Two-wheeler tires are gaining substantial popularity across India owing to the surging demand for two-wheelers in the country. We all know that tires are amongst the most crucial parts of any vehicle. Hence, their frequent monitoring is essential to ensure a hassle-free journey every time. The tire industry in India is expanding robustly, especially in the Northern States of India, primarily due to less available parking space and burgeoning traffic jams in the metro cities.
According to MarkNtel Advisors’ research report, “India Two-Wheeler Tire Market Analysis, 2021,” the market is likely to grow at a CAGR of around 15% in the forecast period of 2021-26. It primarily owes to the flooding population of the country and its requirement for two-wheelers and their respective tires. The India Two-Wheeler Tire Market grew exponentially in the country and witnessed a hike in recent years. To combat the heavy traffic, maximum people are inclining toward adopting two-wheelers and substantially contributing to the overall market growth. Moreover, a large number of the working population prefer commuting on scooters, primarily to avoid the burgeoning traffic. While the sales of two-wheelers are increasing, it is directly impacting the India Two-Wheeler Tire Market positively. Therefore, the overall market growth is likely to surge robustly in the forecast years.
|Study Period||Historical Data: 2016-2019|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||MRF, Apollo, CEAT, TVS Srichakra, Michelin India Pvt. Ltd., Bridgestone India Pvt. Ltd., Pirelli, JK Tyres & Industries Ltd., Ralco Tyres, Maxxis Tires|
|Unit Denominations||USD Million/Billion|
Covid-19 Severely Impacted the India Two-Wheeler Tire Market
The outbreak of the Covid-19 pandemic severely impacted different industries across the world, and the Indian Two-Wheeler Tire Market was no exception. To combat the spread of the virus, the government imposed a nationwide lockdown that restricted the movement of people, thereby bringing numerous growth challenges for the market and resulting in a significant fall in its demand. The supply chains got disrupted severely, leading to project delays and a massive decline in sales.
However, since the gradual upliftment of restriction and ease of norms in reopening manufacturing units by the end of the previous year, the India Two-Wheeler Tire Market is recovering robustly. Besides, the flow of the supply chain is back in business, resulting in increased sales of two-wheeler tires in the country.