LONDON--(BUSINESS WIRE)--Technavio has announced the release of their research report on the global two-wheeler tire market for the forecast period 2019-2023. This global two-wheeler tire market analysis report segments the market by application (motorcycles and scooters) and geography (APAC, Europe, the Middle East, and Africa, North America, and South America).
Global two-wheeler tire market size will grow by USD 4.53 billion during 2019-2023, at a CAGR of nearly 10%. The increase in disposable income of consumers in emerging economies has increased the demand for high-performance motorcycles. These motorcycles come equipped with high-performance tires that offer superior grip and performance. Also, the increased adoption of high-performance electric motorcycles has encouraged many tire manufacturers to offer products that enhance the mile range. For instance, Zero Motorcycles uses the highly popular Pirelli Diablo Rosso III tires for its models. The trend of adopting high-performance tires across the product portfolio of many two-wheeler manufacturers will fuel the growth of the market.
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Growing two-wheeler population across the world
The increase in the sales of two-wheelers across the world is directly influencing the growth of the two-wheeler market. Tires are among the most commonly replaced components in a two-wheeler. The replacement tires market is witnessing rapid growth because of the high-volume in emerging economies such as China, India, Vietnam, Indonesia, and others. With the rise in the population of motorcycles, the demand for two-wheeler tires is increasing considerably. This factor is expected to drive the growth of the global two-wheeler tire market during the forecast period.
“The APAC region dominates the two-wheeler tires market because of a large number of motorcycle sales from countries such as India, China, and Indonesia. These countries have high adoption rates of cost-effective scooters and motorcycles. Europe will grow faster than the overall market during the forecast period. Many European countries are witnessing the rise in adoption of high-performance electric motorcycles because of stringent emission regulations. These aspects will boost the growth of the global two-wheeler tire market during 2019-2023”, says an analyst at Technavio.
Apollo Tyres entered the Indian market by offering a range of two-wheeler tires. The company also offers high-performance tires and tires for heavyweight motorcycles. Furthermore, the company is developing steel radial tires for top-end motorcycles. Various tire manufacturers are expanding their business by adopting inorganic growth strategies. For instance, Michelin acquired Levorin, a Brazilian tire manufacturer to strengthen its position in offering tires for commuter motorcycles in the South American region. Many such plans among vendors will positively impact the market’s growth.
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This global two-wheeler tire industry research report provides an in-depth analysis of the major drivers, upcoming trends, and challenges that will impact market growth over the forecast period. The report analyzes the competitive landscape and offers details on several two-wheeler tire manufacturers including -
- Bridgestone Corporation
- Continental AG
- JK TYRE & INDUSTRIES LTD
- TVS SRICHAKRA LIMITED
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. Technavio’s report library consists of more than 10,000 reports covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
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