Indonesia's Two-Wheeler Tire Market Projected to Expand at a CAGR of 6.55% By 2030
The Indonesia Two-Wheeler Tire Market size was valued at around USD 43.94 billion in 2023 and is estimated to grow at a CAGR of about 6.55% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The consistent traffic congestion problem due to the poor road infrastructure & lack of government investment to improve the road & transportation facilities is resulting in the increasing adoption of two-wheelers in Indonesia. The population of Indonesia heavily relies on two-wheelers for daily commuting since they are more affordable, easy to maintain & are appropriate for the inadequate road infrastructure in Indonesia. As a result, the sales of the two-wheelers have substantially increased during 2019-2023.
Moreover, the rising tourism in the country is also augmenting the demand for ride-hailing or two-wheeler rental services. As a result, companies like Gojek, Grab, etc., are expanding their fleets by adding more two-wheelers to their existing fleet size. The ride-hailing two-wheelers cover a large distance daily owing to which the tires are at higher risk of wear & tear. Thus, the rental companies' fleets undergo frequent tire replacements to maintain the efficiency of the vehicle, driving the Indonesia Two-Wheeler Tire Market. In addition, to cater to the need for transportation services, ride-hailing enterprises are gradually partnering to expand their fleet size to enhance their business operations. Each additional vehicle requires a set of tires to be equipped and maintained to manage the efficiency of the two-wheeler, consequently, increasing the overall demand for tire replacement in the Indonesia Two-Wheeler Market.
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Further, the rising carbon emissions & Air Quality Index (AQI) due to rapid industrialization are leading to a surge in health problems among the Indonesian population. As a result, the government of Indonesia is laying out plans to encourage the adoption of sustainable transportation in place of fuel-based vehicles. The government of Indonesia is providing incentives, subsidies, and grants to companies like Maka Motors and others to establish their manufacturing unit in the country. The rise in the domestic production of electric vehicles within the country would further stipulate the demand for tires in Indonesia in the forthcoming years, further states the research report, “Indonesia Two-Wheeler Tire Market, 2024.”
Indonesia Two-Wheeler Tire Market Segmentation Analysis
Scooters & Mopeds Outperform Motorcycles in Indonesia's Two-wheeler Tire Market
Based on the vehicle type, the market is further bifurcated into Scooters & Mopeds and Motorcycles. Among them, Scooters & Mopeds witnessed a surge in demand across the Indonesia Two-Wheeler Tire Market due to affordable prices and the compact sizes of the scooters. The majority of the Indonesian population relies heavily on scooters due to the lack of alternative transport options, as a result, seek scooters as the most convenient commuting choice. With the rising inclination of consumers towards scooters & mopeds due to their affordability, the sales of scooters have significantly increased, consequently generating the demand for the tires either during the production of the scooters or the frequent tire replacement during historical years.
Moreover, the government of the country has been strengthening its security by leveraging motorcycles to the police personnel, as a result, the police officials in Indonesia are increasingly opting for the motorcycles rather than the police vans. The government of Indonesia is purchasing the bikes from local as well as foreign manufacturers & motorbikes. Thus, the demand for tire replacement for motorcycles would increase in the forthcoming years.
Rising Vehicle Ownership Growing Tire Replacement in Indonesia
Based on the demand type, the market is fragmented into OEM and Replacement. There's a burgeoning demand for Replacement tires in the Indonesia Two-Wheeler Tire Market, notably driven by the country's substantial preference for and ownership of two-wheelers among its populace. This preference for motorcycles & scooters as a primary mode of daily transportation leads to increased wear & tear on tires, consequently spurring demand for replacements.
The accessibility & affordability of these two-wheeler vehicles have significantly boosted their ownership rates across Indonesia. Moreover, the growing working population and rapid urbanization trends further amplify the demand for two-wheelers, thereby propelling the need for replacement tires throughout the country in the foreseeable future.
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Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including PT. Bridgestone Tire Indonesia, Continental Tires, Vee Rubber Co. Ltd, Kenda Tyres, PT Michelin Indonesia, Pirelli Tyre S.p.A, PT. Maxxis International Indonesia, FDR Tire, PT Sumi Rubber Indonesia, IRC Tire Indonesia, among others, are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the Indonesia Two-Wheeler Tire Market?
- What key factors would propel and impede the industry across the country?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across Indonesia?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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