NEW YORK—The two-wheel tire market has potential to grow and likely will surpass the $17 billion mark by 2021, according to analysis from TechSci Research, a global market research firm.
"Rising demand for two-wheeler tires across the globe also can be attributed to rapidly increasing demand for electric and hybrid two-wheeler vehicles and increasing availability of two-wheeler tires through online sales channels," Karan Chechi, Research Director with TechSci Research, said in a news release.
Chechi also noted that premium motorcycle sales are rising worldwide, a trend that will further underscore the demand for the tires.
"This trend," Chechi said, "is anticipated to augur well for the global two-wheeler tire market through 2021."
The newly released TechSci report indicates that demand for two-wheel tires—both original equipment and replacement—in the Asia-Pacific region is a driving factor for overall market growth. In 2015, the report said, production of two-wheelers in that region surpassed the 70 million unit mark.
Motorcycle tire sales dominated the two-wheeler tire market in 2015, TechSci said, adding that the trends developing in recent years should continue to impact the growth of the market. Among those trends are the appeal of motorcycles to younger generations with less disposable income; the ability of the vehicles to be more easily maneuvered, especially in regions with high traffic congestion; and the rise of two-wheeler taxis.
While the Asia-Pacific market did dominate the motorcycle tire segment, TechSci reports that global trends should allow the market to grow throughout other regions as well.
To learn more about TechSci or to order copies of this and other tire market reports for regions around the world, visit techsciresearch.com.