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.
Scooters Observed the Largest Share of the India Two-Wheeler Tire Market
Based on the Type of the Vehicle, the India Two-Wheeler Tire Market bifurcates into Scooters, Motorcycles, Mopeds, Electric Scooters, and Electric Motorcycles. Of them all, Scooters dominated the market with the largest market share in the previous few years and are likely to continue their dominance in the forecast years, too. It owes majorly to their rising adoption by commuters with ease of driving and the load-carrying capabilities. Besides, the increasing number of working female populace opting for scooters as hassle-free conveyance mode further propels their demand and positively impacts the overall market growth. Furthermore, the growing inclination toward high-end bikes, especially among the young generation, is another critical aspect booming the sales of premium tires exponentially across the country, thereby driving the market.
Original Equipment Manufacturers (OEMs) to Witness the Fastest Growth in the India Two-Wheeler Tire Market
Amongst the Demand Type, the India Two-Wheeler Tire Market bifurcates into Original Equipment Manufacturer (OEM) (Hero, Honda, TVS, Bajaj, Yamaha, Suzuki, Royal Enfield, KTM, HusQVarna, Piaggio, Others) and Replacement. Here, the OEM sector is likely to witness the fastest market growth in the forecast years owing to factors like the growing expansion of market players & manufacturers of two-wheelers for the sale networks. These networks target cities with less presence, substantial buying power by people, and customer inclination toward two-wheelers. Furthermore, the underdeveloped road infrastructure, especially in developing areas, is yet another factor enabling people to opt for two-wheelers and boost the demand for OEM tires when the two-wheeler sales increase. Therefore, the segment is likely to witness robust growth in the forecast period, states MarkNtel Advisors in their research report, “India Two-Wheeler Tire Market Analysis, 2021.”
India Two-Wheeler Tire Market is likely to attain substantial growth in the forecast period owing to prominent driving factors. Primarily, the government with the automotive industry is actively investing & working together to enhance the mobility & road connectivity between urban & rural areas. Besides, it is also taking initiatives to empower the automotive industry, enabling them to lead the global auto industry.
All these initiatives cited above are likely to provide lucrative growth opportunities to the market in the coming years and propel the overall market to attain exponential growth. Furthermore, the country is looking forward to increasing the annual production, where the OEM & Auto component sectors are the most prominent targets. Hence, these elements are the most prominent factors driving the India Two-Wheeler Tire Market.
Haryana to Attain the Largest Share of the India Two-Wheeler Tire Market
Haryana is very likely to attain the largest share in the forecast years. The prominent factor supporting the market growth in the city is the disappointing road transportation infrastructure. People are actively looking for two-wheelers rather than four-wheelers to avoid getting stuck in traffic. Besides, the rapidly growing consumer preferences and inclination of youth toward two-wheelers is another critical factor fueling the demand for two-wheelers and directly impacting the two-wheeler tire market. Furthermore, easy finance & credit services with massive disposal money are further purchased by working professionals to buy two-wheelers and tires in the city. Therefore, based on these aspects, Haryana shall attain the largest market share in the forecast period.
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.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The India Two-Wheeler Tire Market is likely to grow at a CAGR of around 15% in the forecast period of 2021-26.
A. MRF, Apollo, CEAT, TVS Srichakra, Michelin India Pvt. Ltd., Bridgestone India Pvt. Ltd., Pirelli, JK Tires & Industries Ltd., Ralco Tires, Maxxis Tires are a few leading players in the India Two-Wheeler Tire Market.
A. Scooters are the most likely to attain the highest CAGR during the forecast period and maintain their significant market share.
A. The government of India is collaborating with the automotive industry and actively working to enhance the mobility & road connectivity between urban & rural areas. Besides, it is also taking initiatives to empower the automotive industry, enabling them to lead the global auto industry. All these factors are likely to build lucrative opportunities in the coming years and propel the overall market to attain exponential growth.
A. The rapidly increasing number of female riders & working population is propelling the need for scooters, thereby directly impacting the two-wheeler tire market and enabling the market to recover from losses. Besides, it further provides an opportunity for the India Two-Wheeler Tire Sector to thrive and regain its usual pace in the forecast period.