Two Wheeler Tires Market Report
Two-Wheeler Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027 See less
Two-Wheeler Tires Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2027
Two-Wheeler Tires Market is Segmented by Application Type (Motorcycles and Bicycles), by Tire Type (Radial Tires and Bias Tires), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Turkey, Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, and Rest of Asia-Pacific], and Rest of the World [Brazil, South Africa, and Others]).
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 is one of the major factors driving the growth of the two-wheelers market. 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. Furthermore, 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; all of these factors are expected to drive the growth of the two-wheeler tires market.
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 two-wheeler tires 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, expecting to grow at a healthy CAGR of 5.5% to reach a value of US$ 18.4 Billion in 2027.
Based on the application type, the two-wheeler tires market is segmented as motorcycles and bicycles. Motorcycle 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 to the market demand.
Based on the tire type, the market is segmented into radial tires and bias tires. Radial tires are expected to be the faster-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.
Based on the end-user type, the market is segmented as OE and aftermarket. Aftermarket is expected to be the dominant as well as the faster-growing end-user type in the market during the forecast period. The aftermarket segment accounts for a larger share of the global two-wheeler tires market due to frequent wear and tear of tires, which necessitates tire replacement regularly.
In terms of regions, Asia-Pacific 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.
The two-wheeler tires market is fragmented with the presence of a large number of players in the market. The following are some of the key players in the two-wheeler tires market (arranged alphabetically).
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s two-wheeler tires 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/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The two-wheeler tires market is segmented into the following categories.
Two-Wheeler Tires Market, by Application Type
Two-Wheeler Tires Market, by Tire Type
Two-Wheeler Tires Market, by End-User Type
Two-Wheeler Tires Market, by Region
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The two-wheeler tires market is estimated to grow at a healthy CAGR of 5.5% over the next five years to reach a value of US$ 18.4 Billion in 2027, owing to a large number of two-wheelers in developing countries and the demand for tires at both, the OE and aftermarket levels.
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, and Yokohama Rubber Co. Ltd. are some of the leading players in the two-wheeler tires market (arranged alphabetically). All of these companies benefit from the market's healthy growth and well-established supply chain.
Asia-Pacific is estimated to remain dominant in the two-wheeler tires market in the foreseen future, as India, China, and Indonesia are having the most number of two-wheelers.
Asia-Pacific is estimated to grow at the fastest rate in the coming five years. Regular use of motorcycles in the region creates a demand for aftermarket tires, leading to a higher demand for tires in the region.
Motorcycle is likely to maintain their dominance in the market in the next five years, owing to greater distance coverage and a larger fleet than bicycles.
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