Press Release Description
Asia-Pacific Two-wheeler Tire Market was USD 10.16 Billion in 2022 and is projected to grow at a CAGR of 7.39% through 2030
The Asia-Pacific Two-Wheeler Tire Market size was valued at around USD 10.16 billion in 2022 and is anticipated to grow at a CAGR of about 7.39% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Rapid urbanization and a growing population in the region are driving the need for affordable and efficient transportation options. This demographic expansion, especially in densely populated urban areas, is boosting the demand for tire replacements, as individuals are choosing motorcycles and scooters as their primary mode of transportation, leading to frequent wear and tear due to uneven road conditions.
Additionally, the expansion of e-commerce, ride-hailing, and food delivery platforms, especially in densely populated urban centers, is another significant factor driving demand for Two-Wheelers and their tires, respectively. Food delivery services, courier businesses, and ride-sharing platforms heavily rely on Two-Wheelers for their day-to-day business operations. As these service providers have to deliver goods across long distances with poor road infrastructure and during rain, the tires of these Two-Wheeler vehicles have to undergo significant pressure, which leads to a reduction in tire elasticity. Thus necessitating regular tire replacements due to their high mileage and intensive use.
Furthermore, the growing incentives in the region related to significant tax benefits and EV infrastructure availability, aided by the government's initiatives, are driving the expansion of electric Two-Wheeler manufacturing units in the Asia-Pacific region. Thus, some of the key manufacturers expanding in the region include Hero Electric, Yadea, and Piaggio to cater to both domestic and regional markets. This is because the governments of various countries, including China, India, Japan, Australia, Singapore, etc., aim to transform their automotive industries towards electric vehicles.
For instance, the government of Indonesia has announced a target to deploy over 11.8 million electric Two-Wheelers in the country. As production activities of electric Two-Wheelers in the region are foreseen to boom, the demand for tires is also expected to increase exponentially, further states the research report, “Asia-Pacific Two-Wheeler Tire Market Analysis, 2024.”
Aftermarket Segment to Hold a Dominant Position in the Market
Based on the demand type, the market is further bifurcated into OEM and Aftermarket. Among them, Aftermarket is poised to play a significant role in the market. The Asia-Pacific region boasts high Two-Wheeler ownership rates and a growing presence of ride-hailing services. Additionally, the e-commerce industry in the region is experiencing substantial growth, primarily driven by the increasing consumer preference for online shopping and advancements in online payment systems.
This expansion in online retailing is spurring the widespread adoption of Two-Wheelers, both conventional and electric, by delivery companies such as Gogoro and Foodpanda. This is leading to an extensive use of Two-Wheelers, thereby resulting in tire wear and tear. Thus positively influencing the demand for tire replacement.
China to Gain Substantial Momentum in the Asia-Pacific Two-Wheeler Tire Market
China is experiencing remarkable growth, driven by factors such as rapid urbanization and an expanding proportion of the middle class. A Two-Wheeler is a preferred choice by middle-class individuals as it is economical and time-saving in crowded urban areas, particularly in densely populated urban areas where parking and traffic are major issues.
As these vehicles often operate in extreme temperatures ranging between 30-40 degree celsius, the air inside tires expands, leading to reduced traction, decreased handling, and an increased risk of blowouts. This notably supports the requirement for Two-Wheeler tire replacements in China.
Furthermore, the expansion of e-commerce and delivery services in China has created a booming gig economy, with a substantial reliance on Two-Wheelers for efficient last-mile delivery. As a result, the frequent use of these vehicles by ride-sharing and express delivery services like Meituan Dianping and Qdigo, among others, widely contributed to high wear and tear on tires, thereby driving demand for their replacements. Moreover, the increasing production of electric motorcycles by companies like AIMA and Sunra Electric Vehicle in China is further stimulating the demand for Two-Wheeler tires in the country.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including MRF Tyres, Bridgestone Tyres, Continental Tires, CEAT Tyres, Apollo Tyres, TVS Eurogrip, Pirelli Tires, JK Tyre, Compagnie Générale des Établissements Michelin SCA, Maxxis Tyres, Camel Industries Ltd., Inoue Rubber Co. Ltd. (IRC Tires), Heindenau Tyres, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
Place an order
100% Safe & Secure
Strongest encryption on the website to make your purchase safe and secure