Motorcycle Tires Market Set to Hit USD 17.12 Billion by 2030, Driven by Surge in Motorcycle Sales
Jan 2024
Automotive and Transportation
As per the report published by Kings Research, the global Motorcycle Tires Market was valued at USD 10,033.75 Million in 2022. The market is projected to reach USD 17,121.41 Million by 2030, growing at a CAGR of 7.10% from 2023 to 2030.
Ongoing investment in innovation and growth in tire manufacturing will create new opportunities for innovation and growth in the market. For instance, Bridgestone EMIA is evolving into a mobility solutions provider and may invest in R&D to expand its offerings. Additionally, industry standards for motorcycle tire design are being researched and developed. To cite an instance, Apollo Tyres Limited and Michelin are increasingly focusing on R&D, including for motorcycle tires.
Key Insights
- Based on structure, the radial segment achieved the highest market revenue of USD 6,575.2 Million in 2022
- Based on type, the tubeless tire segment accumulated the largest market share of 67.58% in 2022
- Based on application, the street segment held the largest market share of 47.73% in 2022
- On the basis of region, Europe is anticipated to be the 2nd fastest-growing region, depicting a CAGR of 6.19% over the forecast period
Michelin Added a New Series of Tires to their Product Lines
- January 2022: Michelin launched the Road 6 Sport Touring Tyre, which boasts improved durability, enhanced wet traction, and a sleek appearance suited to a wide range of motorcycles. The new tire comes in two variants: the regular Michelin Road 6 tire lineup and the Michelin Road 6 GT tire lineup for roadster, trail, sports, and GT motorcycles.
Market Dynamics
Rising Government Initiatives to Support the Expansion of Electric Vehicles Industry to Drive the Market Growth
The government's role in promoting the adoption of electric mobility, including electric motorcycles, through policies, incentives, and subsidies. Additionally, the rise of electric motorcycles could lead to changes in tire designs as electric motorcycles have different performance characteristics and weight distribution compared to traditional gasoline-powered motorcycles.
For instance, in March 2023, the Indonesian government launched a subsidy program to promote the adoption of electric motorcycles, while the UK government awarded a grant to BSA to develop electric bikes. Notably, TVS Motor has announced its plan to invest Rs. 1,000 crores towards furthering its electric vehicle (EV) initiatives, showcasing its commitment to developing sustainable transportation solutions in July 2022. This significant investment will enable TVS Motor to expand its EV portfolio and strengthen its position in the growing EV market in India and beyond. Together, these advancements have steered the tires market in the automotive industry toward massive growth.
Increasing Motorcycle Sales Will Drive the Motorcycle Tires Market Growth
An increase in motorcycle sales has a direct impact on the demand for motorcycle tires. As more individuals purchase motorcycles, the demand for replacement tires increases. The motorcycle market has experienced rapid growth, leading to increased motorcycle production and a consequent surge in demand for motorcycle tires.
Additionally, high-performance motorcycles equipped with modern technology and superior materials have gained popularity, necessitating the usage of premium and high-performance motorcycle tires. This has resulted in increased demand for such tires, which are more expensive and generate higher revenues for tire manufacturers.
Europe is Anticipated to be the 2nd Fastest-Growing Region, Depicting a CAGR of 6.19% over the Forecasted Period
The growth of the global motorcycle tires market can be attributed to the affluent consumer base in regions with high standards of living, luxurious lifestyles, and high disposable income. Additionally, advancements in technology and new inventions are expected to stimulate further growth in the market. The increasing number of motorcycles in use in developing countries, the rise in annual motorcycle mileage worldwide, and the higher rate of motorcycle tire replacements are driving the demand for motorcycle tires.
Market Players Concentrating on Innovative Product Launches to Drive Market Development
The motorcycle tires market study is consolidated with key players such as 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, and TVS SRICHAKRA LIMITED. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.