India Two-Wheeler Tire Market, Led by MRF, to Reach $ 2.7 Billion by 2023
Continuously growing
two-wheeler fleet, rising production operations across the country and increasing
traffic congestion to drive India two-wheeler tire market through 2023
According to TechSci Research report, “India
Two-wheeler Tire Market By Vehicle Type, By Demand Category, By Radial vs
Bias, By Rim Size, By Tire Size, Competition Forecast & Opportunities, 2013
– 2023’’, the country’s
two-wheeler tire market is forecast to cross $ 2.7 billion by 2023. In 2016, India surpassed the world’s
largest market for two-wheelers, i.e., China, when two-wheeler sales in the
country surpassed 17 million units as compared to China’s sales that were
marginally short of the 17 million mark. The two-wheeler market in India, in
the following year, slashed all records as it crossed the mark of 20 million units
for the first time, beating all industry estimates. This growing sales of
two-wheelers in India are expected to continue during the forecast period as
well, due to which the tire demand for the two-wheeler vehicles is also anticipated
to grow at a robust pace in the country.
Browse 54 market data Figures and 7 Tables
spread through 105 Pages and an in-depth TOC on "India
Two-Wheeler Tire Market"
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The motorcycle segment dominated India two-wheeler tire market with over
60% volume share in 2017. However, a steep rise in the demand for scooters has
been registered in the country due to rising number of female drivers, consequently
fueling tire demand from the scooter segment as well. With no new model launches in
the moped segment, moped tire segment maintained subdued growth in 2017 and the
same trend is likely to continue during the forecast period as well. Continuous
business expansion of prominent two-wheeler tire manufacturing companies across
the country such as MRF, CEAT, TVS, etc., along with entry of new players such
as JK Tyres, Bridgestone, Michelin in the two-wheeler tire segment is
anticipated to intensify the competition in India two-wheeler tire market over
the course of the next five years. For instance, CEAT is ramping up its
production capacity for two-wheeler tires in its Nagpur plant. MRF & CEAT
are the most recognized two-wheeler tire manufacturers across the country as
more than 70% of the respondents expressed knowledge of these brands as per a
consumer survey conducted by TechSci Research. MRF grabbed the highest
satisfaction level among customers of two-wheeler tires across the country.
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“Increasing urbanization, growing female workforce in rural and
semi-urban areas, along with constantly rising fuel prices are among the major
factors propelling demand for two-wheelers across the country. Moreover, lack
of proper public transportation is further contributing to the growth of
two-wheeler industry in India, which is positively influencing the demand scenario
in the country’s two-wheeler tire market. Furthermore, India two-wheeler tire market
is poised to grow at a brisk pace over the next five years owing to rising
preference of citizens towards compact and economical source of transportation
i.e. two wheelers.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based India management consulting firm.
““India Two-wheeler Tire
Market By Vehicle Type, By Demand Category, By Radial vs Bias, By Rim Size, By
Tire Size, Competition Forecast & Opportunities, 2013 – 2023” has analyzed the potential of India two-wheeler
tire market, and provides information and statistics on market structure and
trends. The report intends to provide the intending clients with cutting-edge
market intelligence and help them in taking sound investment decisions. The
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the industry.
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