Press Release

India Two-Wheeler Radial Tire Market Anticipated to Grow at a CAGR of Around 6.7% During 2024-30

The India Two-Wheeler Radial Tire Market is projected to grow at a CAGR of 6.7% in the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The number of motorcycles and scooters on Indian roads has experienced a significant increase, leading to a substantial demand for radial tire replacements due to wear and tear effects. This surge in demand can be largely attributed to factors like poor road conditions and numerous path holes, resulting in extensive wear and tear. Additionally, Two-wheelers in India cover higher mileage compared to other vehicles, mainly due to their prevalent use for daily commuting. Consequently, the frequency of tire replacements has risen, boosting the aftermarket demand for Two-wheeler radial tires. Consumers prefer radial tires over Bias tires for replacement purposes, as they offer a safer and more secure riding experience.

Further, the penetration of electric Two-wheelers is constantly rising in the country as the government encourages their adoption to reduce carbon emissions from the transportation sector. Along with it, the government is also providing tax incentives and subsidy support to the citizens for the purchase of electric Two-wheelers. Due to this, the ownership of electric Two-wheelers is constantly growing in the urban parts of the country, and the improvements in the existing EV charging infrastructure are further anticipated to propel the sales of electric Two-wheelers. This is emerging as an opportunity area for tire manufacturers, as it would increase the demand for radial tires from OEMs and aftermarkets. This, in turn, would positively impact the India Two-Wheeler Radial Tire Market in the coming years, further states the research report, “India Two-Wheeler Radial Tire Market Analysis, 2024.”

Segmentation Analysis

The Motorcycle Segment Leading the Radial Two-Wheeler Tire Market

Based on the type of Two-wheeler, the market is divided into Mopeds & Scooters, and Motorcycles. Of them all, the motorcycle segment held a significant share of the market, especially in the urban parts of the country. The working population, in particular, has been drawn to motorcycles for their easy maneuverability, making them ideal for navigating congested streets and heavy traffic. As a result, motorcycle sales have soared in cities, leading to a spike in demand for radial tires from OEMs as they ramp up production to meet the increasing needs. Along with it, radial tires offer improved grip & traction, higher load-carrying capacity, and improved performance even on rough surfaces. Due to this, the motorcycle riders retained radial tires for replacement purposes as well, leading to growing sales in the aftermarket.

Further, in the upcoming years, factors such as higher demand for sports & premium category bikes are expected to generate demand for radial two-wheeler tires. The upswing in premium and sports bike sales will create a ripple effect, bolstering the demand for radial two-wheeler tires both in the OEM market and the aftermarket in the upcoming years. As a consequence, the motorcycle segment is projected to experience substantial growth in the India Two-Wheeler Radial Tire Market from 2024 to 2030.

Electric Two-Wheelers to Witness Higher Sales of Radial Tires

Based on engine type, the market is segmented into Internal Combustion Engine and Electric. In the India Two Wheeler Radial Tire market, Internal Combustion Engine (ICE)-based Two-wheelers have held a significant share due to the widespread availability of petrol fuel facilitated by a well-integrated network of petrol pumps across the country. These ICE-based vehicles offer greater mileage and the ability to cover larger distances compared to electric two-wheelers, leading consumers to favor them. Further, to cater to this consumer preference, automobile manufacturers like Keeway and Bajaj have introduced high-performance ICE-based Two-wheelers.

Looking ahead, the electric two-wheeler segment is expected to generate higher demand for radial tires. The ownership of electric two-wheelers is projected to rise as the government incentivizes their adoption through monetary incentives. Consequently, the manufacturing of electric two-wheelers is expected to increase, presenting an opportunity for the growth in demand for radial tires among manufacturers from 2024 to 2030.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including MRF Tyres, Apollo Tyres Ltd., CEAT Ltd., TVS Srichakra Ltd., Michelin India Pvt. Ltd., Pirelli Tires SA, JK Tyres & Industries, Goodyear India Ltd., Continental India Pvt. Ltd., Bridgestone India Pvt. Ltd., and others, are looking forward to strengthening their market position.

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 across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers evolved 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?