Market Research Report
Europe Two-Wheeler Tire Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||946158|
|Published||Content info||75 Pages
Delivery time: 2-3 business days
|Europe Two-Wheeler Tire Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: June 1, 2020||Content info: 75 Pages||
The Europe Two-Wheeler Tire Market is projected to grow with a CAGR of more than 7 % during the forecast period.
Two-Wheeler Sales in the Region is Enhancing the Demand for New Tires
The convenience of commuting on a two-wheeler rather than on a four-wheeler in the crowded urban places, is one of the factors for increased demand for motorcycles and scooters in the region. With the increase in pollution levels and decrease in air quality in Europe, electric scooters and motorcycles are seeing a spike in demand. Some European countries are taking steps to further facilitate the shift away from gas-powered scooters and towards electric two-wheelers. Even without government sponsored grants and credits, other European countries still experienced big growth in electric two-wheeler sales. During the year 2019, sales growth accelerated, and the segment created a solid demand, achieving a record sale of nearly 62,000 units. Several big players in the two-wheeler industry are present in the region like, BMW, Piaggio which manufactures Vespa, Moto Guzzi, Aprilia and KTM - Europe's largest manufacturer of big motorbikes. BMW sales grew with 7.3%, Piaggio by around 6% and KTM also witnessed growth in sales. A total of 1,079,524 motorcycles were registered in 2019 in the EU. Within this, registrations of electric mopeds increased substantially from 39,940 units in 2018 to 59,776 units in 2019 (+49.7%). Owing to these factors, the demand for tires is expected to witness positive growth.
France Expected to be the Largest Market
During the year 2019, two-wheeler sales in Europe was dominated by France, with motorcycles sales up by 15.7% from 2018 sales. The driving factor for sales of two-wheeler in the region are the increase in spending capacity of the individuals in the country. There was a high demand for 50 cc scooters in the country and sales grew around 25% from those of 2018. These strong demand for two wheelers in the country is enhancing the demand for two-wheeler tires for both OEMs and aftermarket demand. The major players in the country are investing in research and development to launch innovative products for end customers to meet the road conditions for high safety. For instance, in October 2019, Michelin revamped its Power tire range, which was launched in 2016, with the addition of the Power Road, a tyre intended to be a really good all-rounder and suitable for 80% of riding conditions i.e. from training to racing.
The Europe two-wheeler tire Market is highly fragmented, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Europe two-wheeler tire Market are Continental AG, Michelin SCA, Pirelli Tires, Apollo Tires and. These players are investing heavily in research and development and installing new units to meet the rising demand for two-wheeler tires in the European Region. For instance, in July 2019, the German tire manufacturer Continental has announced setting up of a new plant for two-wheeler tires in Thailand by investing USD 30 million. The operations are expected to start from 2021. The main aim is to target the dynamic demand for motorcycles tires in Europe.