BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific two-wheeler tire market size at USD 8.2 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Asia-Pacific two-wheeler tire market size is to grow at a CAGR of 3.72% reaching a value of USD 10.4 billion by 2029. The region's growing population and increasing demand for two-wheelers and their tires are the primary factors driving the tire market's expansion. The Asia-Pacific two-wheeler tire market has grown exponentially and experienced a surge in the recent years. Most people prefer two-wheelers to avoid heavy traffic, which contributes significantly to overall market growth. A sizable portion of the working population prefers to ride scooters to work, primarily to avoid the growing traffic. The rising popularity of two-wheelers benefits the Asia-Pacific two-wheeler tire market.
Asia-Pacific Two-Wheeler Tire Market – Overview
Two-wheeler tire markets across APAC including in India, a major APAC country, due to the spurring demand for two wheelers. Tires are one of the most crucial parts of any vehicle, as we all know. Therefore, regular inspection is necessary to guarantee a trouble-free trip every time. Due to a lack of parking spaces and worsening traffic congestion in major cities, the tire industry in India is rapidly growing, especially in the northern states.
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Growth Drivers
Growing popularity of electric two-wheelers
Electric two wheelers are gaining huge traction in the Asia-Pacific market owing to increasing fuel prices and lower operating costs compared to their petrol substitutes. The rising focus towards sustainability and shift towards greener energy alternatives and concerns surrounding air and noise pollution are significantly propelling the growth of the two wheelers in the region. Additionally, favorable government policies are also projected to offer lucrative growth opportunities to the electric two wheeler in APAC. For instance, The Thailand Government has announced its target of 100% zero-emission vehicles by 2035.
Challenge: Increasing Safety Concerns in the Region’s Congested Urban Areas
Rapid urbanization and growing urban population across the APAC region are resulting in heavy traffic congestion across cities. For instance, Bangkok in Thailand reportedly has the worst traffic, which is bad for the city's growth on all fronts—economic, social, and financial. Although the Road Traffic Act was implemented in 1980 in Thailand, traffic rule violations are quite frequent in the country. All parts of Thailand frequently see speeding, reckless passing, and disregard for the law. This increases the chances of road accidents, causing serious accidents, injuries, disabilities, or even death. This may prompt the shift towards four wheelers from two wheelers, negatively impacting the growth of Asia-Pacific two-wheeler tire market.
Impact of COVID-19 on Asia-Pacific Two-Wheeler Tire Market
APAC, during the second quarter of 2020, was adversely affected by the COVID-19 pandemic. Lockdowns led to a sharp decline in the demand for two-wheeler tires throughout Asia Pacific, even though the extensive restrictions were necessary for health and safety. The lockdown measure harmed sales in the Asia Pacific because manufacturers were forced to reduce significant carryover stocks in the supply chain. Although there is a direct link between OEMs and the tire industry, not all OEMs may be affected by the virus pandemic. The prices of raw materials have generally been stable, and the recent drop in carbon black prices may help tire manufacturing companies soon.
Asia-Pacific Two-Wheeler Tire Market – By Tube Type
The Asia-Pacific two-wheeler tire market is segmented by tube type into tube tires and tubeless tires. The tubeless tire market segment represents a sizable portion of the Asia Pacific market in terms of revenue. Since tubeless tires have a slow rate of deflation and low rolling resistance, they are typically found on motorcycles. The demand for tubeless tires is anticipated to increase throughout Asia Pacific because tube tires use more fuel than tubeless tires.
Competitive Landscape
Asia-Pacific two-wheeler tire market is fiercely competitive. Prominent players in the market include Hangzhou Zhongce Rubber, Giti Tire Pte. Ltd, Cheng Shin Rubber, MRF Limited, CEAT Limited, TVS Srichakra Limited, JK Tire & Industries Ltd., Apollo Tires Ltd, Honda, Hero, Royal Enfield, and Bajaj Auto. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Asia Pacific two-wheeler tire market.
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