Press Release

China Two-Wheeler Tire Market to Witness a Substantial Growth Rate of Around 4.5% During 2024-2030

The China Two-Wheeler Tire Market size is anticipated to grow at a CAGR of around 4.5% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. China has been dealing with heavy traffic congestion issues due to poor road infrastructure, rising vehicle ownership, etc. Owing to these traffic congestion problems, and to quickly respond to emergencies & reach the desired location, the police authorities have been adopting motorcycles rather than divisional vans & patrol vans. As a result, there is an increasing demand for motorcycles for police patrolling, consequently generating the requirement for tires. Also, observing this increased demand, two-wheeler companies like CFMoto in China have introduced two-wheelers specifically designed for patrolling services. Hence, since patrolling duties involve covering extensive distances in a shorter period, these motorcycles require frequent tire replacements due to additional strain on the tires.

Additionally, there has been an increasing demand for two-wheelers in China resulting in increased fleet size. This demand has been propelled by an improved inclination of residents toward personal mobility solutions. Also, in China, the number of students who commute to schools and colleges has been constantly growing. College students have been observed to prefer to use two-wheelers, as scooters & bikes are ideal options to avoid city congestion & save costs. Hence, as the fleet size of two-wheelers is expanding, the wear & tear of their tires has also increased, as usage escalated. Consequently, this has driven the demand for two-wheeler tires for replacement purposes across China.

China has been experiencing a growing demand for electric two-wheelers because of soaring fuel prices. This growing demand for electric two-wheelers has created a growth opportunity for EV producers & startups. This has resulted in the emergence of electric two-wheeler startups & the launch of new electric vehicles, which might be locally produced to meet the increasing demand. With the rise in electric two-wheeler startups and the amplified manufacturing of electric two-wheelers, the demand for two-wheeler tires is projected to increase in the coming years, further states the research report, "China Two-Wheeler Tire Market Analysis, 2024."

Segmentation Analysis

Motorcycles Segment Holds a Major Market Share

Based on the vehicle type, the market is further bifurcated into Scooters & Mopeds, and Motorcycles. In China, motorcycles have been dominating the two-wheeler tire industry with the highest market share. This popularity of motorcycles has enhanced in recent years, owing to their increasing adoption by the youth population of the country. Also, there has been an increasing inclination of youths towards motorcycle racing events. The racing shows have resulted in an increased influence on youth demography, leading to their higher interest in purchasing a motorcycle over scooter or mopeds. This increased demand for two-wheelers has also led manufacturers to launch highly efficient two-wheelers in the country, which are designed to cater to young demographics. For instance,

• In 2024, Great Wall Motors launched its new motorcycle in the country, which is a touring motorcycle under the brand called Souo, which has massive engine displacement and cylinder configuration.

Hence, as the fleet size of motorcycles increases across the country, demand for tires would be high in the market.

OEMs Significantly Contributing to the Revenue Growth of the Market

OEMs had been one of the leading end-users in the China Two-Wheeler Tire Market. A huge presence of two-wheeler producers in the country is one of the foremost motives for positioning OEMs as a leading end-user for two-wheeler tires. Additionally, two-wheeler manufacturers in the country have focused on the expansion of their production capacities in recent years due to increasing demand for two-wheelers from customers and businesses. Therefore, with the growing manufacturing of two-wheelers, the demand for tires has also increased during that period.

Also, the country has witnessed an extensive expansion in the manufacturing of electric two-wheelers in recent years. Hence, as the manufacturing of electric two-wheelers increases, the OEM demand for tires is also predicted to grow in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Zhongce Rubber Group Co., Ltd., Michelin, Bridgestone, Pirelli, Qingdao Oguan Rubber Products Co., Ltd., Richtone Tyres, Tianjin Hengtai Gallop Technology Co., Ltd. (Kingtyre), Cheng Shin Rubber (CST), Good Year Tire & Rubber Company, Mitas Tires, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the country?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?