The global two wheeler tire market is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to increasing disposable income and rapid development in the two wheeler electric market.
Two wheeler tires are manufactured from rubber, carbon black, chemicals, and metals to ensure traction on the road and smooth running of the vehicle. Timely maintenance is required to ensure long and smooth life of two wheeler vehicle, which has led to more demand for high quality tires.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid urbanization, rural development, and surging middle class population are some of the key factors increasing the demand for two wheeler vehicles across the globe.
- Rising traffic and lack of availability of parking space in cosmopolitan cities are boosting the growth of the two wheeler tire market.
- Trade barriers between the US and China can restrain the market growth.
- The outbreak of COVID-19 had affected the market in various aspects. Several two wheeler tire manufacturers are facing issues in accessing raw material as the supply chain is disrupted owing to imposed lockdown. However, the restrictions have been relaxed in various parts of the world, stimulating the market growth.
- Ongoing development of radial tire technology can create lucrative opportunities during the forecast period.
Two Wheeler Tire Market Segment Insights:
Scooter tires and moped tires segments to account a large market share
Based on types, the market is segmented into motorcycle tires, scooter tires, moped tires, and others. The scooter tires and moped tires segments are anticipated to account for a large market share owing to the high level of traction and agile handling of two wheelers offered by these tires . Rising demand for two-wheelers for personal transportation has stimulated the two wheeler production in emerging economies driving the growth of both the segments.
OEMs segment to grow at a steady rate
Based on applications, the two wheeler tire market is segmented OEMs and aftermarket. The OEMs segment is anticipated to grow at a steady rate owing to the increasing sale of two-wheelers and increasing number of electric manufacturers in two-wheelers market.
The market in Asia Pacific to exhibit a high CAGR
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the market in 2020, in terms of volume and revenue. India and China were the prominent countries for the two wheeler tire market. Both of these countries accounted for large number of two-wheeler tire sales. The combined market share of these countries is over 80 percent in the global two wheeler tire market. However, North America and Africa is expected to account for a considerable market share owing to increasing demand for motorcycle tires.
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