Global Two-wheeler Tire Market 2019-2023 | Growing Demand for High-Performance Tires to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 8, 2019--
The global two-wheeler tire market is expected to post a CAGR almost 10% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global two-wheeler tire market 2019-2023 (Graphic: Business Wire)
The sale of new two-wheelers, particularly in emerging economies such as India is increasing owing to several factors such as traffic congestion and a large middle-class population in these economies. As the lifespan of tires depends on the number of miles traveled, two-wheeler tires are among the most-replaced components due to their high wear and tear. Therefore, the two-wheeler tire market is witnessing high demand, especially from the emerging markets of Thailand, India, Indonesia, China, and Vietnam.
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As per Technavio, the growing demand for high-performance tires, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Two-wheeler Tire Market: Growing Demand for High-Performance Tires
The demand for heavyweight motorcycles is increasing with the rise in disposable income in emerging economies. This is driving the adoption of high-performance tires as they provide strong grip and performance at high speeds. In addition, the growing concern over the increase in emission levels is driving the preference for high-performance electric motorcycles with tires that give racetrack performance on the road. Thus, with the growing demand for high-performance tires, the market for two-wheeler tire is expected to showcase a positive outlook during the forecast period.
“The adoption of environment-friendly tire manufacturing processes and use of RFID technology in two-wheeler tires are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Two-wheeler Tire Market: Segmentation Analysis
This market research report segments the global two-wheeler tire market by application (motorcycles and scooters) and geography (APAC, Europe, the Middle East and Africa, North America, and South America).
The APAC region led the market in 2018, followed by South America, North America, Europe, and Middle East and Africa respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the strong adoption of rate of commuter scooters and motorcycles in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE TIRES & RUBBER
SOURCE: Technavio Research
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PUB: 11/08/2019 01:30 PM/DISC: 11/08/2019 01:30 PM