Indonesia Two-Wheeler Tire Market to Grow Exponentially, Expected to Hit USD 43.94 billion in 2023 at 6.55% CAGR: MarkNtel Advisors

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Indonesia Two-Wheeler Tire Market, 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. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Indonesia Two-Wheeler Tire Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2024-2030
Market Size in 2023: 43.94 billion
CAGR (2024-2030): 6.55%

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Indonesia Two-Wheeler Tire Market Segmentation Breakdown:

The Indonesia Two-Wheeler Tire Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Vehicle Type

Scooter & Moped- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
- Internal Combustion Engine (ICE)- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - Up to 100 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - 101 cc to 125 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - 126 cc to 150 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - Above 150 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
- Electric- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Motorcycle- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
- Internal Combustion Engine (ICE)- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - Up to 100 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - 101 cc to 125 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - 126 cc to 150 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
  - Above 150 cc- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
- Electric- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)

The substantial presence of the Scooter & Moped in the country used for both personal mobility & business purposes has widely contributed to the revenue growth of the Indonesia Two-Wheeler Tire Market from this segment.

By Tire Size

Tire Size 1- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Tire Size 2- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Tire Size 3- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Tire Size 4- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Tire Size 5- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)

By Tire Type

Radial- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Bias- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)

By Sales Channel

Online- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Direct Sales- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Multi Brand Stores- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Exclusive Outlets- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)

By Demand Type

OEM- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)
Replacement- Market Size & Forecast 2019-2030F, Unit Sold (Thousand)

The demand for Tire Replacement is higher in the country, enhancing the share of the replacement in Indonesia’s Two-wheeler Market.

Geographical Growth Insights:

By Region

Java
Sumatra
Kalimantan (Borneo)
Bali
Rest of Indonesia

MarkNtel Advisors Highlights Key Market Drivers for Indonesia Two-Wheeler Tire Market:

Extensive Usage of the Two-wheelers by Ride-hailing Companies to Thrive Market Growth – Over the past few years, Indonesia has emerged as a tourist destination due to the presence of various leisure, entertainment & attraction spots like Ubud Monkey Forest, Elephant Safari Park, Blanco Renaissance Museum, etc. The rising tourism in the country is driving the demand for ride-hailing services since tourists prefer to use ride-hailing services to explore the different places in the country. Ride-hailing companies such as Gojek, Grab, etc., offer two-wheeler renting services to tourists with fewer license-related formalities. As a result, foreigners tend to use ride-hailing services rather than private taxi services, driving the demand for two-wheeler ride-hailing services.

Moreover, the surging usage of the rental two-wheelers increases tire wear & tear, therefore the two-wheelers undergo frequent tire replacement, driving the Indonesia Two-Wheeler Tire Market. In addition, ride-hailing companies like Gojek, Uber Motorbikes, etc., are expanding their fleets to cater to the growing demand for rental services. Thus, the requirement for the tire for replacement purposes would increase in the future years.

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A Comprehensive Analysis of Leading Companies in Indonesia Two-Wheeler Tire Market

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
Others

Indonesia Two-Wheeler Tire Market Recent Development:

2022: The company Michelinacquired Royal Lestari Utama (RLU), a project developing sustainable natural rubber in Indonesia. The acquisition would help the company to develop sustainable tire solutions and contribute to environmental protection.

What are the Challenge driving the Indonesia Two-Wheeler Tire Market?

Increasing Usage of Retreaded Tires & Currency Depreciation to Hinder Market Growth – Individuals in Indonesia are price sensitive, and to save money, the consumers tend to purchase retreaded tires rather than new tires, hampering the Indonesia Two-Wheeler Tire Market. Retreading involves adding new tread to the existing tire casing, which extends the tire’s average lifecycle. Thus, reducing the need for consumers to purchase new tires frequently and restricting the sales of the new tires.

Moreover, the economy of Indonesia has been facing challenges due to persistent trade deficits, higher inflation, and relatively lower interest rates. As a result, the currency of the country has been depreciating. This depreciation in the Indonesian Rupiah against the US Dollar is also negatively affecting the market since it increases the input costs for the tire manufacturers.

Furthermore, tire manufacturing companies such as PT Gajah Tunggal Tbk and others rely on raw materials sourced from other countries. Hence, currency depreciation is leading to higher import & production costs. To mitigate the negative impacts, these companies are increasing the prices of the tires, due to which the consumers are looking for pocket-friendly or alternate solutions like retreaded tires, adversely impacting the Indonesia Two-Wheeler Tire Market.

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