Strong Demand from APAC to Boost the Motorcycle Tires Market | Technavio

LONDON–(BUSINESS WIRE)–#Research–The global
motorcycle tires market is expected to grow at a CAGR of more than
4% during the period 2017-2021, according to a new market research study
by Technavio.

The report categorizes the global motorcycle tires market by
stakeholders, which includes OEM and aftermarket. The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC, the
Americas, and EMEA.

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Market driver: increasing demand for motorcycles in APAC

APAC is expected to witness a high GDP growth during the forecast
period, which will result in increased motorcycles sales. India is the
largest market for motorcycles, followed by China and Indonesia. In
2017, the Indian two-wheeler market is expected to witness the highest
growth in the past five years. The motorcycles segment is expected to
make the maximum contribution. The growth is due to the ample rainfall
in rural areas resulting in a positive influx of revenue in the country
and the increase in salary of government employees. The rising adoption
of commuter motorcycles among the middle-class population in emerging
markets is expected to boost the motorcycle
tires market during the forecast period.

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Market trend: increasing investments on smart tires

Smart tires come with an advanced sensor that can communicate with the
ECU, ABS, traction control system, and braking system to offer
exceptional ride quality. These tires can automatically fill the air and
adapt to the terrain to offer a comfortable ride.

Individual readings of tire status are displayed, which consist of air
pressure, tire wear and tear, driving mode, terrain details, and model
number.

According to Ganesh Subramaniam, a lead analyst at Technavio for wheels
and tires research, “These tires have a set of advanced sensors,
which display weather conditions, terrain conditions, and pressure
status. A unique part is the use of magnetic levitation system in place
of traditional suspension setup and self-healing in case of tire damage.
These tires are 3D printed using driving data, i.e., each tire is
custom-made according to driving styles and terrain.”

Market challenge: increasing prices of raw materials

Thailand, Malaysia, Indonesia, and India (Kerala) are the largest
suppliers of natural rubber in the world. Natural and synthetic rubber
are the most important components used in the manufacture of tires. The
rise in prices of natural rubber in India and the supply issues faced by
Thailand due to heavy rainfall had a significant impact on the global motorcycle
tires market. The sudden gap in demand and supply and the rise in
global crude oil prices have created a tense environment among tire
manufacturers.

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Key vendors in the market

• Bridgestone
• Continental
• Dunlop (Goodyear)
• Michelin

The tire industry has grown from using solid rubber tires to smart tires
that can automatically control tire pressure and adapt to environmental
conditions to offer a comfortable ride. The global motorcycle tires
market is crowded with a lot of global as well as local tire vendors.
The industry is highly competitive, and the competition is primarily
based on technology and price. Innovation is the key competitive factor
in this market, whereby every manufacturer aims to minimize operational
costs by using a cost-effective raw material. This will help to price
the products competitively.

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