India Two Wheeler Tire Market to Register a Growth at 10.53% CAGR by Value through FY2027
Growing two wheeler fleet
coupled with increase in two wheeler production is expected to aid the growth of
India two wheeler tire market through FY2027.
According
to TechSci Research report, “India
Two Wheeler Tire Market By Vehicle Type (Motorcycle, Scooter and Moped), By
Demand Category (OEM Vs Replacement), By Radial Vs Bias, By Rim Size (10”-12”
and 15”-19”), By Tire Size (80/100-18, 90/90-12, 2.75x18, 90/100-10, 80/80-17,
etc.), By Price Segment (Budget, Ultra Budget, Premium), By Aftermarket Demand
Rim Size (10”-12” and 15”-19”), By Region, By States, Competition, Forecast
& Opportunities, FY2027F”, India two
wheeler tire market was valued at around USD2.11 billion in FY2020 and is expected
to reach USD3.94 billion by FY2027F with a CAGR of
around 10.53% by value in the forecast years. According to the Automotive Tyre
Manufacturers' Association (ATMA), as of FY2021, there were around 41 tire
manufacturing companies operating in India with 66 tire production plants.
These companies all together generated around USD8.5 billion (INR60,000 Crores)
of industry turnover in the year FY2020, with total tire exports valuing up to
around USD1.8 billion (INR12,840 Crores) in the same year. India is home to the
largest two wheeler market all over the globe with over 21 million units
produced in FY2020. India exceeded China in terms of two wheeler sales in the
year 2016. India is also a two wheeler exporter to numerous neighboring
countries like Bangladesh, Sri Lanka, etc. The two wheeler tire demands from
countries like Egypt, Nepal, Kenya, Colombia, Bangladesh, etc. are also heavily
met by exports from India. The rise in road traffic, growth in middle income
group population and youth’s attraction towards premium motorcycles are
expected to govern the two wheeler tire demand in the forecast period. With
this growth in production, two wheeler fleet size of the country is also
expanding and increasing frequency of tire replacement is also aiding the
growth of the market.
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India
two wheeler tire market can be segmented based on vehicle type, by demand
category, by radial vs bias, by rim size, by tire size, by prize segment, by
company, by region, by state and by aftermarket demand rim size. In terms of
vehicle type, the market is segmented into motorcycle, scooter, and moped. Motorcycles
are the most used source of personal transportation in India. Moreover, to
avoid traffic congestion people are using two wheelers more often for short
distances. Hence, the dominance of motorcycles is expected to remain in the
forecast years as well. Based on demand category the market is segmented into
OEM & replacement. Currently the market is being dominated by replacement
category. The rise in market share of replacement tires in the country can be
attributed to poor infrastructure of roads still present in India. The poor
road infrastructure leads to constant wear and tear of tires and consumers
being increasingly concerned over road safety issues, are investing more into
maintaining their two wheelers, like changing the tires after a period. The
growing safety concern, increasing maintenance, growing two wheeler fleet in
the country is anticipated to drive the sales of replacement tires in India as
a result replacement type of the demand category segment is anticipated to
register a CAGR of 8.20% in terms of units sold in FY2022E-FY2027F in India two
wheeler tire market. On the basis of Radial Vs Bias tires, bias tires hold a
majority of share currently. Since, radial tires have performance benefits over
bias tires, like better control, high durability, better fuel efficiency of
vehicle as well as enhanced load carrying capacity, the sales of radial tires
is growing faster and is expected to register a CAGR of 15.88% in terms of units
sold in the forecast years.
In
the year 2020, to prevent spread of COVID-19, the Indian government implemented
lockdown which impacted international trade, inhouse production as well as
domestic sales. According to TechSci Research’s estimates, the market suffered
a decline of 5.26% in terms of volume. In the country, aggregate investment
contracted massively in the time of lockdown, overall production declined, and imports
of goods and services witnessed a robust descent impacting the economy as well
as people’s purchasing power negatively in 2020. This decline left a remarkable
depreciation in the two wheeler tire market; however, it is currently reviving and
is set to overcome the descent in the period FY2022-FY2023.
MRF Limited with its strong presence and large dealership and
distribution network across the country is leading the India two wheeler tire
market in terms of two wheeler tires sold in FY2021. Second to MRF Limited,
CEAT Limited holds another major share in terms of two wheeler tires sold in
FY2021. The two companies have continuously introduced innovative products
targeting the budget friendly tires over the years, making them the market
leaders in the two wheeler tire market of India. Other players in India two
wheeler tire market includes TVS Srichakra Limited, JK Tyre & Industries
Limited, Apollo Tyres Limited, Bridgestone India Private Limited, Michelin
Group, etc.
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“With increase in tire replacement frequency, growing two wheeler
production along with growing vehicle fleet, backed by the increase in personal
transportation and growth of several sporting activities, the demand for two
wheeler tires is expected to grow at a robust pace in India. Also, increasing penetration
of global tire brands and expansion of manufacturing capabilities are further
expected to back the growth of the India two wheeler tire market in future
years”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“India Two Wheeler Tire Market By Vehicle Type
(Motorcycle, Scooter and Moped), By Demand Category (OEM Vs Replacement), By
Radial Vs Bias, By Rim Size (10”-12” and 15”-19”), By Tire Size (80/100-18,
90/90-12, 2.75x18, 90/100-10, 80/80-17, etc.), By Price Segment (Budget, Ultra
Budget, Premium), By Aftermarket Demand Rim Size (10”-12” and 15”-19”), By
Region, By States, Competition, Forecast & Opportunities, FY2027F” has evaluated the future growth potential of the India
two wheeler tire market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the India two wheeler tire
market.
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