The North America 2-Wheeler Replacement Tire Market is anticipated to register a CAGR of about 4.4% during the forecast period (2020 - 2025).
Key Highlights
- 2-Wheeler Replacement Tire has always remained in demand, and with more extensive ownership of personal 2-Wheelers and growing technological advancements, the need for these will only increase. A surplus amount of income is spent by North American nations when it comes to purchasing motorcycles. According to the Bureau of Transportation Statistics, over the past 12 years, motorcycle registrations in the U.S. have increased from 3,826,373 in 1997 to 6,678,958 in 2006, which indicates an overall increase of tires needs for motorbike segment.
- Balding of the tire due to excessive tear after running the vehicle for a set number of miles and road damage resulting faulting in tires sidewalls are a few significant reasons as to why customers get their tires replaced. For instance, Retreading allows the tire to perform the same as a new tire, adding the extra mile to your tire life. The older casing can be used again, while new treads can be added twice or thrice depending on the tire condition.
- E-bike sales have been growing steadily over the years. However, they still only represent a small portion of the overall bike market in the U.S. As a result, 2-wheeler Replacement Tire manufacturers are exploring opportunities in the E-bikes market.
Key Market Trends
Retreading Tire will Push the 2-Wheeler Market for Replacement
One of the best methods of replacing tires is by retreading older tires. Generally, a tire with good structural quality is processed to get a wholly renewed tread and sidewall rubber. Further, the revamped tire is cured by vulcanizing the new rubber to the original casing.
High standard tires are being manufactured using premium technologies to perform flawlessly, but also in their second and sometimes with tires third life. As a result, the retreaded tire industry has grown with more durable tire casings, enhanced re-manufacturing techniques, and high-quality rubber compounds that are being used today.
But in retreading tires, a new lease of rubber is put on the casing of a worn-out tire without changing the cords of infrastructure, causing the quality of the retreaded tires to be lesser than that of the new tires.
Nevertheless, there are also many economic benefits of retreading as the retreaded tires are less pricey than the new ones. By retreading old tire at least twice or thrice can help save upto 60% the amount a new set of tires would.
United States Holds the Largest Share
The United States is a motorbike dominant industry compared to scooters or mopeds, the aging demographic is a bad sign and has propped the growth. Recent figures also suggest, only a few youngsters will enter the Bikes segment. Declining, over 500cc motorcycles segment is also an indication indicating the fall in sales for subsequent tire sold for these 2-wheelers.
Although, in developing countries such as the United States, several programs and projects have been initiated, such as Corporate Average Fuel Efficiency (CAFE) standards, by decreasing CO2 emissions. Also, cities like New York and Los Angles have jam-packed roads, and with the increasing number of vehicles, the existing infrastructure cannot meet needs in every street and lanes. As a result, states situated in warmer regions in the United States are seeing an increased sale for 2-wheeler the United States has also experienced impressive growth in ownership towards E-Bikes.
Government subsidies are aiding the purchasing prices of E-Bikes with states such as California and Florid registering over 90% growth in 2019. In the United States alone, E-bike sales jumped by an incredible 91 percent from 2016 to 2017 and then another 72 percent from 2017 to 2018 to reach an impressive $143.4 million. Many state laws also require heavy motorbikes to carry a tread depth tire l on the road. As a result, 2 - wheeler replacement tire manufactures today are heavily investing in advanced tires, which can both lightweight and safe to accommodate for the E-bikes shortly.
Competitive Landscape
The North America 2-Wheeler Replacement Tire Replacement Market is consolidated with existing market players such as Apollo Tyres Ltd, BFGoodrich, Cooper, Dunlop, Firestone, General, Goodyear, Michelin, and Yokohama, which hold the most significant shares. To have the edge over its competitors' companies are making joint-ventures, partnerships, launching new products with advanced technology.
U.S., motorcycles Harley-Davidson Inc. is offering new models and expanded its overseas operations sales in the replacement tire market
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