India Two-Wheeler Tire Market
India Two-Wheeler Tire Market Size More than Doubles to Touch USD 5.1 Billion by 2029
Published | 01 January 2023
India two-wheeler tire market is flourishing because of an increasing production and sale of two wheelers in India, growing popularity of online shopping, and rise in services and maintenance of two wheelers.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimates India two-wheeler tire market size at USD 2.42 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects India two-wheeler tire market size to grow at a significant CAGR of 11.6% reaching a value of USD 5.09 billion by 2029. India two-wheeler tire market expansion is driven by high popularity of two wheelers due to their convenience of maneuvering through congested roadways, reduced carbon emissions, better fuel efficiency, and affordability when compared to three or four wheeled vehicles. Rapid urbanization, improved road infrastructure, and an increase in the number of female consumers are all driving demand for two wheelers in India. The e-commerce industry is one of the elements driving the increased demand for two wheelers. Because of the vehicle's endurance, improved tire stability, and ability to carry big baggage, e-commerce companies now utilize two wheelers to distribute merchandise. Even the demand for shared mobility, which is utilized to go to work daily, is one of the causes driving the increase in demand for two wheelers. Additionally, rising environmental consciousness about high vehicular pollution from heavy-duty automobiles is boosting the market's prospects. Aside from that, the increasing prevalence of electric and hybrid two wheelers with reduced carbon emissions is an important growth driver. The growing tourism industry is increasing the demand for two-wheeler rentals, encouraging product demand in the country. Hence, all these factors are expected to fuel the expansion of India two-wheeler tire market during the period in analysis. However, high volatility in raw material prices is anticipated to restrain the market growth.
India Two-Wheeler Tire Market – Overview
Owing to the increasing need for two wheelers in India, two-wheeler tires are becoming increasingly popular. The tires are one of the most important components of any vehicle. As a result, regular monitoring is required to ensure a trouble-free ride every time. The tire industry in India is rapidly increasing, particularly in the northern states, owing to a lack of adequate parking space and worsening traffic congestion in major cities. During the forecast period, Haryana could hold the highest share. Unsatisfactory road transportation infrastructure in rural areas is a major restraining factor for the market expansion. To avoid getting stopped in traffic, people prefer two wheelers than four wheelers. The fast expanding consumer preferences and youth propensity for two wheelers is a major element boosting demand for two wheelers and consequently impacting the two-wheeler tire market. Working professionals can avail easy loans and credit services with large sums of money to buy two wheelers and tires in urban centers.
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India Two-Wheeler Tire Market – By Vehicle Type
Based on vehicle type, India two-wheeler tire market is divided into ICE (Internal Combustion Engine) Motorcycle, ICE Scooter/Moped, Electric Motorcycle, and Electric Scooter/Moped segments. The motorcycle segment dominates the market due to its increasing popularity as a mode of transportation. An increasing demand for motorcycles among youth in India. With frequent product introductions and improvements in the market, as well as an increase in the number of performance motorcycles, the popularity of motorcycles among young people is likely to grow even more. The ICE Scooter segment held the second highest market share and is expected to maintain that dominance during the forecast period as well. It is mostly due to their increasing popularity among commuters because to its simplicity of driving and load-carrying capabilities. Furthermore, the growing number of working females who prefer scooters as a convenient form of transportation fuels their demand and boosts two-wheeler tire market growth. The growing tendency toward high-end bikes, particularly among the younger generation, is another significant factor driving the market by dramatically increasing sales of premium tires across the country.
Impact of COVID-19 on India Two-Wheeler Tire Market
COVID-19 adversely affected India two-wheeler and tires market. The COVID-19 pandemic had a major influence on the second quarter, and while wide-ranging limitations were required for health and safety reasons, lockdowns resulted in a steep decline in the demand for two-wheelers and tires. The lockdown measures had a negative impact on sales, as manufacturers were forced to eliminate significant carryover supplies in the distribution system. The supply chains were badly disrupted, resulting in project delays and a massive drop in revenues. However, the India two-wheeler tire market has been recovering strongly since the gradual lifting of restrictions and relaxation of requirements in reopening production units at the end of pandemic severity. The supply chain is back in operation, resulting in increasing sales of two-wheeler tires in the country.
Major players operating in India two-wheeler tire market include MRF Limited, CEAT Ltd., TVS EUROGRIP., JK TYRE & INDUSTRIES LTD, APOLLO TYRES LTD, Bridgestone India Private Ltd., MICHELIN, Pirelli & C. S.p.A., RALCOTYRES, and Birla Tyres. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics India Two-Wheeler Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Two-Wheeler Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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