Two-Wheeler Tire Market Assessment, By Product Type [Street Tires, Sport Tires, Touring Tires, Off-Road Tires, Others], By Tire Construction [Radial, Bias], By Demand [New Product (OEMs), Replacement], By Rim Size [Below 20 Inches, Above 20 Inches] By Dis

Two-Wheeler Tire Market Assessment, By Product Type [Street Tires, Sport Tires, Touring Tires, Off-Road Tires, Others], By Tire Construction [Radial, Bias], By Demand [New Product (OEMs), Replacement], By Rim Size [Below 20 Inches, Above 20 Inches] By Distribution Channel [Original Equipment Manufacturers (OEMs), Multi Brand Distributor, Single Brand Distributor, Online], By Region, Opportunities and Forecast, 2017-2031F

Global two-wheeler tire market is anticipated to observe a CAGR of 4.84% during the forecast period 2024-2031, increasing from USD 16.69 billion in 2023 to USD 24.37 billion in 2031. The market has experienced considerable growth in recent years and is expected to maintain a rapid pace of expansion during the coming years due to an increase in demand for e-bikes, avoidance of public transport, high purchasing power of consumers, and significant technological advancement in tire technology. Two-wheeler tire market demand is anticipated to rise due to its different benefits, including tires offering excellent grip on dry and wet surfaces, ensuring good mileage, efficiently carrying the load of an entire vehicle, and addressing the requirements of acceleration and braking. For customer comfort and safety, two-wheeler tires are equipped with a variety of technologies for optimum grip, handling, long-drive enjoyment, and longevity.

In addition, an increase in the number of road accidents is driving the global two-wheeler tire market demand. Based on the World Health Organization, nearly 13 million deaths due to road accidents and 500 million road accident-related fatalities happened during this decade. These numbers of deaths and road fatalities force governments, businesses, and international organizations to initiate different efforts to make roads safer for travelers or commuters and run awareness-raising campaigns for all road users. However, in 2004, The Michelin Group committed to the European Road Safety Charter to help enhance road safety by conducting road safety awareness-building and training campaigns for commuters or travelers. In addition, companies in the global market are announcing the launch of new tires that are engineered to unleash the full potential of high-performance motorcycles.

For instance, in January 2024, CEAT Limited announced the launch of Steel Rad tires in two variants for high-powered motorcycles. Steel radial tires offer superior handling at high speeds and sporty performance that exceeds the expectations of consumers.

Advancements in Two-Wheeler Tire Technology Drives Market Growth

Presently, the two-wheeler is not all about mobility, but the owner is seeking efficient engine performance, safety, and better mileage. Makers of two-wheelers are addressing these demands and integrating advanced technology, which further impacts the automotive industry. In recent years, there have been different advancements in tire technology to improve the overall driving experience of vehicle owners. Advancements in tire technology include slipper clutch, fuel injection technology, traction control, ride-by-wire, and Internet of Things-enabled two-wheelers to improve engine performance, comfort, and safety. These advancements will function as a much-required change in the two-wheeler segment because of breakdowns due to speedy drives, emergency brake damage, wear and tear, and other complex issues; surging the demand for these advancements in tires is projected to propel the global two-wheeler tire market demand in the forecast period. Manufacturers of two-wheeler tires are integrating these advancements in tire technology to enhance the performance of vehicles and better grip on the road.

For instance, in October 2023, Bridgestone Tire Co., Ltd. announced the launch of BATTLAX HYPERSTPORT S23 premium sports motorcycle tires to allow riders to take their sports riding performance to the next level.

Revolution of Electric Mobility and Eco-Friendly Tires Drives Market Demand

In the automotive industry, a rising shift toward electric mobility is a significant trend coupled with rising environmental concerns. The significant prevalence of electric scooters and motorcycles, along with sustainable tires, is propelling the demand for two-wheeler tires. Key participants in the global market are producing eco-friendly tires compared to conventional tires that decrease the negative impact on the environment and produce less noise pollution. Electric two-wheelers have different performance requirements due to weight distribution; they require specific tires that enhance traction and efficiency. Tire manufacturers are developing new products with advanced designs to reduce noise and other critical issues.

For instance, in March 2024, GRI Tires announced the launch of next generation sustainable specialty tires engineered with up to 93.5% sustainable material content to decrease carbon footprint and maintain high-quality standards.

Government Initiatives and Regulatory Compliances Propelling the Market Growth

In emerging countries, government initiatives and regulatory norms are driving the demand for two-wheeler usage, driving the global two-wheeler market growth. Two-wheelers are more fuel-efficient and emit less greenhouse gas as compared to four-wheelers. In addition, governments across the globe are initiating different environmental standards to confirm tire labeling, tire safety, and carbon emissions. Also, governments are planning to organize campaigns to raise awareness of road safety, encouraging tire producers to innovate in areas including braking performance, wet grip, and others. The government announced different regulations to produce electric vehicles, decrease carbon emissions, and encourage sustainable transportation options.

For instance, in March 2022, the Canadian government announced plans for a 40% cut in carbon emissions by 2030 in the oil and gas and transportation sectors.

Radial Segment Holds the Largest Global Two-Wheeler Tire Market Share

The radial segment registers the largest market share in the global two-wheeler tire market because these are cost-effective and engineered with the latest technology. Radial tires have different effective applications, including faster rate of dissipation, mid-corner handling, and high speed, coupled with offering a fantastic transverse contact patch to lean. In addition, radial tires are more suitable for higher speeds because they have a better grip while taking corners at sharp angles. All these factors dominate the global two-wheeler tire market growth in the forecast period. Key companies in the global market are launching new radial tires engineered to expand their footprint.

For instance, in July 2023, MRF Tyres announced the launch of steel brace radial tires for high-end bikes. These tires offer enhanced grip, dynamic profile stability, swift steering response, and quick shock absorption.

Asia-Pacific Registers the Largest Market Share in the Global Market

Asia-Pacific holds the largest market share in the global two-wheeler tire market due to an increase in the production of electric two-wheelers, as in emerging countries fuel prices are rising. In Asia-Pacific, the growing proportion of the working population is rising who prefers two-wheelers to transport and avoid growing traffic. Moreover, an environmental shift towards sustainability, greener energy alternatives, and awareness related to surrounding air and noise pollution are pushing the growth of the eco-friendly two-wheeler tire market in the forecast period.Governments of developing countries are introducing favorable government policies that are anticipated to create new market growth opportunities for the key players in the market.

For instance, in April 2021, the government of Thailand showed interest in EVs by announcing that Thailand would focus on selling zero-emission vehicles across the country from 2035.

Future Market Scenario (2024-2031F)

Rising awareness concerning carbon emissions and increasing fuel prices are projected to propel the sales of e-bikes, which further drives the demand for the two-wheeler tire market globally.

Increase in per capita income, and high buying power of consumers coupled with rapid trend of customization are probable to foster the two-wheeler tire market.

Key two-wheeler producers offer different schemes and discounts on two-wheelers, which is likely to raise the sales of two-wheelers and drive the global two-wheeler tire market growth.

In emerging countries, the demand for two-wheeler replacement tires is high also fostering the global two-wheeler tire market demand.

Growing inclination towards sports bikes, as well as increasing off-road and motorcycle road racing, is anticipated to drive the global two-wheeler tire market growth over the forecast period.

Key Players Landscape and Outlook

Market companies are significantly investing in different research and development companies to introduce new products and hold the largest global two-wheeler tire market share. Key participants in the market are collaborating with government agencies to expand their footprint across the globe. In addition, companies are adopting different market growth strategies, including mergers and acquisitions, new product launches, partnerships, collaborations, and others to expand the product portfolio and address the growing demand for two-wheeler tires.

In December 2023, The Michelin Group announced the launch of a new range of motorcycle tires to cater to a wide spectrum of sports motorcycles and offer durability for daily riders.

In April 2023, TVS Srichakra Limited announced the launch of new products, including Duratrail tyre, Roadhound tyre, and Terrabite tyre, to expand their product portfolio.