Tires are one of the core components of any vehicle and are manufactured from several types of raw materials along with rubber. The two wheeler tires market caters to specifically three segments such as motorcycles, scooters, and mopeds. The demand for tiress further relies on the sales of two-wheelers.
The market is expected to witness intense competition among the current players and also from new players who will try to venture in the market. But being oligopolistic in nature coupled with the presence of leading brands, new players might face challenges while venturing into the market. The aftermarket for two wheeler tires is likely to present players with myriad of opportunities, especially in China, India, and Japan owing to the high fleet size of vehicles. In countries where the fleet size of two wheeler vehicles is high, the replacement rate is also high as because of wearing and tearing.
Transparency Market Research has introduced a new research report on the global two wheeler tires market that covers several important aspects pertaining to the growth trajectory of the global market. According to the report, the global two wheeler tires market is expected to rise at stable CAGR over the course of the forecast period and is likely to touch a valuation of US$16,940 Mn by the end of 2026.
Based on region, the global two wheeler tires market has been segmented into North America, Europe, the Middle East and Africa, Asia Pacific excluding Japan, Latin America, and Japan.
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Asia Pacific excluding Japan to Lead Among all Regions
Amongst these, Asia Pacific excluding Japan is likely to emerge as the principal region for the growth of the market owing to countries such China and India where the demand for two wheelers is comparatively high. Moreover, as the road infrastructure of India is relatively poor, the aftermarket for two wheeler tires is also high in this country as people go for replacements. The two wheeler tires market in Asia Pacific excluding Japan is anticipated to reach a valuation of around US$6,084 Mn by the end of 2026.
Replacement to be More Preferred than OEM
Based on demand category, the global two wheeler tires market has been divided into OEM and replacement. Among these two, the replacement category is expected to lead the market in the long run as the demand for replacement is higher in most of the developing countries. The replacement market is high owing to the wear and tear of tiress and the need for maintenance. The cost of replacement is also low as compared to OEM.
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The prevalence of leading companies is expected to trigger intense competition in the market making this market an oligopolistic one. On the other hand, small-scale players are witnessing increasing challenges in gaining hold on the market. The leading companies operating in the market are Bridgestone Corporation, CEAT Limited, Apollo Tyres Ltd., JK Tyre & Industries, Deestone Company Limited, and MRF Limited, among many others.