Press release
Global Two Wheeler Tires Market Poised to Grow at 4.6% CAGR and Reach a Valuation of US$ 17 Bn by 2026
MRRSE
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The research study offers high-quality qualitative and accurate quantitative insights on the global two wheeler tires market. According to the report, the global market is likely to grow at a CAGR of 4.6% during the assessment period 2017-2026. The report projects the market to reach a valuation of nearly US$ 17 Bn by 2026.
The business intelligence study offers regional analysis and forecast on the two wheeler tires market. According to the research report, Asia Pacific excluding Japan (APEJ) is likely to remain the leading market for two wheeler tires market during the assessment period. Consumers in many countries in Asia Pacific, such as China and India use two wheelers, such as scooters, motorcycles, and mopeds as a means of transportation. Unlike the west and Europe, two wheelers assume prominence in many households in Asia Pacific, owing to which, demand for two wheeler tires has remained robust in the region.
According to the report, the Asia Pacific two wheeler tires market is likely to surpass US$ 6 Bn in valuation by the end of 2026. Further, challenges with road infrastructure will continue to create opportunities for aftermarket two wheeler tire dealers in the region. On account of broader macroeconomic and industry-specific factors, the outlook on two wheeler tires market in Asia Pacific remains positive.
The pervasiveness of aftermarket two wheeler tire dealers over OEMs is not limited to Asia Pacific alone. According to the report, demand for replacement tires will continue to be higher than OEMs globally. The lower replacement cost of replacement tires compared to OEMs is likely to fuel the growth of this segment.
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The research study also offers market forecast and analysis on the basis of tire size, application, and vehicle type. By tire size, demand for less than 18 is likely to remain higher than greater than 18 over the assessment period. By vehicle type, demand for two wheeler tires will remain highest in the motorcycle segment.
The business intelligence study also includes a detailed analysis on the competitive landscape in the region. According to the report, owing to the nature of this market, a number of players are vying for prominent market shares. The marketplace continues to highly fragmented, and the status quo is unlikely to change during the assessment period. Asia Pacific excluding Japan (APEJ) is likely to witness proliferation of some of the leading companies in the market. The key companies profiled in the report include Bridgestone Corporation, CEAT Limited, Apollo Tyres Ltd., JK Tyre & Industries, Deestone Company Limited, and MRF Limited.
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