Rising demand for high-end bikes
The India two-wheeler tire market is projected to grow at a CAGR of around 5.6% during 2019-2025, riding on robust demand from rising population, urbanization, as well as rising disposable income.
In addition, traffic congestion and limited parking space in metro cities are further propelling the demand for two wheelers which is complementing the growth of two-wheeler tire market, said a report by ResearchAndMarkets on 16 July 2019.
Furthermore, automobile sales have witnessed a healthy growth in 2018 and this trend is likely to continue in future which would further drive the growth of two-wheeler tire market in India, said the report “India Two Wheeler Tire Market (2019-2025): Market Forecast By Vehicle Types, By Tire Types, By End User Market, By Rim Size, By Regions, and Competitive Landscape”.
Scooter tire market is growing at a rapid pace over the last few years owing to rising adoption by commuters due to ease in driving and load carrying capability.
Also, the increasing number of working female population is resulting in a rise in demand for user-friendly conveyance solution. Further, raising awareness for high-end bike among youth is creating traction for growth of premium tire market in the country.
Moreover, in terms of tire types, bias tire captured the majority of the market share owing to low ownership cost as compared to radial tires.
However, with increasing adoption of premium bikes among consumers, especially youths, premium two-wheeler tire segment is likely to record higher growth over the coming years.
The report covers Apollo Tyres Ltd, Birla Tyres Ltd, Bridgestone India Private Ltd, CEAT Limited, General Company Establishment MICHELIN JK Tyre & Industries Ltd, Metro Tyres Ltd, MRF Limited, Pirelli Tyre (Suisse) SA and TVS Srichakra Ltd. fiinews.com
