Motorcycle Tires Market

Market Perspective

The global Motorcycle Tires Market was valued at USD 10,033.7 million in 2022 and is projected to reach USD 17,121.4 million by 2030, growing at a CAGR of 7.10% from 2023 to 2030.

The demand for premium two-wheeler tires is on the rise due to an exponential growth in sales of high-end two-wheelers across the globe. The growing popularity of leisure motorcycling is driving the demand for off-road, dual-purpose, and track tires. Tires with high mileage thread wear and puncture resistance are foreseen to observe significant demand in developing economies with challenging road conditions. The need for higher fuel efficiency and lower emissions in small-capacity two-wheelers is pushing tire makers to manufacture tires with lower rolling resistance. The trend toward ride-sharing, ride-hailing, vehicle leasing, and subscription services is causing fleet operators to focus on adopting high-mileage tires. Major global players, such as Michelin, Bridgestone, and TVS are developing breakthrough tire technologies, including airless tires, connected tires, sustainable raw materials, and green recycling, to reduce environmental impact. Price-sensitive markets, such as Asia and South America, are dominated by competitively priced domestic brands in the small-capacity two-wheeler segment. Leading domestic vendors, such as MRF and CEAT in mass-market two-wheeler markets, are exploring puncture-proof tires and high-mileage tires to meet consumer demands.

Analyst’s Review on Motorcycle Tires Market

Motorcycle riders are increasingly willing to pay more for high-quality tires that offer better grip, handling, and safety. For instance, Apollo Tyres is focused on becoming a leader in the premium two-wheeler tire market, while Bridgestone is shifting towards premium products to meet the growing demand for high-quality motorcycle tires. The global motorcycle tires market is projected to grow significantly from 2023, indicating that the demand for premium tires is likely to continue to rise in the forthcoming years.

Market Definition

Tires are an essential part of any motorcycle, responsible for providing traction, stability, and safety while riding. These tires are made up of several layers of rubber and other materials, including fabric and wire, which work together to provide the necessary grip and support. In the market, several types of motorcycle tires are available, each designed for a specific type of riding or motorcycle.

The most common types of motorcycle tires include sport or performance tires, cruiser tires, off-road tires, touring tires, and dual-sport tires. Sport or performance tires are designed for high-performance motorcycles and are commonly used for racing and sport riding. Cruiser tires are designed for cruisers and touring motorcycles and provide a smooth ride and comfortable handling on long-distance trips. Off-road tires are designed for dirt bikes and adventure motorcycles and provide excellent traction and stability on off-road terrains. Touring tires are designed for touring motorcycles and provide a comfortable ride and good handling on long-distance trips, while dual-sport tires are designed for dual-sport motorcycles and provide good traction on both on-road and off-road terrains. Motorcycle tires have several applications in the motorcycle industry, including racing, touring, off-roading, and commuting, among others.

Market Dynamics

Technological advancements have led to the introduction of new materials and construction methods that enhance tire performance. Advanced rubber compounds and strengthened carcasses have improved grip, handling, and durability, leading to an increased demand for high-performance motorcycle tires. Additionally, the development of environment-friendly motorbike tires that offer better fuel efficiency and reduced carbon emissions has created a new product category that appeals to environmentally-conscious buyers, providing tire makers with additional opportunities for revenue generation.

The prices of raw materials used in tire manufacturing can be volatile, which can hamper the market, along with the automotive tire industry. Tire manufacturers may need to adjust their prices to account for changes in raw material costs, which could impact consumer demand for motorcycle tires. Nevertheless, some manufacturers are innovating by using sustainable materials in tire manufacturing, which could help mitigate the impact of volatile raw material prices and enhance the overall growth of the motorcycle tire market.

Segmentation Analysis

The global motorcycle tires market is segmented based on structure, type, application, and geography.

Based on structure, the motorcycle tires market is bifurcated into radial and bias. The radial segment held the largest market revenue of USD 6,575.2 million in 2022. Radial tires offer higher levels of wet weather grip and are able to run cooler, faster, and longer than bias-ply tires, making them ideal for powerful vehicles with very rigid chassis and for sporty riding purposes. Additionally, some tire brands now offer high-end radial tires specifically designed for classic motorcycles. Moreover, the projected increase in popularity of electric motorcycles is expected to have a positive impact on the demand for radial tires during the forecast period.

Based on the type, the market is divided into tube tire and tubeless tire. The tubeless tire segment held the largest market share of 67.58% in 2022. Tubeless tires are gaining traction in the motorcycle industry due to their advantages over tube-type tires. Tubeless tires are lighter, resulting in higher mileage, better fuel efficiency, and less strain on the motorcycle. They also provide better stability, making them ideal for on-road, high-speed, and adventure riding.

By application, the motorcycle tires market is divided into sports, street, mountain, cruiser, and others. The street segment accumulated the largest market share of 47.73% in 2022 on account of its good grip and traction, long-lasting performance, and improved safety. Many manufacturers offer specialized street tires for wet or dry roads, racing, and touring, with features like high tread rubber volume, deep tread patterns, and optimized tread patterns for urban terrain. Additionally, some street tires can offer better mileage and cooler running at high speeds, which can be beneficial for riders looking to maximize their investment in their motorcycle tires. For example, Michelin City Extra tires are designed specifically for on-road motorcycle use, with features like extra tire mileage and a tread pattern optimized for urban terrain.

Geographical Analysis

Based on region, the global motorcycle tires market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Asia Pacific dominated the global market with a revenue share of 39.99% in 2022 driven by the growing population and widespread use of motorcycles, particularly in China and India, which are among the top global producers of motorcycles. With The rising demand for automobiles, manufacturers are increasingly establishing manufacturing plants and expanding their presence in developing countries. These nations have experienced a surge in automobile production due to favorable government policies, increasing GDP, and rising consumer spending.

Additionally, India's dominance in the two-wheeler manufacturing industry, accounting for over 80% of total automotive production and contributing to 7% of India's manufacturing GDP, has resulted in a high demand for motorcycle tires in both the OEM and aftermarket sectors. In FY2021, around 91.86 million units of two-wheeler tires were sold in India, with the majority being sold for motorcycles. Major tire manufacturers like MRF and CEAT have a strong presence in the Indian market, offering a wide range of tires for motorcycles and other two-wheelers. However, China has the highest adoption rate of IC engines and electric motorcycles, further fueling the demand for motorcycle tires. Looking ahead, the motorcycle tires market is expected to continue growing as the purchase of two-wheelers is projected to increase, driven by the significant presence of tire suppliers and rising sales of motorbikes in China and India.

Competitive Landscape

The global motorcycle tires industry report will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, type innovations, and joint ventures to expand their Type portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major manufacturers in the motorcycle tires market are:

• Bridgestone Corporation
• Michelin
• Continental Reifen Deutschland GmbH
• Pirelli & C. S.p.A.
• Sumitomo Rubber Industries, Ltd.
• ZC Rubber
• MAXXIS UK
• APOLLO TYRES LTD
• MRF
• JK Tyre
• CEAT
• TVS SRICHAKRA LIMITED

Key Developments

• April 2023 (Launch): TVS Srichakra Ltd introduced the TVS Euro grip tires into the Indian market. Specifically designed for superbikes and adventure touring, these high-performance tires were developed in Europe with a focus on Indian road conditions.
• September 2022 (Launch): Apollo Tyres launched the Tramplr range of durable off-road and Enduro Street tires, catering to the premium motorbikes market in India (150-500 cc). This range of tires has been specifically designed to meet the requirements of sports touring, adventure touring, cruisers, and street sports.

The global Motorcycle Tires Market is segmented as:

By Structure

• Radial
• Bias

By Type

• Tube Tire
• Tubeless Tire

By Application

• Sports
• Street
• Mountain
• Cruiser
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America