Burgeoning Worldwide Automotive Aftermarket to Create Lucrative Avenues in Two Wheeler Tires Market

Published Date : Mar 26, 2018

ALBANY, New York, March 26, 2018 – MarketResearchReports.biz has announced the addition of a new report titled “Two Wheeler Tires Market - Global Industry Analysis, Size, Growth, Trends, Share and Forecast 2017–2026”, to its offering. The report on the global two wheeler tires market offers comprehensive insights on key market dynamics, notable prospects, vendor landscape, strategic dynamics, and lucrative avenues. An elaborate assessment of the market dynamics includes major drivers and restraints and prominent trends expected to impact the future demand in various regions.

The burgeoning demand for two-wheelers tires rides mainly on the proliferating sales of two-wheelers world over and the rapid growth of the aftermarket segment in several emerging economies. The global two wheeler tires market is projected to expand at a steady CAGR of 4.6% from 2017 to 2026. By the end of this period, the market is expected to be worth US$16,940 million.

The global two wheeler tires market features a fairly competitive landscape with the presence of a number of existing prominent players. The market, however being oligopolistic, the bar for new entrants is raised high. In particular, small-scale players grapple with several challenges to enter the market. Top players are focusing on mass market product innovations, in a move to maintain a stronghold in the market. In addition, a number of leading players are also expanding their product range to support their growth strategies and consolidate their positions in the global market.

The key regional markets for two-wheelers tires comprise Japan, North America, Europe, Asia Pacific excluding Japan (APEJ), the Middle East and Africa, and Latin America. Of these, APEJ is expected to emerge as the dominant market, led by spike in demand for tires in countries such as India and China. The key demand categories are OEM and replacement; of the two, the replacement segment is anticipated to hold the sway over the assessment period. 

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The global two-wheelers tires market is primarily driven by the soaring demand for tires from the rapid rise in sales of two-wheelers such as scooters, motorcycles, and mopeds, in various parts of the world. The staggering sales of these two-wheelers in emerging economies, notably China and India, is a noteworthy factor accentuating the growth of the market. The wide fleet size in these markets contribute to burgeoning demand for the replacement of these tires, contributing to the overall market’s revenue. The striking stride experienced by the aftermarket in these regions in recent years is also aiding in the rapid expansion of the global market.

Owing to the presence of poor road infrastructure in several developing regions, the rate of replacement is high. The recurrent focus on ensuring road safety and avoiding accidents has propelled the demand for advanced tires with better grip and anti-skidding properties. The demand for advanced materials for manufacturing two-wheelers tires for ensuring safety in high speed driving is a notable factor catalyzing the growth of the market.

The advent of new range of high-performing tires by prominent manufactures, especially in developing economies, is a significant development contributing to the growth of the two-wheelers tires market. Furthermore, the mushrooming of repair facilities in towns and cities in emerging economies bodes well for the two-wheelers tires market. The launch of affordable range of tires for value-conscious consumers that also offers high durability is likely to favor the growth of the market.

A number of leading players in emerging economies, such as India, are also spending heavily on brand building initiatives, in a move to get a better foothold in the market. Players holding a sizeable stake in the two-wheelers tires market include Deestone Company Limited, JK Tyre & Industries, Apollo Tyres Ltd., CEAT Limited, MRF Limited, and Bridgestone Corporation.

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