CLEVELAND, Ohio — Global demand for motorcycle tires is projected to rise 4 percent annually through 2022 to 704 million units valued at nearly $14 billion, according to a new study from Freedonia Group.
Motorcycle tire sales will outperform the global tire average as growth in the production and use of motorcycles outpaces that of motor vehicles, according to the study, "Global Tires."
The fastest increases in motorcycle tire sales will be in developing regions with warm climates including Central and South America and the Asia Pacific region, the report states.
In particular, the Asia Pacific region will be responsible for 83 percent of all new demand in 2022 due to "cultural affinity to motorcycles" and also due to the low-cost nature of the vehicles.
The Cleveland-based research firm has also predicted that demand for all types of tires increase over 3 percent per year through 2022 to 3.2 billion units.
In value terms, sales of tires are projected to advance 4.9 percent per year, boosted by expected increases in raw material prices and the continued development of higher quality tires.
Rising incomes in developing nations and the growth in purchase of motor vehicles as well as a larger local vehicle park will contribute to the growth of OEM and replacement tires in the period under study.
The 297-page Global Tires report is available for $6,000 from Freedonia Group. For further details contact Corinne Gangloff at [email protected].