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, By Competition 2019-2029
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationTwo-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, By Competition 2019-2029
| Forecast Period | 2025-2029 |
| Market Size (2023) | USD 18.95 Billion |
| CAGR (2024-2029) | 5.71% |
| Fastest Growing Segment | Motorcycle |
| Largest Market | Asia-Pacific |
| Market Size (2029) | USD 26.36 Billion |
Market Overview
Global Two-Wheeler Tire Market has valued at USD 18.95
This has led to a surge in the sales of two-wheelers, thereby boosting the demand for their associated tires. Environmental concerns and the push for sustainable transportation have also impacted the two-wheeler tire market. Governments and consumers alike are increasingly focused on reducing carbon emissions and promoting eco-friendly modes of travel. Manufacturers are responding by developing tires that enhance fuel efficiency and minimize the overall carbon footprint of two-wheelers. This alignment with sustainability goals has contributed to the market's growth as more environmentally conscious consumers opt for two-wheelers over conventional automobiles. Furthermore, rising disposable incomes in emerging economies have facilitated greater affordability and accessibility to two-wheelers, resulting in increased adoption. This economic empowerment, coupled with the ease of maneuverability that two-wheelers offer in congested areas, has propelled the demand for these vehicles and subsequently their tires.
The aftermarket segment also plays a crucial role in the two-wheeler tire market's expansion. As the existing fleet of two-wheelers continues to grow, the need for replacement tires becomes evident. Factors such as wear and tear, seasonal changes, and upgrades to higher-performance tires contribute to sustained aftermarket demand. This presents an opportunity for tire manufacturers and suppliers to offer a wide range of products catering to diverse consumer preferences and requirements. In conclusion, the Global Two-Wheeler Tire Market is witnessing robust growth driven by urbanization, environmental consciousness, economic development, and aftermarket demand. These factors collectively underscore the importance of two-wheeler tires in shaping modern mobility and present opportunities for innovation and market expansion within the industry.
Key Market Drivers
Urbanization and Changing Transportation Landscape
A primary driver behind the growth of the Global Two-Wheeler Tire Market is the ongoing process of urbanization. As cities expand and populations concentrate in urban areas, the need for efficient, cost-effective, and agile transportation options becomes more pronounced. Two-wheelers have emerged as a viable solution to navigate through congested traffic, limited parking spaces, and the overall challenges posed by urban commuting. In densely populated urban centers, where traffic congestion is a major concern, two-wheelers offer the advantage of maneuverability, enabling commuters to reach their destinations more quickly. This aspect has led to an increased preference for two-wheelers, consequently driving up the demand for their tires.
Environmental Awareness and Sustainable Transportation
Economic Empowerment and Rising Disposable Incomes
Aftermarket Demand and Replacement Cycles
Technological Advancements and Performance Enhancement
Infrastructure Development and Government Initiatives
Government initiatives aimed at promoting two-wheeler usage have also bolstered the market. In many regions, governments have launched campaigns to encourage the adoption of two-wheelers as a means to reduce traffic congestion and curb pollution. Infrastructure development projects such as dedicated bike lanes and parking spaces for two-wheelers have further incentivized their use. These initiatives create a favorable environment for the growth of the two-wheeler market and, by extension, the demand for two-wheeler tires.
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Key Market Challenges
Safety and Performance Concerns
Counterfeit and Substandard Tires
The proliferation of counterfeit and substandard tires poses a serious challenge to the Global Two-Wheeler Tire Market. These products, often sold at lower prices, compromise on quality and safety. Riders who unknowingly purchase counterfeit tires may face increased risks of accidents, reduced performance, and shorter lifespans of the tires. This challenge necessitates greater regulatory oversight, consumer education, and stringent measures to combat the production and sale of such tires.
Environmental Sustainability
Noise Pollution
Regulatory Compliance and Standards
Price Volatility of Raw Materials
Competitive Market Landscape
Evolving Consumer Preferences
Technological Complexities
Infrastructure and Government Policies
Key Market Trends
Electric Mobility Revolution
Smart and Connected Tires
Sustainability and Eco-Friendly Tires
Customization and Performance Enhancement
Ride-Sharing and Last-Mile Delivery
Online Sales and E-Commerce
Regulation and Safety Standards
Emerging Markets and Urbanization
Focus on Comfort and Noise Reduction
Cross-Category Tires and Versatility
Tire manufacturers are exploring cross-category tires that can perform well across different types of two-wheelers. This versatility caters to riders who own multiple types of vehicles or prefer the flexibility of a single tire that can handle various terrains. Versatile tires offer a balance between on-road and off-road performance, expanding the range of riding experiences.
Segmental Insights
Vehicle Type Insights
The global two-wheeler tire market is broadly segmented into motorcycles, scooters and moped tires. The motorcycle segment dominates the market, driven by various types of motorcycles including superbikes and sports motorcycles, which fuel the demand for high-performance tires. These motorcycles, with their powerful engines and advanced features, require tires that can provide exceptional grip, stability, and durability. On the other hand, the scooter segment is experiencing significant growth due to an increasing preference for maneuverability and fuel efficiency in urban areas. With the rise in traffic congestion and the need for easy navigation through narrow streets, scooters have become a popular choice for commuting. As a result, the demand for scooter tires, specifically designed to deliver excellent handling and fuel efficiency, has witnessed a considerable uptick. Although a smaller segment, mopeds continue to have steady demand in certain regions. Mopeds are known for their cost-effectiveness and suitability for short-distance travel. They provide an economical mode of transportation and are often favored for daily commutes or quick trips within localities.
The two-wheeler tire market is driven by the diverse needs and preferences of motorcycle, scooter, and moped riders. Manufacturers are constantly innovating to meet the specific requirements of each segment, ensuring that riders can enjoy optimal performance, safety, and comfort on their two-wheeled journeys.
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Regional Insights
The global two-wheeler tire market is extensively segmented by region, encompassing North America, Europe & CIS, Asia-Pacific, South America, and the Middle East & Africa. Among these, the
The Asia-Pacific region dominates the global two-wheeler tire market, driven by several key factors. This region’s rapid urbanization, burgeoning middle class, and increasing disposable incomes contribute significantly to the growing demand for two-wheelers, which in turn boosts tire sales. Additionally, the Asia-Pacific market benefits from a strong manufacturing infrastructure, with numerous production facilities catering to both domestic and international markets. Countries within this region, particularly India and China, are major contributors to the high volume of two-wheeler sales due to their large populations and preference for cost-effective transportation solutions. The expansion of public transportation networks and rising investments in infrastructure further stimulate tire demand. Additionally, the region’s growing focus on technological advancements and innovations in tire manufacturing enhances performance and safety, attracting consumers and sustaining market growth. Overall, the Asia-Pacific region's combination of high sales volume, significant production capacity, and dynamic market conditions solidifies its position as the leading and most influential region in the global two-wheeler tire market.
Recent Developments
- In 2023, Michelin launched a new series of motorcycle tires in January 2024. These tires were recently unveiled at the EICMA trade show in Milan, Italy. The Michelin Power 6 is designed to meet the needs of a wide range of sports motorcycle riders, offering a blend of sportiness and comfort. According to Michelin, this tire provides excellent performance for both everyday commuting and long-distance travel, with impressive grip in both dry and wet conditions. The Power 6 is noted for its superior handling and sporty feel. It is available in multiple sizes, suitable for motorcycles with engines over 300cc, and has already been approved for the 2024 KTM 390 Duke.
- In January 2024, CEAT Ltd, a tire manufacturer, entered the steel radial tire market for two-wheelers with the goal of strengthening its leadership in the two-wheeler tire sector and elevating its brand image. The company recently introduced a new premium line of steel radial tires for two-wheelers, aiming to serve both the aftermarket and original equipment manufacturer (OEM) markets.
- In January 2024, Ceat introduced its new range of steel radial tires in India, featuring the Sportrad and Crossrad models. These premium tires are engineered for high-performance motorcycles, with the Sportrad series optimized for high-speed and cornering capabilities, while the Crossrad series is designed for versatile terrain use. Both series utilize a steel-belted radial construction to enhance handling at high speeds. The Crossrad tires are suitable for motorcycles like the Yamaha FZ Series and Suzuki Gixxer Series, and are priced at Rs 4,300 per set. On the other hand, the Sportrad tires cater to models such as the KTM RC390, Duke 390, Bajaj Dominar 400, and TVS Apache RR310, with a set priced at Rs 12,500.
Key Market Players
- Bridgestone Corporation
- Michelin Group
- Continental AG
- Pirelli & C. S.p.A.
- MRF Limited
- CEAT Ltd
- Goodyear Tire and RubberCompany
- JK Tyre & Industries Ltd.
- Cooper Tire & RubberCompany
- Kenda Rubber Industrial Co.Ltd.
|
By Vehicle Type |
By Demand Category |
By Region |
|
Motorcycle Scooter/Moped |
OEM Replacement |
North America Europe & CIS Asia Pacific South America Middle East & Africa |
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