world as they are more affordable due to lower per-capita income.
• The relatively low cost of ownership of a two-wheeler.
• The growing global population has added to the demand for two-wheelers.
• Two-wheelers are in high demand because they reduce carbon emissions and provide a more affordable mode of transportation than three or four-wheelers.
• Improvements in road infrastructure and the introduction of electric two-wheelers to reduce carbon emissions have contributed to the recent surge in demand for two-wheelers.

The market for two-wheeler tires is expected to experience growth due to the increasing levels of urbanization as well as the growing acceptance of motorcycles and scooters in newly industrialized economies. Challenges include the possibility of creating long-lasting, fuel-efficient tires, and the use of better environmentally friendly materials. Another advantage of the analyzed company includes the diversification of sales channels through the advancement of e-commerce and other digital platforms. Moreover, the increasing use of electric two-wheelers also creates another valued segment for specialized tires for energy-efficient performance.

Segment Analysis

By Application Type

"The motorcycle accounted for a market share of more than 60% in 2021"

The market is segmented into motorcycles and bicycles. The motorcycle accounted for a market share of more than 60% in 2021 & is expected to be the dominant application type in the market, generating demand for two-wheeler tires during the forecast period.

Because of the increasing demand for motorcycles for transportation, adventure, sports, and other purposes, manufacturers have been able to design a wider range of tires, which is further acting as a catalyst for market demand.

By Tire Type

"Radial tires dominated the market with a share of more than 50% in 2021"

The market is segmented into radial tires and bias tires. Radial tires dominated the market with a share of more than 50% in 2021 and are expected to be the fastest-growing tire type in the market during the forecast period.

Better durability, increased safety, and reduced vibration are all factors contributing to the tremendous growth of the radial tires segment. The thriving two-wheeler industry is expected to drive even more demand for these tires in the coming years.

By End-User Type

"The aftermarket segment accounted for a significant share of more than 70% in 2021"

The market is segmented as OE and aftermarket. The aftermarket segment accounted for a significant share of more than 70% in 2021 & is expected to be the dominant as well as the fastest-growing end-user type in the market during the forecast period.

The aftermarket segment accounts for a larger share of the market due to the frequent wear and tear of tires, which necessitates tire replacement regularly.

Regional Analysis

"Asia-Pacific accounted for a market share of more than 70% in 2021"

Asia-Pacific accounted for a market share of more than 70% in 2021 & is expected to remain the largest market for two-wheeler tires during the forecast period. The demand for two-wheelers is largely influenced by a country's economic stability and average income levels.

Countries in Asia-Pacific are the largest contributors to the two-wheeler demand and will continue to dominate the global demand in the future. China, India, and Indonesia are among the world's largest two-wheeler markets and will maintain their incontestable leads in the future. 

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Key Players

The market is fragmented by the presence of a large number of players. The following are some of the key players in the two-wheeler tires market:

• Apollo Tyres Limited
• Bridgestone Corporation
• Ceat Limited
• Compagnie Generale Des Etablissements Michelin S.C.A.
• Continental AG
• Goodyear Tire and Rubber Company
• MRF Tyres
• Sumitomo Tires
• Trelleborg AB
• Yokohama Rubber Co. Ltd.

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The two-wheeler tires market is segmented into the following categories:

By Application Type

• Motorcycles
• Bicycles

By Tire Type

• Radial Tires
• Bias Tires

By End-User Type

• OE
• Aftermarket

By Region

• North America (Country Analysis: USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Turkey, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, South Africa, and Others)

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s market realities and future market possibilities for the forecast period of 2022 to 2027.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. 
• The vital data and information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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