Two-Wheeler Tire Market to Grow with a CAGR of 5.71% through 2029
The global two-wheeler tire market encompasses a broad spectrum of products designed for motorcycles, scooters/mopeds, and is influenced by various factors including technological advancements, regional economic conditions, and shifting consumer preferences.
According to TechSci Research report, “Global Two-Wheeler Tire Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Two-Wheeler Tire Market has valued at USD 18.95 billion in 2023 and is anticipated to reach USD 26.36 billion by 2029 growing with a CAGR of 5.71% through 2029.
The global two-wheeler tire market is experiencing significant growth driven by various factors. The increasing sales of motorcycles worldwide have contributed to the surge in demand for two-wheeler tires. As more people embrace motorcycles as a means of transportation, the need for high-performance tires has also risen. The growing popularity of off-road biking activities, riding clubs, and bike expeditions has further boosted the demand for two-wheeler tires. Enthusiasts are seeking tires that can withstand the rugged terrains and provide optimal performance during adventurous rides. The market growth is also influenced by the rise in electric and hybrid motorcycle production. With the increasing adoption of eco-friendly transportation, manufacturers are focusing on developing electric and hybrid motorcycles. This shift in the industry has created a demand for specialized tires that can cater to the unique requirements of these vehicles.
Advancements in tire technology have played a crucial role in the growth of the two-wheeler tire market. Manufacturers are continuously improving tire designs and materials to enhance performance, durability, and safety. The development of tubeless and puncture-resistant tires has particularly gained traction, providing riders with a hassle-free experience and reducing the risk of unexpected punctures. In conclusion, the global two-wheeler tire market is witnessing remarkable growth due to the combined impact of increasing motorcycle sales, the demand for high-performance tires, off-road biking activities, the rise of electric and hybrid motorcycles, and advancements in tire technology. This market trend indicates a promising future for the industry as it continues to cater to the evolving needs of two-wheeler enthusiasts worldwide.
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The global two-wheeler tire market is segmented into two primary demand categories: Original Equipment Manufacturer (OEM) and Replacement. The OEM segment involves tires supplied directly to motorcycle and scooter manufacturers, where they are fitted as standard components on new vehicles during production. This category is influenced by factors such as the volume of two-wheeler production, advancements in manufacturing technologies, and partnerships between tire suppliers and vehicle manufacturers. OEM tires are typically designed to meet the specific requirements and performance standards set by the vehicle makers, often focusing on achieving optimal performance characteristics such as durability, safety, and handling specific to new models.
The Replacement segment pertains to tires purchased to replace worn-out or damaged tires on existing two-wheelers. This category is driven by the lifecycle of the tires, the frequency of replacement, and consumer preferences for upgrading or maintaining their vehicles. Replacement tires can vary widely in terms of performance attributes, including tread patterns, materials, and technological innovations, as riders often seek to enhance the performance or safety of their motorcycles or scooters. This segment is influenced by factors such as the average tire lifespan, road conditions, riding habits, and the overall maintenance culture among two-wheeler owners.
Both segments are subject to different market dynamics. For the OEM segment, market trends are often tied to production rates of new two-wheelers and changes in automotive design and technology. Conversely, the Replacement market is more directly impacted by the wear-and-tear patterns of tires, the availability of aftermarket options, and the influence of external factors like road conditions and driving environments. The demand in each segment reflects the broader trends in the two-wheeler industry, with varying emphasis on performance characteristics and tire longevity. Understanding these segments provides insights into the diverse needs and preferences within the global two-wheeler tire market.
Major companies operating in Global Two-Wheeler Tire Market are:
- Bridgestone Corporation
- Michelin Group
- Continental AG
- Pirelli & C. S.p.A.
- MRF Limited
- CEAT Ltd
- Goodyear Tire and Rubber Company
- JK Tyre & Industries Ltd.
- Cooper Tire & Rubber Company
- Kenda Rubber Industrial Co. Ltd.
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“The global two-wheeler tire market is primarily propelled by increasing motorcycle sales and a surge in the demand for high-performance tires. An uptick in off-road biking activities, riding clubs, and bike expeditions boosts demand further. Moreover, the rise in electric and hybrid motorcycle production, coupled with advancements in tire technology, has contributed to market growth. Lastly, the development of tubeless and puncture-resistant tires has also played a significant role in driving the market”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Two-Wheeler Tire Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Vehicle Type (Motorcycle & Scooter/Moped), By Demand Category (OEM & Replacement), By Regional & Competition 2019-2029”, has evaluated the future growth potential of Global Two-Wheeler Tire Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Two-Wheeler Tire Market.
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