According to MarkNtel Advisors' research report, "India Two-Wheeler Tire Market Analysis, 2021," the market is likely to grow at a CAGR of 15% in the forecast period of 2021-26. It owes prominently to the rapidly increasing number of automobile sales during the recent few years. The factors like urbanization, rising disposable income, rural development, and a flooding middle-class population lead to the rising demand for two-wheelers in India and propelling the tire market.
Moreover, the jamming traffic and lack of parking space in metro cities due to the burgeoning number of cars are other crucial aspects inclining commuters toward adopting two-wheelers, thereby boosting the India Two-Wheeler Tire Market exponentially.
Key Questions Answered in the Study
Bias Tires to Witness the Fastest Growth in the India Two-Wheeler Tire Market
Based on the Type of Tires, the India Two-Wheeler Tire Market bifurcates into Bias Tires & Radial Tires. Among the two, the Bias Tires are more likely to attain the fastest growth in the forecast years of 2021-26. It owes prominently to its core nature of providing a smoother ride on rough surfaces than radial tires. Besides, Bias tires are less expensive, more stiff & rigid, and give tough competition to radial tires.
Furthermore, in India, Bias Tires command the overall market because of their low ownership costs. Therefore, Bias Tires are very likely to dominate the India Two-Wheeler Tire Market with a CAGR of approximately 6.84% and attain the fastest growth in the forecast years.
"India Two-Wheeler Tire Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Two-Wheeler Tire providers across the country. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Uttrakhand to Attain the Fastest Market Growth
The Uttrakhand state of India is likely to attain the fastest growth in the India Two-Wheeler Tire Market during the forecast period. It owes to the rapidly increasing inclination of the women populace toward riding scooters in the state. Besides, the increasing number of working women & finance penetration is another critical aspect fueling the overall market in the forecast period.
While two-wheelers remain the prime choice of the maximum population in Uttrakhand, manufacturers in the state are likely to attain the fastest growth in the coming years. Moreover, the cutbacks in tax deductions are also propelling the growth of tire manufacturing companies in India, especially in Uttrakhand, states MarkNtel Advisors in their research report, “India Two-Wheeler Tire Market Analysis, 2021.”
According to MarkNtel Advisors, the leading players in the India Two-Wheeler Tire Market are MRF, Apollo, CEAT, TVS Srichakra, Michelin India Pvt. Ltd., Bridgestone India Pvt. Ltd., Pirelli, JK Tires & Industries Ltd., Ralco Tires, Maxxis Tires.