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India Two Wheeler Tire Market

India Two Wheeler Tire Market

India Two-Wheeler Tire Market - By Tire Type (Pneumatic Tire, Solid/Others (Advanced Tire)); By Tube Specification (Tube Tire, Tubeless Tire); By Rim Size (Less than 10 Inches, 10–13 Inches, 14–17 Inches, 18–21 Inches, More than 21 Inches); By Vehicle Type (ICE Motorcycle, ICE Scooter/Moped, Electric Motorcycle, Electric Scooter/Moped); By Sales Channel (OEM, Replacement), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: January 2023
  • Report ID: BWC22621
  • Available Format: PDF
  • Page: 105

Report Overview

High popularity of two wheelers in India, consumers’ increasing preference for online shopping, and the rise in services and maintenance of two wheelers are projected to propel the expansion of India two-wheeler tire market at an impressive growth rate during the forecast period between 2023 and 2029.

India Two-Wheeler Tire Market - Industry Trends & Forecast Report, 2029

 

India two-wheeler tire market size was worth USD 2.42 billion in 2022. During the forecast period between 2023 and 2029, India two-wheeler tire market size is expected to grow at a significant CAGR of 11.6% reaching a value of USD 5.09 billion by 2029. A major growth factor for India two-wheeler tire market is booming sales of two-wheelers in the country, 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, improving road infrastructure, and increasing number of female riders are all driving demand for two wheelers in India, which, in turn, is expected to spur the demand for two-wheeler tires. The e-commerce industry is one of the elements, which is also driving the high 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. Rising environmental consciousness about high vehicular pollution from heavy-duty automobiles is boosting the market's prospects. The increasing prevalence of electric and hybrid two-wheelers with reduced carbon emissions is also key 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.

India Two-Wheeler Tire Market

India Two-Wheeler Tire Market

Growth Drivers

Increasing production and sale of two wheelers in India

India two-wheeler tire market is expected to grow significantly during the forecast period due to significant driving factors. Primarily, the government and the automobile industry are actively investing and collaborating to improve transportation and road connectivity between urban and rural areas. All these initiatives are projected to present attractive growth prospects to the industry in the coming years, propelling the entire market to exponential growth. The country intends to increase annual output, with the OEM and auto component sectors being the most notable priorities. As a result, these are the most important aspects for increasing two wheelers production. Increasing volumes of two wheeler manufacturing and sales are expected to drive the two-wheeler tire market in India.

Restraints

Growing popularity of hybrid working and learning trend

Increased work-from-home trend, which eliminates the need for people to commute to work, may have a negative impact on demand for two-wheeler and two-wheeler tires in the coming years. Increasing fuel prices in the country may limit the market expansion, particularly in the price sensitive entry-level category of two wheelers and tires.    

Impact of COVID-19 on India Two-Wheeler Tire Market

COVID-19 had a detrimental impact on 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.

India Two-Wheeler Tire Market

Segmental Coverage

India Two-Wheeler Tire Market – By Tire Type

On basis of tire type, India two-wheeler tire market is divided into Pneumatic Tire and Solid/Others (Advanced Tire) segments.

India Two-Wheeler Tire Market – By Tube Specification

Based on tube specification, India two-wheeler tire market is bifurcated into Tube Tire and Tubeless Tire segments.

India Two-Wheeler Tire Market – By Rim Size

Based on rim size, India two-wheeler tire market is divided into Less than 10 Inches, 1013 Inches, 1417 Inches, 1821 Inches, and More than 21 Inches segments.

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. The motorcycle segment dominates the market due to increasing usage for mode of transportation. A rising 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 holds the second highest market share. It is mostly due to ICE scooters’ increasing popularity among commuters because of its simplicity of driving and load-carrying capabilities. The growing number of working females who prefer scooters as a convenient form of transportation fuels their demand and boosts total 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.

India Two-Wheeler Tire Market – By Sales Channel

Based on sales channel, India two-wheeler tire market is bifurcated OEM and Replacement segments. The OEM segment is expected to hold a higher market share during the period in analysis, owing to factors including the increasing emergence of market participants and producers of two wheelers for sale networks. These networks target cities with a low presence, high purchasing power, and a preference for two wheelers among customers. Inadequate road infrastructure, particularly in developing areas, encourages people to choose for two wheelers, which increases demand for OEM tires as two-wheeler sales expand.

India Two-Wheeler Tire Market Share

Competitive Landscape

 

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.

Recent Developments

  • In November 2022 - Mahansaria Company formed a 76:24 joint venture with Mitas Group to build a 30 acre Greenfield manufacturing facility in Saykha, Gujarat. The plant will produce performance two-wheeler tires under the Mitas brand for European and North American markets, as well as Reise for the Indian domestic market.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Billion

Market Coverage

India

Product/ Service Segmentation

Tire Type, Tube Specification, Rim Size, Vehicle Type, Distribution Channel

Key Players

MRF Limited, CEAT Ltd., TVS EUROGRIP., JK TYRE & INDUSTRIES LTD, APOLLO TYRES LTD, Bridgestone India Private Ltd., MICHELIN, Pirelli & C. S.p.A., RALCOTYRES, Birla Tyres

 

By Tire Type

  • Pneumatic Tire

  • Solid/Others (Advanced Tire)

By Tube Specification

  • Tube Tire

  • Tubeless Tire

By Rim Size

  • Less than 10 Inches

  • 1013 Inches

  • 1417 Inches

  • 1821 Inches

  • More than 21 Inches

By Vehicle Type

  • ICE Motorcycle

  • ICE Scooter/Moped

  • Electric Motorcycle

  • Electric Scooter/Moped

By Sales Channel

  • OEM

  • Replacement

 
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. India Two-Wheeler Tire Market, 2029 Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing production of two wheelers in India
        2. Consumers are increasingly turning to online shopping,
        3. Rise in services and maintenance of two-wheelers
      2. Restraints
        1. Volatility in prices of raw material
      3. Opportunities
        1. Increasing automation
        2. Increasing safety & security concerns
      4. Challenges
        1. Decline of motorcycle production and delivery amid COVID-19
    3. Technology Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. India Two-Wheeler Tire Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Tire Type
        1. Pneumatic Tire
        2. Solid/Others (Advanced Tire)
      2. By Tube Specification  
        1. Tube Tire
        2. Tubeless Tire
      3. By Rim Size
        1. Less than 10 Inches
        2. 1013 Inches
        3. 1417 Inches
        4. 1821 Inches
        5. More than 21 Inches
      4. By Vehicle Type
        1. ICE Motorcycle
        2. ICE Scooter/Moped
        3. Electric Motorcycle
        4. Electric Scooter/Moped
      5. By Sales Channel
        1. OEM
        2. Replacement
  5. Competitive Landscape
    1. List of Key Players and Their Range
    2. India Two-Wheeler Tire Company Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
  6. Impact of Covid-19 on India Two-Wheeler Tire Market Industry
  7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook)
    1. MRF Limited
    2. CEAT Ltd.
    3. TVS EUROGRIP.
    4. JK TYRE & INDUSTRIES LTD
    5. APOLLO TYRES LTD
    6. Bridgestone India Private Ltd.
    7. MICHELIN
    8. Pirelli & C. S.p.A.
    9. RALCOTYRES
    10. Birla Tyres
    11. Other Prominent Players
  8. Key Strategic Recommendations
  9. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation

 

List of Figures

         

Figure 1        India Two-Wheeler Tire Market Segmentation                                  

Figure 2        India Two-Wheeler Tire Market Value Chain Analysis                                   

Figure 3        Company Market Share Analysis, 2021                                  

Figure 4        India Two-Wheeler Tire   Market Size, By Value (USD Million), 2019–2029                                   

Figure 5        India Two-Wheeler Tire Market Share, By Tire Type, By Value, 2019–2029                                  

Figure 6        India Two-Wheeler Tire Market Share, By Tube Specification, By Value, 2019–2029                                

Figure 7        India Two-Wheeler Tire Market Share, By Rim Size, By Value, 2019–2029                                   

Figure 8        India Two-Wheeler Tire Market Share, By Vehicle Type, By Value, 2019–2029                              

Figure 9        India Two-Wheeler Tire Market Share, By Sales Channel, By Value, 2019-2030                                      

                                               

List of Tables                                                          

                                               

Table 1         India Two-Wheeler Tire Market Size, By Tire Type, By Value, 2019–2029

Table 2         India Two-Wheeler Tire Market Size, By Tube Specification, By Value, 2019–2029

Table 3         India Two-Wheeler Tire Market Size, By Rim Size, By Value, 2019–2029

Table 4         India Two-Wheeler Tire Market Size, By Vehicle Type, By Value, 2019–2029

Table 5         India Two-Wheeler Tire Market Size, By Sales Channel, By Value, 2019-2030

Table 6         MRF Limited Company Overview

Table 7         MRF Limited Financial Overview

Table 8         CEAT Ltd. Company Overview

Table 9         CEAT Ltd. Financial Overview

Table 10        TVS EUROGRIP Company Overview

Table 11        TVS EUROGRIP Financial Overview

Table 12        JK TYRE & INDUSTRIES LTD Company Overview

Table 13        JK TYRE & INDUSTRIES LTD Financial Overview

Table 14        APOLLO TYRES LTD Company Overview

Table 15        APOLLO TYRES LTD Financial Overview

Table 16        Bridgestone India Private Ltd. Company Overview

Table 17        Bridgestone India Private Ltd. Financial Overview

Table 18        MICHELIN Company Overview

Table 19        MICHELIN Financial Overview

Table 20        Pirelli & C. S.p.A. Company Overview

Table 21        Pirelli & C. S.p.A. Financial Overview

Table 22        RALCOTYRES Company Overview

Table 23        RALCOTYRES Company Overview

Table 24        Birla Tyres Company Overview

Table 25        Birla Tyres Company Overview

      

Market Segmentation

By Tire Type

  • Pneumatic Tire

  • Solid/Others (Advanced Tire)

By Tube Specification

  • Tube Tire

  • Tubeless Tire

By Rim Size

  • Less than 10 Inches

  • 1013 Inches

  • 1417 Inches

  • 1821 Inches

  • More than 21 Inches

By Vehicle Type

  • ICE Motorcycle

  • ICE Scooter/Moped

  • Electric Motorcycle

  • Electric Scooter/Moped

By Sales Channel

  • OEM

  • Replacement

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