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
- Dunlop (Goodyear)
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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