Robust demand for two wheelers is augmenting the growth of two wheelers tire market in India. Rising population, urbanization as well as rising disposable income are further acting as a catalyst for two wheeler sale in the country. In addition, traffic congestion and limited parking space in metro cities is further propelling the demand for two wheelers which is complementing the growth of two wheeler tire market. Furthermore, automobile sales has witnessed a healthy growth in 2018 and this trend is likely to continue in future which would further drive the growth of two wheeler tire market in India.
According to 6Wresearch, India two wheeler tire market is projected to grow at a CAGR of nearly 5.6% during 2019-25. In India’s two wheeler tire market, replacement tire segment is registering the highest revenue share. Tire replacement over the course of time acts as a major catalyst for the growth of two wheeler tire market in India. The average life span of two wheeler tire is low as compared to four wheeler vehicles which results in compulsory replacement. Large number of two wheeler sales during the last few years is likely to act as a key growth driver for replacement market of tire.
According to Anuj Mehrotra, Assistant Manager, 6Wresearch, "Scooter tire segment is expected to emerge as one of the key demand drivers for two wheeler tire market over the coming years. Rapid rising demand for scooter owing to certain key features such as automatic transmission, ease of driving, and luggage carrying capacity are acting as major driving force for the growth of the segment.
"In addition, rising working women population is further complementing the growth of scooter market in the country, Anuj concluded.
According to Ashish Kumar Jain, Research Associate, Research and Consulting, 6Wresearch, "India two wheeler tire market is witnessing rapid technological advancement. Radial tires are expected to gain popularity over the coming years. Benefits associated with radial tire such as high fuel efficiency, longer life and better road grip are propelling the growth of radial tires in the country.
In addition, increasing demand for radial tires on account of introduction of premium category bikes such as Harley Davidson, Royal Enfield and Bajaj Dominor are further driving the growth of radial tire market," Ashish further added.
Some of the major companies in India two wheeler tire market include- Ceat, MRF, TVS Srichakra, Birla Tyres, Apollo Tyres, JK Tyre & Industries, Metro Tyres, Michelin, Bridgestone, and Pirelli Tyres.
"India Two Wheeler Tire Market (2019-2025)" report provides an in-depth analysis with 55 figures and 3 tables covered in 109 pages. The report estimates and forecast the overall India two wheeler tire market by vehicle type, tire type, end user market, rim size, and regions. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.