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India Two Wheeler Tire Market May See Robust Growth by 2026

by Mack Nene SEO | Digital Marketing

Growing two wheeler fleet coupled with increase in two wheeler production is expected to aid the growth of India two wheeler tire market through FY2027.

According to TechSci Research report, India Two Wheeler Tire Market By Vehicle Type (Motorcycle, Scooter and Moped), By Demand Category (OEM Vs Replacement), By Radial Vs Bias, By Rim Size (10”-12” and 15”-19”), By Tire Size (80/100-18, 90/90-12, 2.75x18, 90/100-10, 80/80-17, etc.), By Price Segment (Budget, Ultra Budget, Premium), By Aftermarket Demand Rim Size (10”-12” and 15”-19”), By Region, By States, Competition, Forecast & Opportunities, FY2027F, India two wheeler tire market was valued at around USD2.11 billion in FY2020 and is expected to reach USD3.94 billion by FY2027F with a CAGR of around 10.53% by value in the forecast years. According to the Automotive Tyre Manufacturers' Association (ATMA), as of FY2021, there were around 41 tire manufacturing companies operating in India with 66 tire production plants. These companies all together generated around USD8.5 billion (INR60,000 Crores) of industry turnover in the year FY2020, with total tire exports valuing up to around USD1.8 billion (INR12,840 Crores) in the same year. India is home to the largest two wheeler market all over the globe with over 21 million units produced in FY2020. India exceeded China in terms of two wheeler sales in the year 2016. India is also a two wheeler exporter to numerous neighboring countries like Bangladesh, Sri Lanka, etc. The two wheeler tire demands from countries like Egypt, Nepal, Kenya, Colombia, Bangladesh, etc. are also heavily met by exports from India. The rise in road traffic, growth in middle income group population and youth’s attraction towards premium motorcycles are expected to govern the two wheeler tire demand in the forecast period. With this growth in production, two wheeler fleet size of the country is also expanding and increasing frequency of tire replacement is also aiding the growth of the market.

Browse more than 46 market data Figures and 9 Tables spread through 113 Pages and an in-depth TOC on "India Two Wheeler Tire Market"

https://www.techsciresearch.com/report/india-two-wheeler-tire-market/3076.html

India two wheeler tire market can be segmented based on vehicle type, by demand category, by radial vs bias, by rim size, by tire size, by prize segment, by company, by region, by state and by aftermarket demand rim size. In terms of vehicle type, the market is segmented into motorcycle, scooter, and moped. Motorcycles are the most used source of personal transportation in India. Moreover, to avoid traffic congestion people are using two wheelers more often for short distances. Hence, the dominance of motorcycles is expected to remain in the forecast years as well. Based on demand category the market is segmented into OEM & replacement. Currently the market is being dominated by replacement category. The rise in market share of replacement tires in the country can be attributed to poor infrastructure of roads still present in India. The poor road infrastructure leads to constant wear and tear of tires and consumers being increasingly concerned over road safety issues, are investing more into maintaining their two wheelers, like changing the tires after a period. The growing safety concern, increasing maintenance, growing two wheeler fleet in the country is anticipated to drive the sales of replacement tires in India as a result replacement type of the demand category segment is anticipated to register a CAGR of 8.20% in terms of units sold in FY2022E-FY2027F in India two wheeler tire market. On the basis of Radial Vs Bias tires, bias tires hold a majority of share currently. Since, radial tires have performance benefits over bias tires, like better control, high durability, better fuel efficiency of vehicle as well as enhanced load carrying capacity, the sales of radial tires is growing faster and is expected to register a CAGR of 15.88% in terms of units sold in the forecast years.

In the year 2020, to prevent spread of COVID-19, the Indian government implemented lockdown which impacted international trade, inhouse production as well as domestic sales. According to TechSci Research’s estimates, the market suffered a decline of 5.26% in terms of volume. In the country, aggregate investment contracted massively in the time of lockdown, overall production declined, and imports of goods and services witnessed a robust descent impacting the economy as well as people’s purchasing power negatively in 2020. This decline left a remarkable depreciation in the two wheeler tire market; however, it is currently reviving and is set to overcome the descent in the period FY2022-FY2023.

MRF Limited with its strong presence and large dealership and distribution network across the country is leading the India two wheeler tire market in terms of two wheeler tires sold in FY2021. Second to MRF Limited, CEAT Limited holds another major share in terms of two wheeler tires sold in FY2021. The two companies have continuously introduced innovative products targeting the budget friendly tires over the years, making them the market leaders in the two wheeler tire market of India. Other players in India two wheeler tire market includes TVS Srichakra Limited, JK Tyre & Industries Limited, Apollo Tyres Limited, Bridgestone India Private Limited, Michelin Group, etc.

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“With increase in tire replacement frequency, growing two wheeler production along with growing vehicle fleet, backed by the increase in personal transportation and growth of several sporting activities, the demand for two wheeler tires is expected to grow at a robust pace in India. Also, increasing penetration of global tire brands and expansion of manufacturing capabilities are further expected to back the growth of the India two wheeler tire market in future years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

India Two Wheeler Tire Market By Vehicle Type (Motorcycle, Scooter and Moped), By Demand Category (OEM Vs Replacement), By Radial Vs Bias, By Rim Size (10”-12” and 15”-19”), By Tire Size (80/100-18, 90/90-12, 2.75x18, 90/100-10, 80/80-17, etc.), By Price Segment (Budget, Ultra Budget, Premium), By Aftermarket Demand Rim Size (10”-12” and 15”-19”), By Region, By States, Competition, Forecast & Opportunities, FY2027F has evaluated the future growth potential of the India two wheeler tire market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India two wheeler tire market.

 

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About Mack Nene Senior     SEO | Digital Marketing

185 connections, 2 recommendations, 765 honor points.
Joined APSense since, August 24th, 2015, From Noida, India.

Created on Oct 20th 2021 02:10. Viewed 159 times.

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