From USD 9.3 Bn to 21.8 Bn: Two-wheeler Tires Market on Robust Growth Path - TMR

The Two-wheeler Tires Market is set to grow significantly, increasing from US$ 9.3 Bn in 2023 to US$ 21.8 Bn by 2034, at a CAGR of 8.0% during the forecast period. Rising two-wheeler sales, especially in emerging economies, and the growing popularity of tubeless and radial tires are driving market expansion.

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Increasing consumer demand for fuel efficiency, safety, and performance is also influencing tire technology and innovation. Key segments include scooters, mopeds, and motorcycles, with manufacturers focusing on durable and cost-effective tire solutions tailored to varied road conditions.

Analysis of Key Players in the Two-wheeler Tires Market

The global two-wheeler tires market is witnessing dynamic transformation, driven by innovation, performance enhancements, and sustainability initiatives. Several major players are actively shaping the industry landscape through the adoption of advanced technologies, strategic partnerships, and customer-centric product innovations.

Prominent manufacturers leading this space include:

Apollo Tyres Ltd.
MRF Limited
CEAT Limited
Bridgestone Corporation
Continental Corporation
Deestone
Giti Tire Pte. Ltd.
Goodyear Tires
Hankook Tires
JK Tyre & Industries Ltd.
Kenda Tires
LEVORIN
Metro Tyres Limited
Metzeler
Michelin
Pirelli & C. S.p.A.
RALCO Tires
Sailun Tires
Timsun Tires
Vee Rubber
Yokohama Tires

These companies have been profiled in the two-wheeler tires market report based on key parameters such as company overview, financial performance, business strategies, product portfolio, operational segments, and recent developments.

Key Developments in the Two-wheeler Tires Market

January 2024 - CEAT Ltd., a leading Indian tire manufacturer, began production of steel radial tires for two-wheelers. These high-performance tires are designed for motorcycles and segmented into Sportrad and Crossrad, addressing the needs of sport and adventure motorcycle categories. The move is part of CEAT's strategy to solidify its presence in the premium motorcycle tire segment.

July 2023 - MRF Limited, India's largest tire manufacturer, introduced steel brace radial tires for premium motorcycles such as KTM Duke/RC, Royal Enfield, Bajaj Dominar, Honda CB300R, and Triumph. These products aim to meet the performance demands of high-end motorcycle users, offering enhanced grip, stability, and durability.

November 2022 - Apollo Tyres unveiled the Vredestein Quatrac Pro EV, an all-season tire developed specifically for battery electric two-wheelers and cars. This product launch aligns with the company's commitment to e-mobility solutions and sustainability, catering to the rapidly growing electric vehicle segment.

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Key Drivers of Market Growth

1. Rising Urbanization and Personal Mobility
In densely populated regions across Asia-Pacific, Latin America, and Africa, motorcycles and scooters are increasingly becoming the preferred mode of transport due to their affordability, agility, and low maintenance. As cities expand, the need for reliable two-wheeler tires grows in tandem.

2. Boom in E-Commerce and Last-Mile Delivery
The exponential rise of the gig economy and hyperlocal delivery networks has triggered a boom in motorcycle fleets, particularly for food delivery and courier services. These fleets generate frequent tire replacement demand, boosting the aftermarket segment.

3. Shift Toward Electric Two-Wheelers
Electric two-wheelers are gaining global traction as governments incentivize EV adoption and consumers seek eco-friendly alternatives. EV-specific tire development, with optimized rolling resistance and load-bearing capacities, is emerging as a key trend in the market.

4. Innovation in Tire Design and Materials
Manufacturers are investing in tubeless and radial tire technologies, which offer longer life, better heat dissipation, and improved road grip. Additionally, advancements in silica-based compounds and smart tire technologies are enhancing performance and user safety.

5. Expanding Aftermarket Sector
Rising vehicle parc (vehicles in use) globally is leading to strong aftermarket growth. The replacement tire market, particularly in countries with poor road infrastructure, presents a steady revenue stream for both global and regional tire manufacturers.

Key Market Segments

1. By Tire Type
• Tubed Tires: Traditional tires still used in developing markets for their cost-effectiveness.
• Tubeless Tires: Gaining widespread adoption due to their better heat resistance, lower maintenance, and safety features.

2. By Vehicle Type
• Motorcycles: Represent the majority share, especially in markets like India, Indonesia, and Brazil.
• Scooters: Witnessing rapid growth, particularly among urban commuters and female riders.
• Electric Two-Wheelers: Fast-growing segment driven by regulatory support and green mobility trends.

3. By Sales Channel
• OEM (Original Equipment Manufacturer): Benefiting from rising two-wheeler production.
• Aftermarket: Largest contributor to revenue due to frequent tire replacement cycles.

Regional Outlook

Asia-Pacific
The largest market, led by India, China, Indonesia, and Vietnam, where two-wheelers are a primary mode of transport. Government policies supporting EVs and improving road networks are accelerating demand.

Latin America
Strong growth expected due to rising urbanization and economic improvements in Brazil, Colombia, and Argentina.

Africa
A nascent but promising market, driven by increasing motorcycle usage for personal and commercial purposes, especially in Nigeria, Kenya, and South Africa.

Europe and North America
Mature markets with growing electric scooter adoption in urban centers and rising recreational use of motorcycles.

Opportunities and Challenges

Opportunities
• Smart tires with embedded sensors for EVs and safety monitoring.
• Lightweight, energy-efficient tire solutions tailored for e-scooters.
• Green tires made from sustainable materials.
• OEM collaborations for next-gen mobility solutions.
Challenges
• Price sensitivity in emerging markets limits premium tire adoption.
• Supply chain disruptions impacting raw material costs and delivery schedules.
• Intense competition from local manufacturers affecting profit margins.

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Why Buy This Report?

• Detailed forecast (2025-2034) on global two-wheeler tire market trends across key segments.
• In-depth profiles of top players with focus on innovation, regional strategies, and market share.
• Technology trends in EV-ready tires, radial and tubeless designs, and sustainable manufacturing.
• Competitive benchmarking across OEM and aftermarket channels.
• Actionable insights for investment planning, product development, and market entry strategies.

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