Global Motorcycle Tire Market Reports

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DUBAI, UAE, Jan. 8, 2024 /PRNewswire/ -- As per the latest report published by Kings Research, the global Motorcycle Tires Market size was recorded at USD 10,033.7 million in 2022 and is estimated to grow to USD 17,121.4 million by 2030, exhibiting a CAGR of 7.10% through the projection period of 2023-2030. The market for high-quality motorcycle tires is experiencing a surge in demand as the sales of luxury motorcycles continue to soar worldwide. The increasing popularity of recreational motorcycle riding is fueling the need for off-road, dual-purpose, and track tires. In developing economies with rough road conditions, there is a considerable demand for long-lasting tires that offer superior tread wear and resistance against punctures.

Motorcycle tires play a vital role in ensuring grip, stability, and safety during rides. These tires consist of multiple layers of rubber, as well as fabric and wire, working in harmony to provide the required traction and support. There is a wide range of motorcycle tire options available, each tailored to suit specific riding styles and motorcycle types. Sport or performance tires, touring tires, off-road tires, cruiser tires, and dual-sport tires stand out as the prevalent categories of motorcycle tires. Specifically crafted for high-performance motorcycles, sport or performance tires find extensive use in racing and sport riding activities.

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Trending Now: Michelin Introduces Three New Motorcycle Tires

On November 7, 2023, Michelin introduced three new motorcycle products at the EICMA trade show in Milan. These innovative tires, scheduled for release in January 2024, were showcased on various motorcycles exhibited at the event and prominently featured in the Michelin booth.

Drawing upon 130 years of expertise in the development of 2-wheel tires, with Michelin's inaugural tire designed for a bike, the company boasts a rich history and has garnered over 500 victories in the FIM World Championships. Throughout the past half-century, Michelin has consistently led the way in innovation, contributing to the evolution of slick tires, radial tires, and asymmetrical tires.

In recent years, premium manufacturers such as BMW Motorrad, Triumph, KTM, Honda, and others have homologated the Michelin Power and Michelin Anakee ranges, attesting to Michelin's continued influence and acceptance within the industry.

Competitive Landscape

Leading companies in the global motorcycle tires market are focusing on several growth strategies such as product innovation to expand their reach. For instance, in April 2023, TVS Srichakra Ltd launched its new range of TVS Euro grip tires in India. These premium tires have been specially formulated for superbikes and adventure touring, and have been developed in Europe, taking into consideration the unique road conditions in India.

Key participants in the global motorcycle tires market include:

    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

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The global Motorcycle Tires Market is segmented as:

By Structure

    Radial
    Bias

Growing Preference for Radial Tires to Aid Motorcycle Tires Market Progress

On the basis of structure, the radial segment is anticipated to grow at a healthy CAGR of 7.69% through the projection period. Radial tires provide superior wet weather grip and have the ability to maintain lower temperatures, resulting in increased speed and longevity compared to bias-ply tires. This makes them well-suited for high-performance vehicles with sturdy frames and sports applications. Furthermore, certain tire manufacturers have introduced premium radial tires tailored specifically for vintage motorcycles. Moreover, the anticipated rise in the popularity of electric motorcycles is set to positively influence the demand for radial tires in the near future.

By Application

    Sports
    Street
    Mountain
    Cruiser
    Others

Market Growth Poised to Rise Due to Easy Availability of Street Tire Options

By application, the street segment is anticipated to account for the largest share of the global motorcycle tires market in the near future, reaching a value of USD 9,012.2 million by 2030 as a result of its long-lasting performance, good grip and traction, and improved safety. There are various street tire options available for riders, catering to specific road conditions such as wet or dry surfaces, racing, and touring. These tires come with specialized features, such as increased rubber volume, deep tread patterns, and optimized designs for urban terrains. Moreover, certain street tires offer advantages including improved mileage and cooler performance at high speeds, making them a worthwhile investment for motorcycle enthusiasts. For instance, Michelin City Extra tires are specifically designed for on-road motorcycle usage and are equipped with features like extended tire life and a tread pattern that is perfect for urban terrains.

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Technological Advancements to Spur Motorcycle Tires Market Growth

With the progress of technology, the global market has witnessed the emergence of innovative materials and construction techniques that significantly improve tire performance. As a result, the market has experienced substantial growth. Advanced formulations of rubber and reinforced constructions have resulted in enhanced traction, maneuverability, and longevity, spurring a rise in the demand for high-performance motorcycle tires.

Furthermore, the emergence of eco-friendly motorcycle tires that deliver improved fuel economy and lower carbon footprints has opened up a new segment of environmentally conscious consumers, presenting tire manufacturers with added avenues for generating revenue.

Asia Pacific to Lead Motorcycle Tires Market Due to Growing Use of Motorcycles

Asia Pacific is projected to dominate the global market with a valuation of USD 7,885.6 million by 2030 driven by the growing population and widespread use of motorcycles, particularly in China and India, which are among the top global producers of motorcycles. The growing consumer inclination toward cars has led to a rise in automobile manufacturing plants and expansion efforts by manufacturers in developing countries. These countries have witnessed a significant increase in the production of automobiles, due to supportive government policies, mounting GDP, and increased consumer spending.

Furthermore, the Indian market holds a prominent position in the production of two-wheelers, accounting for over 80% of the overall automotive production and a substantial 7% contribution to the nation's manufacturing GDP. Consequently, there is a substantial need for motorcycle tires in both the original equipment manufacturer (OEM) sector and the aftermarket. To cite an instance, in FY2021, India witnessed the sale of approximately 91.86 million units of two-wheeler tires, the majority of which were specifically for motorcycles.

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Major Points from TOC:

Chapter 1 Introduction of The Global Motorcycle Tires Market

1.1 Market Definition

1.2 Market Segmentation

1.3 Research Timelines

1.4 Limitations

1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology

3.1 Data Collection

3.1.1 Secondary Sources

3.1.2 Primary Sources

3.1.3 Research Flow

3.2 Subject Matter Expert Advice

3.3 Quality Check

3.4 Final Review

3.5 Bottom-Up Approach

3.6 Top-down Approach

Chapter 4 Global Motorcycle Tires Market Outlook

4.1 Market Evolution

4.2 Overview

4.3 Market Dynamics

4.3.1 Drivers

4.3.2 Restraints

4.3.3 Opportunities

4.3.4 Challenges

4.4 Pricing Analysis

4.5 Porter's Five Forces Analysis

4.6 Value Chain Analysis

4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Motorcycle Tires Market, By Structure

Chapter 7 Global Motorcycle Tires Market, By Type

Chapter 8 Global Motorcycle Tires Market, By Application

Chapter 9 Global Motorcycle Tires Market, By Geography

Chapter 10 North America

Chapter 11 Europe

Chapter 12 Asia Pacific

Chapter 13 Middle East & Africa

Chapter 14 Latin America

Chapter 15 Global Motorcycle Tires Market Competitive Landscape

15.1 Overview

15.2 Key Developments

15.3 Key Strategic Developments

15.4 Company Market Ranking

15.5 Regional Footprint

15.6 Industry Footprint

Chapter 16 Company Profiles

16.1 Bridgestone Corporation

16.1.1 Key Facts

16.1.2 Financial Overview

16.1.3 Product Benchmarking

16.1.4 Recent Developments

16.1.5 Winning Imperatives

16.1.6 Current Focus & Strategies

16.1.7 Threat from competition

16.1.8 SWOT Analysis

16.2 Michelin

16.2.1 Key Facts

16.2.2 Financial Overview

16.2.3 Product Benchmarking

16.2.4 Recent Developments

16.2.5 Winning Imperatives

16.2.6 Current Focus & Strategies

16.2.7 Threat from competition

16.2.8 SWOT Analysis

16.3 Continental Reifen Deutschland GmbH

16.3.1 Key Facts

16.3.2 Financial Overview

16.3.3 Product Benchmarking

16.3.4 Recent Developments

16.3.5 Winning Imperatives

16.3.6 Current Focus & Strategies

16.3.7 Threat from competition

16.3.8 SWOT Analysis

16.4 Pirelli & C. S.p.A.

16.4.1 Key Facts

16.4.2 Financial Overview

16.4.3 Product Benchmarking

16.4.4 Recent Developments

16.4.5 Winning Imperatives

16.4.6 Current Focus & Strategies

16.4.7 Threat from competition

16.4.8 SWOT Analysis

16.5 Sumitomo Rubber Industries, Ltd.

16.5.1 Key Facts

16.5.2 Financial Overview

16.5.3 Product Benchmarking

16.5.4 Recent Developments

16.5.5 Winning Imperatives

16.5.6 Current Focus & Strategies

16.5.7 Threat from competition

16.5.8 SWOT Analysis

Continued........

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