Advancements in the tire technology and the need for frequent replacement of tires is expected to drive the demand for global premium two-wheeler tire market in the forecast period.
According to TechSci Research report, “Global Premium Two-Wheeler Tire Market By Type (Standard, Cruiser, Sport, Touring, Adventure Sport) By Demand Category (OEM vs Replacement) By Tire Type (Radial vs Bias) By Rim Size (up to 16inch, 16-17inch, Above 17inch), By Region, Company Forecast & Opportunities, 2026”, The global premium two-wheeler tire market is expected to witness significant growth in the forecast period. An increase in the number of CKD and SKD units and the launch of advanced and novel motorbikes brands and models is contributing to the premium two-wheeler tire market growth. The surge in the popularity of superbikes clubs and communities is increasing the demand for premium two-wheeler vehicles across the globe. An increase in the biking culture and the presence of a huge youth population are paving for market growth. The high-performance benefits obtained by using the premium two-wheeler tire such as superior response while driving, high-speed driving, better traction for optimum control, amongst others are expected to influence the demand for premium tires in the next five years. Premium tires also provide lower rolling resistance, higher cushioning to lower the road noise, and improved tread grooves and patterns to improve the performance of the two-wheeler vehicles.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities across the world imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units were temporarily shut down and the shortage of workforce was observed due to the movement of the workers to their native places. Disruption in the supply chain was observed owing to the restrictions on the import and export activities which negatively impacted the market growth. People started preferring to travel in personal vehicles instead of shared or public vehicles to avoid getting infected by the novel coronavirus that increased the demand for private vehicles including two-wheeler vehicles and premium two-wheeler vehicles.
However, the price fluctuations of the rubber which is used as a raw material to make tires may create hindrance in the global premium two-wheeler tire market growth.
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Global premium two-wheeler tire market is segmented into type, demand category, tire type, rim size, regional distribution, and company. Based on the demand category, the market can be bifurcated into OEM and replacement. The replacement category is expected to witness growth in the forecast period,.2022-2026. The high sales of premium two-wheeler vehicles the subsequent wear down of the vehicles is the major driving factor for the growth of this segment. An increase in the consumer awareness and availability of major tire selling premium tires via online and offline sales channels is expected to contribute to the market growth. Based on the type, the market can be divided into standard, cruiser, sport, touring, and adventure sport. The sports segment is expected to witness significant growth in the next five years owing to its affordable nature and it can be used for multiple purposes such as long drives, sporting events, amongst others.
Compagnie Générale des Établissements Michelin, Pirelli & C. S.p.A., Continental AG, Dunlop Tires, Bridgestone Tire Co., Ltd., Apollo Tyres Limited, The Goodyear Tire & Rubber Company, Cheng Shin Rubber Ind. Co. Ltd., INOUE RUBBER CO., LTD., Kenda Rubber Industrial Company are the leading players operating in global premium two-wheeler tire market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several premium two-wheeler tire manufacturers are coming up with their technologically advanced offerings.
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“Increasing adoption of the tire-pressure monitoring system in automobiles is aiding in the growth of the premium two-wheeler tire market in the next five years. These advanced system monitors, measures, and informs, and generates real-time information and helps in avoiding the under-inflated tire condition which increases the fuel efficiency of the vehicle. Also, the advanced technology in the novel two-wheeler vehicles such as the use of sensors to provide the improved tire management facility, and it can be connected with the smartphones for information communication to the consumers is fueling the growth of the premium two-wheeler tire market in the next five years. High penetration of internet services and the proliferation of smart devices is further expected to propel the market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Premium Two-Wheeler Tire Market By Type (Standard, Cruiser, Sport, Touring, Adventure Sport) By Demand Category (OEM vs Replacement) By Tire Type (Radial vs Bias) By Rim Size (up to 16inch, 16-17inch, Above 17inch), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of global premium two-wheeler tire market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global premium two-wheeler tire market.
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