Electric Two Wheeler Market - Expected to Record Substantial Growth In The Near Future - TMR

According to the report, the global two-wheeler tire market is projected to surpass US$ 19.2 Bn by 2031, expanding at a CAGR of 3.68% during the forecast period. The growing consumer trend toward buying two-wheelers to avoid public transport is likely to enhance the use of two-wheelers, which, in turn, is estimated to boost the two-wheelers tires market. The rising consumer trend toward electric motorcycles due to an enactment of stringent emission norms is likely to increase the sales of electric vehicles across the globe, which, in turn, propels the demand for two-wheeler tires. Rise in number of tire dealers and distributors across the globe is anticipated to boost the demand for two-wheeler tires.

Expansion of Two-wheeler Tire Market

Fortunate government policies, emerging electric bike startups, and new business models are boosting the development of electric motorcycles, which is expected to fuel the two-wheeler tire market during the forecast period. The growing consumer trend toward online shopping where two-wheelers are majorly preferred for delivery of goods is likely to increase the demand for two-wheelers, which, in turn, is anticipated to fuel the two-wheeler tire market across the globe.

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Major delivery and eCommerce startups such as Bigbasket, Swiggy, and Flipkart are also boosting the overall demand for electric two-wheelers, which is projected to drive the two-wheeler tire market across the globe.

Based on 2W type, the global two-wheeler tire market has been segmented into ICE motorcycle, ICE scooter/moped, electric motorcycle, and electric scooter/moped. Electric motorcycle and electric scooters segments are anticipated to hold a major share of the global market during the forecast period owing to an increase in vehicle electrification across the globe. ICE motorcycle and scooters segments dominated the two-wheeler tire market in 2019.

Based on sales channel, the global two-wheeler tire market has been segmented into OEM and aftermarket. The aftermarket segment accounted for a significant share of the global two-wheeler tire market in 2020. Rise in two-wheeler maintenance and services is also projected to boost the two-wheeler tire market.

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Regional Analysis of Two-wheeler Tire Market

In terms of region, the global two-wheeler tire market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global two-wheeler tire market in 2020. It is anticipated to hold a leading share of the global market during the forecast period due to a rise in awareness about environment. Major presence of tire suppliers and rise in sale of two-wheeler vehicles across China and India is likely to increase the demand for two-wheeler tires. Rise in demand for electric two-wheelers across the region is also estimated to fuel the two-wheeler tire market across Asia Pacific.

Two-wheeler Tire Market Players

Prominent players operating in the global two-wheeler tire market include Apollo Tyres Ltd., Bridgestone Corporation, CEAT Limited, Cheng Shin Rubber Ind. Co. Ltd., Continental Tire, Dunlop, Giti Tire Pte. Ltd., Goodyear, Hangzhou Zhongce Rubber CO. LTD., Hankook Tires, JK Tyre & Industries Ltd., Maxxis Tyres, Metzelers, Michelin, MRF Limited, Pirelli, Ralco Tyres, Rinaldi S/A Industria de Pneumaticos, Sailun Tires, Triangle Tires, TVS Srichakra Limited, and Yokohama.

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