Global Motorcycle Tires Market 2017-2021
About Motorcycle Tires
Tires are made up of natural rubber or a combination of both natural and synthetic rubber. Motorcycle tires are an integral part of the vehicle, which help to maintain adequate grip, balance, safety and increases the ride comfort of the rider. The global motorcycle industry is broadly categorized into two segments, where one segment consists of high-performance motorcycles (considered as a luxury) and the other segment consist of two-wheelers used for commuting. Both these segments operate under contrasting market dynamics with different customer behavior and value chains. The premium segment is witnessing a steady growth owing to the growing culture of racing and touring motorcycling in mature markets, such as the US, Japan, and Western Europe. On the contrary, the commuter segment of the motorcycle industry is witnessing healthy growth rate offering high volumes, which is contributed by countries, such as India and China. These two countries account for over 75% of the global motorcycle market.
The total market comprises both OEMs and aftermarket. Motorcycle production data is considered to calculate both aftermarket and OEM market. For aftermarket, an average replacement time of 5 years is considered.
Technavio’s analysts forecast the global motorcycle tires market to grow at a CAGR of 4.39% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global motorcycle tires market for 2017-2021. To calculate the market size, the report considers the global production units in millions.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Motorcycle Tires Market 2017-2021
Technavio recognizes the following companies as the key players in the global motorcycle tires market: Bridgestone, Continental, Dunlop (Goodyear), and Michelin
Other Prominent Vendors in the market are: Apollo Tyres, CEAT, JK Tyre & Industries, MRF, Pirelli, Giti Tire, and Hankook Tire
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing investments by manufacturers on smart tires. Smart tires come with an advanced sensor that can communicate with the ECU, ABS, traction control system, and braking system to offer exceptional ride quality. These tires can automatically fill the air and adapt to the terrain to offer a comfortable ride. Individual readings of tire status are displayed, which consist of air pressure, tire wear and tear, driving mode, terrain details, and model number. These tires will notch up the ride comfort to next level.”
According to the report, one of the major drivers for this market is Increasing demand for motorcycles in APAC. Tires are the most critical part of a motorcycle, which provide balance and grip and makes the ride smoother. Any issue with the tires impacts the motorcycle's performance. Even a minor issue like low tire pressure leads to low fuel efficiency. The global motorcycle tires market is heavily dependent on the motorcycle industry. This also impacts the OEMs and the aftermarket vendors. The demand for motorcycles is directly dependent on a nation's gross domestic product (GDP) growth, disposable income, and employment rate.
Further, the report states that one of the major factors hindering the growth of this market is Increasing prices of raw materials. Thailand, Malaysia, Indonesia, and India (Kerala) are the largest suppliers of natural rubber in the world. Natural and synthetic rubber are the most important components used in the manufacturing of tires. The rise in prices of natural rubber in India and the supply issues faced by Thailand due to heavy rainfall had a significant impact on the global motorcycle tires market. The price for best quality rubber, RSS-4, increased by INR 15,600 ($234.00; INR 1 = $0.015) per 100 kg. The rise in global crude oil prices and increase in buying of vehicles in China have led to the increase in prices of rubber.
Bridgestone, Continental, Dunlop (Goodyear), Michelin, Apollo Tyres, CEAT, JK Tyre & Industries, MRF, Pirelli, Giti Tire, and Hankook Tire
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