Two-wheeler Tires Market to Reach USD 21.8 Bn by 2034, Driven by EV Adoption, Rising Motorcycle Sales, and Premiumization Trends | TMR

The global Two-wheeler Tires Market, valued at US$ 9.3 Bn in 2023, is projected to grow at a robust CAGR of 8.0% from 2024 to 2034, reaching US$ 21.8 Bn by 2034, according to a new market study. Strong demand for personal mobility, the rise of electric two-wheelers, and heightened consumer preference for durable and fuel-efficient tires are among the core factors propelling market expansion.

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Market Overview

The global two-wheeler tires market has demonstrated substantial growth over the last decade, supported by rising disposable incomes, rapid urbanization, and increased affordability in emerging economies. High population concentration in rural areas of developing countries-where public transport infrastructure remains limited-continues to position two-wheelers as the most practical and cost-effective mobility solution.

The transition toward premium motorcycles, especially across Asia Pacific, and the surge in electric two-wheeler adoption globally are accelerating the demand for technologically superior tires with enhanced safety, mileage, and load-handling capabilities. Furthermore, the robust aftermarket ecosystem is contributing significantly to recurring tire replacement demand, strengthening market revenues.

Key Market Growth Drivers

1. Increase in Motorcycle Sales

Growing urban migration and the necessity for fast and fuel-efficient commuting modes are expanding motorcycle sales across both developing and developed regions. From scooters for short city rides to high-performance bikes for recreation, the growing diversity of two-wheelers accelerates the constant need for replacement tires.

2. Rising Disposable Income & Preference for Premium Products

Higher purchasing power across emerging economies is encouraging consumers to opt for high-quality, durable, and performance-oriented vehicles. This trend is fuelling demand for advanced tires that enhance comfort, grip, and fuel efficiency.

3. Growth of Electric Two-wheeler Market

Environmental regulations, government subsidies, and rising environmental awareness are driving global adoption of electric bicycles, scooters, and motorcycles. EV tires require specialized rubber compositions and structural integrity to handle high torque and load variations, creating fresh revenue streams for tire manufacturers.

4. Technological Advancements in Tire Design

Manufacturers are increasingly focusing on:

Smart, sensor-enabled tires

Radial tires with reduced rolling resistance

Enhancements in tread patterns and rubber compounds

Lightweight designs for greater mileage

These improvements deliver superior control, safety, and long-lasting performance.

5. Rapid Aftermarket Expansion

The global aftermarket segment benefits from:

High frequency of tire replacements

Increasing kilometers driven per year

Expansion of distribution networks

E-commerce penetration in automotive parts

This segment continues to be a key revenue contributor globally.

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Market Challenges & Opportunities

Challenges

Volatile raw material prices, especially synthetic rubber and natural rubber, affecting profit margins.

Availability of low-priced unorganized sector products, particularly in emerging markets.

Fluctuating import/export regulations impacting international trade of tires.

Need for specialized EV tires, requiring R&D expenditure and higher manufacturing costs.

Opportunities

Growing electric two-wheeler penetration, especially in India, China, and Europe, generating need for advanced long-range tires.

Smart tire technology adoption offering real-time diagnostics for pressure and temperature.

Premium motorcycle segment boom in Europe, North America, and parts of Asia.

Government initiatives promoting rural mobility, which can expand two-wheeler usage.

Advancements in radial tire design, improving mileage, stability, and performance.

Analysis of Key Players & Their Strategies

The two-wheeler tires market is highly competitive, with global leaders focusing on research-driven innovation, regional expansion, and specialized product development.

Prominent manufacturers include:

Apollo Tyres Ltd., MRF Limited, Bridgestone Corporation, CEAT Limited, Continental Corporation, Michelin, Pirelli & C. S.p.A, Dunlop, Yokohama Tires, Goodyear Tires, Hankook Tires, JK Tyre & Industries Ltd, Giti Tire Pte. Ltd., Kenda Tires, Vee Rubber, Timsun Tires, Metzelers, Metro Tyres, TVS Srichakra Limited, and others.

Key Player Strategies

Product Innovation:

Development of radial tires for high-performance motorcycles.

Launch of EV-specific tires capable of handling higher torques.

Smart tire integration for safety and diagnostics.

Regional Expansion:

Strengthening distribution networks in Southeast Asia, Africa, and Latin America.

Investments in manufacturing facilities closer to demand centers.

Sustainability Commitments:

Use of renewable materials and eco-friendly manufacturing practices.

Reduction in carbon footprint and improvement in recycling processes.

Partnerships & OE Tie-ups:

Collaborations with leading motorcycle and EV manufacturers.

Strategic partnerships for exclusive supply agreements.

Recent Developments

In, January 2024, CEAT Ltd., an Indian tire manufacturer started manufacturing steel radial tires for two-wheelers to strengthen its market position in the two-wheeler tire category. These tires are designed for high performance motorcycles categorized into two segments- Sportrad and Crossrad.

In July 2023, MRF, the largest manufacturer of tires in India launched steel brace radial tires for high-end motorcycles such as KTM Duke/RC, Royal Enfield, Bajaj Dominar, Honda CB300R, and Triumph

In November 2022, Apollo Tyres launched the Vredestein Quatrac Pro EV, the all-season tires, specifically developed for battery electric two-wheelers and cars

Investment Landscape & ROI Outlook

Investors are showing increased interest in the two-wheeler tires market due to:

High Demand Elasticity

Recurring need for tire replacement secures stable long-term demand in both OEM and aftermarket channels.

Attractive EV-related Opportunities

High torque EVs require higher technical tire parameters

Specialized EV tire segment offers a premium pricing range

Strong governmental push for electrification globally

Strong Growth in Developing Regions

Asia Pacific and Africa present significant untapped potential due to increasing motorcycle ownership and improving incomes.

ROI Outlook

Given the market's projected 8.0% CAGR and ongoing advancements in tire technology, stakeholders can expect:

Consistent revenue growth from aftermarket channels

Higher profit margins from premium and EV tire segments

Long-term gains through strategic regional expansion

Overall, the investment environment for two-wheeler tire manufacturers remains positive, supported by stable demand dynamics and new technological frontiers.

Market Segmentation

By Tire Type

Tube Tire

Tubeless Tire

Others (Solid, PU, etc.)

By Tire Structure

Radial

Bias

Others

Motorcycle/Tire Category

Scooter/Moped

Motorcycle

Street Tires

Dual Sports/ADV Tires

Touring Tires

Sports/Performance Tires

Sport Touring Tires

Off-road Tires

Racing Tires/Slicks

By Tire Size

Less than 12"

12"-15"

15"-17"

More than 17"

Sales Channel

OEM

Aftermarket

Location
Front

Rear

Regions Covered

North America, Central & South America, Europe, Asia Pacific, Middle East & Africa

Why Buy This Report?

Comprehensive global and regional market forecasts (2024-2034)

In-depth segmentation covering tire type, structure, size, and sales channels

Detailed competitive landscape with company profiles and market share

Analysis of key market drivers, challenges, and upcoming opportunities

Evaluation of EV trends and technological advancements

Investment and ROI outlook for stakeholders and analysts

Recent developments and product innovation insights from leading players

Porter's Five Forces, value chain analysis, and qualitative market assessment

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Top 5 FAQs

1. What is the expected market size of the two-wheeler tires industry by 2034?
The global market is projected to reach US$ 21.8 Bn by 2034, expanding at a CAGR of 8.0%.

2. Which region currently leads the global two-wheeler tires market?
Asia Pacific dominates, driven by high motorcycle penetration, large population, and strong manufacturing presence.

3. What is driving demand for radial and tubeless tires?
Their high durability, fuel efficiency, improved grip, and safety benefits make them the preferred choice for modern and performance-oriented two-wheelers.

4. How is the electric two-wheeler trend shaping the market?
The rise of EV scooters and motorcycles is creating demand for specially designed EV tires that can handle higher torque and load variations.

5. Which companies are the key players in the market?
Major players include MRF, Apollo Tyres, CEAT, Bridgestone, Michelin, Pirelli, Continental, Dunlop, Yokohama, Goodyear, and others.

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