Asia-Pacific Two-Wheeler Tire Market Growth, Size-Share, Revenue, Demand, CAGR Status, Emerging Trends, Challenges, Future Opportunities and Forecast 2033: SPER Market Research
The two-wheeler tyre market is expanding quickly as a result of the country’s rising two-wheeler demand. One of the most crucial parts of any car is its tyres. Therefore, constant observation is necessary to guarantee a trouble-free trip each and every time. Due to a shortage of parking spaces and escalating traffic in large cities, the tyre sector in India is growing quickly, especially in the northern regions.
According to SPER market research, ‘Asia-Pacific Two-Wheeler Tire Market Size- By Vehicle Type, By Type of Tire, By Fuel Type, By Rim Size, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Asia-Pacific Two-Wheeler Tire Market is predicted to reach USD 12.12 Billion by 2033 with a CAGR of 3.9%.
Drivers of the market: Due to their cheaper operating costs as compared to its petrol alternatives and rising fuel prices, electric two-wheelers are becoming quite popular in the Asia-Pacific market. The region’s two-wheeler industry is expanding rapidly due to factors like air and noise pollution, a growing emphasis on sustainability, a move towards greener energy sources, and growing concerns about pollution. Positive government policies are also anticipated to present profitable expansion prospects for the electric two-wheeler market in Asia-Pacific. For example, by 2035, the government of Thailand wants all cars to be 100% emission-free.
Challenges faced by the market: Cities in the APAC area are experiencing severe traffic congestion as a result of rapid urbanisation and population growth. For example, Bangkok, Thailand, is said to have the worst traffic, which is detrimental to the city’s development on all fronts—financial, social, and economic. Despite Thailand’s 1980 implementation of the Road Traffic Act, the country still has a high rate of traffic rule infractions. In Thailand, breaking the rules, speeding, and careless passing are commonplace. This raises the possibility of traffic accidents that result in severe injuries, impairments, or even fatalities. This could lead to a move from two-wheelers to four-wheelers, which would be detrimental to the expansion of the two-wheeler tyre market in Asia-Pacific.
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Impact of COVID-19 on Asia-Pacific Two-Wheeler Tire Market
Furthermore, due to the COVID-19 epidemic, the Asia-Pacific Two-Wheeler Tyre Market had a significant decline in Q2 2020. The region’s need for two-wheeler tyres significantly decreased as a result of lockdowns, which are essential for safety. Due to the stringent regulations, manufacturers had to cut back on surplus inventory in the supply chain. Tyre makers may find some relief from rising raw material costs and the recent drop in carbon black prices, even if not all Original Equipment makers (OEMs) were equally impacted.
China is seeing the region’s fastest growth rate. Due to the country’s fast urbanisation, more people in China are choosing to use two-wheelers as an affordable and practical form of transportation while they’re in crowded urban areas. The expanding middle class population’s need for reasonably priced personal transport options is feeding this trend even further. Additionally, the increasing use of Two-Wheelers by quick-delivery and ride-hailing services like Meituan Dianping, Qdigo, etc., has increased the Two-Wheeler’ sales in China. Compared to privately owned automobiles, ride-hailing vehicles are usually subjected to rigorous usage because they are frequently operated for extended periods of time. Tyres deteriorate more quickly when two-wheelers are used often. The need for tyre replacements is rising as a result.
Asia-Pacific Bicycle Tires Market Key Players:
Additionally, some of the market key players are Apollo Tyres Ltd, Bridgestone, CEAT Limited, Cheng Shin Rubber, JK Tyre & Industries Ltd., Michelin, MRF Limited, Others.
APAC Motorcycle Tires Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, Asia-Pacific Two-Wheeler Tire Market is segmented as; Motorcycle, Scooter/Moped.
By Type of Tire: Based on the Type of Tire, Asia-Pacific Two-Wheeler Tire Market is segmented as; Pneumatic Tire, Solid/Others (Advanced Tire).
By Fuel Type: Based on the Fuel Type, Asia-Pacific Two-Wheeler Tire Market is segmented as; Petrol, Electric.
By Rim Size: Based on the Rim Size, Asia-Pacific Two-Wheeler Tire Market is segmented as; Less than 10 Inches, 10–13 Inches, 14–17 Inches, 18–21 Inches, More than 21 Inches.
By Distribution Channel: Based on the Distribution Channel, Asia-Pacific Two-Wheeler Tire Market is segmented as; Aftermarket, OEM.
By Region: This research also includes data for China, India, Indonesia, Japan and rest of Asia Pacific.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Asia Pacific Two-Wheeler Tire Market Demand
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