Motorcycle Tires Market to Grow at a CAGR of 7.2% during the 2023 to 2031 Forecast Period: TMR Study
Rise in demand for sustainable and eco-friendly products, as consumers have become more ecologically concerned, is driving the global motorcycle tires market growth
Wilmington, Delaware, United States, May 19, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global motorcycle tires market stood at US$ 6.8 billion in 2022 and the global market is projected to reach US$ 12.7 billion in 2031. Global industry is anticipated to expand at a CAGR of 7.2% between 2023 and 2031.
Rise in demand for sports bicycles due to the increased use of bicycles in trekking and leisure activities is one of the major factors driving the growth of the motorcycle market. Increase in the number of cycling events and biking expeditions to difficult terrains, including steep mountain ranges.
Rise in consumer inclination towards electric or e-bikes accelerates market growth. Bikes are widely adopted as they are smaller in size, provide health benefits, and offer higher speed with lesser effort. Surge in the requirement of motorcycles for various purposes such as daily transport, and adventure, among others drives the market further.
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Increased risk of road accidents for motorcyclists is expected to obstruct market growth. Risk of death for motorcyclists is known to be 20 times that of car occupants. High cost associated with sports bikes is projected to challenge the motorcycle market in the forecast period.
Incorporation of cutting-edge technologies to enhance safety, luxury, and comfort in motorcycles extends profitable opportunities to the market players in the forecast period. Emergence of anti-lock braking systems (ABS) will further escalate the growth of the motorcycle market.
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 6.8 Bn | |
| Estimated Value | US$ 12.7 Bn | |
| Growth Rate – CAGR | 7.2% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 343 Pages | |
| Market Segmentation | Tire Type, Tire Structure, Motorcycle / Tire Category, Tire Size, Sales Channel, Location | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Anlas, Apollo Tyres Ltd., Bridgestone Corporation, CEAT Limited, Continental Corporation, Deestone, DSI, Dunlop, Giti Tire Pte. Ltd., Goodyear Tires, Hankook Tires, IRC, JK Tyre & Industries Ltd, Kenda Tires, LEVORIN, Metro Tyres limited, Metzelers, Michelin, Mitas, MRF Limited, Pirelli and C. S.p.A, Pyramids, RALCO Tires, Sailun Tires, Timsun Tires, Triangle Tires, TVS Srichakra Limited, Vee Rubber, Yokohama Tires | |
Key Takeaways of Market Report
- Global motorcycle tires market to generate absolute dollar opportunity worth US$ 12.7 billion until 2031.
- Global motorcycle tires market from 2023 to 2031 is 7.2%
- Global motorcycle tires market is currently valued at US$ 7.28 billion in 2023.
- Global motorcycle tires market stood at US$ 6.8 billion in 2022.
- The registered growth rated the global motorcycle tires market from 2018 to 2022 was 6.4%
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Global Motorcycle Tires Market: Growth Drivers
- Motorcycles are being used as the most common source of transportation within the cities of India compared to the other means of transportation, the motorcycle segment holds dominance in the motorcycle tire market of India. Dominance can also be attributed to the increasing demand for motorcycles among youngsters in India, with the constant product launches and innovations in the market and the increasing number of performance motorcycles, the popularity of motorcycles among youngsters is expected to grow even further.
- Majority of the Indian population is comprised of working middle-class people, where budget plays a major factor when it comes to buying a motorcycle, so the majority of two-wheeler production giants in the country develop a vehicle keeping the mileage, durability, and budget in mind, not the premium and advanced qualities like the performance motorcycle tires have.
Global Motorcycle Tires Market: Regional Landscape
- Growth of the global motorcycle tires market can be attributed to the rising demand for tubed tires in Asian countries such as India and China. Growing population of young adults in these regions who are fond of recreational activities including riding motorcycles on a daily basis drives the market substantially.
- Rising urbanization along with increasing disposable income has ultimately led to an increase in demand for personal transport vehicles across this region which especially includes two-wheelers like scooters. Rise in the adoption rate of tubed tires due to ease of availability will propel the global motorcycle tires market over the next few years.
- North America motorcycle tires market is estimated to account for a major share of the global market. North America has been witnessing increasing demand for motorcycles and scooters in both urban and rural areas due to its high disposable income, favorable tax structure on new bikes, growing young population & rising cost of automobile transportation.
- Presence of a heavy concentration of motorcycle manufacturing units across countries such as India, the USA, Brazil & Canada is also expected to boost the growth over the next few years. Increasing number of national highways along with prevailing infrastructure projects are likely to further spur ridership during the forecast period.
Global Motorcycle Tires Market: Key Players
- Apollo Tyres
New Products
Apollo tyres introduced the Tramplr line of tough off-road and Enduro Street tires for the Indian premium motorbikes market (150-500) cc. this new line of tires is intended to meet the needs of sports touring, adventure touring, cruisers, and street sports. Apollo Tramplr is offered in two patterns: the 80:20 Enduro Street Apollo Tramplr ST, built for Dual Sports, and the 70:30 Enduro Off-road Apollo Tramplr XR, suited for Adventure Touring.
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Global Motorcycle Tires Market: Segmentation
- Tire Type
- Tube Tire
- Tubeless Tire
- Others (solid, PU, etc)
- Tire Structure
- Radial
- Bias
- Others
- Motorcycle/Tire Category
- Street tires
- Dual sports or ADV tires
- Touring tires
- Sports/Performance tires
- Sport Touring Tires
- Off-road tires
- Racing tires/Slicks
- Tire Size
- Less than 12’’
- 12’’ – 15’’
- 15’’ – 17’’
- More than 17’’
- Sales Channel
- OEM
- Aftermarket
- Location
- Front
- Rear
- Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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