Automotive Tires Market for OE & Replacement By Rim (13-15, 16-18, 19-21,>21”), Aspect Ratio(<60, 60-70, >70), Section Width (<200, 200-230,>230 mm), Season (Summer, Winter-Studded Non-Studded & All Season), Vehicle Type, Retreading & Region - Global Fore

Automotive Tires Market for OE & Replacement By Rim (13-15, 16-18, 19-21,>21”), Aspect Ratio(<60, 60-70, >70), Section Width (<200, 200-230,>230 mm), Season (Summer, Winter-Studded Non-Studded & All Season), Vehicle Type, Retreading & Region - Global Forecast to 2028

The tire aftermarket is projected to grow from USD 19.6 billion in 2023 to USD 21.6 billion by 2028 at a CAGR of 2.0%. The growth in automobile ownership per capita, a shift in customers’ demand to use low rolling resistance tires, and increase in average miles driven by the vehicles will fuel the growth of the aftermarket tires. An increase in tire aftermarket demand is anticipated due to the growth in the market for passenger vehicles and the rise in the number of used automobiles on the road due to greater personal vehicle use. Increasing internet penetration and emerging technical advancements are other factors driving the tire aftermarket.

“North America to be the largest market for retreading.”

North American market is driven by increased production of new cars coupled with the development of used cars. The higher fleet of light and heavy commercial vehicles have relatively higher average miles, requiring more tire replacement. The cost of aftermarket tires for an HCV is USD 230-250, whereas a retreaded tire of similar dimensions can cost almost 40% less.

Expanding retreading facilities in this area will also increase demand for retreaded tires during the forecast period. In addition, retread tires come with benefits such as improved tread life quality, cost savings, and fuel efficiency. Retreaded tires are more environmentally friendly than new tires since they use less energy and raw materials during production. Favorable government regulations and a rise in the use of retreaded tires are predicted to open up new growth prospects in this sector. However, a worn-out tire’s casing is given a fresh rubber coat without modifying the infrastructure’s cords. As a result, the quality of the retreaded tires always stays a lot down than that of the new tire.

“Section width of >230 mm is the fastest-growing segment in the tires replacement market.”.”

Low-profile tires are becoming increasingly popular, and their section width is more significant than their section height. Full section width gives increased vehicle stability, lighter weight, ability to handle increased payload weight, and improved fuel economy. Premium passenger cars typically have section widths greater than 230 mm. In North America, examples of such vehicles are the GM Group Cadillac, FCA Dodge Challenger, Tata Range Rover Sport, BMW 5 series, Audi Q5, and others. The segment with the most tire replacement cycles is reportedly premium cars. The section width of heavy commercial vehicles ranges from 85% to 90%.

“North America is the second largest market by volume for automotive tire aftermarket.”

North America is the second most prominent location for manufacturing and sales of vehicles. The region contributed 24% to global vehicle production and 26% to global vehicle sales in 2023. The region is home to key players in the automotive tire OE market, such as Goodyear Tire & Rubber Company (US), Cooper Tire & Rubber Company (US), Pirelli & C. S.p.A. (Italy), Michelin (France), and Bridgestone (Japan). The US, which is home to the big three vehicle manufacturers, including Ford (US), General Motors (US), and Fiat Chrysler (UK), is known for premium passenger cars. High demand for luxury and premium segment vehicles is expected to drive North America’s automotive tire OE market. Furthermore, North America contributes to ~30% of the global vehicle parc (2022).

A rise in the demand for premium quality tires in ultra-high-performance vehicles for enhanced stability and reliability, longer operational life, and high puncture resistance is expected to boost the need for the market. Along with this, the growing emphasis on enhancing driver and passenger safety due to the rising incidence of deadly traffic accidents is influencing the market positively in the region. Additionally, the growing use of winter tires during severe weather events like snow and ice will likely increase the tire market. Furthermore, the growing preference for premium tires and vehicles for logistics and transportation activities to deliver packages on time due to their many benefits, including improved stopping power, increased overall safety, and better handling, creates a positive outlook for the market across the region.

The break-up of the profile of primary participants in the automotive tire market:

By Companies: Tier 1 - 80%, Tier 2 - 20%

By Designation: Directors- 10%, C-Level Executives - 60%, Manager level - 30%

By Region: North America - 10%, Europe - 0%, APAC - 90% and MEA - 0%

Global players dominate the automotive tire market and comprise several regional players. The key players in the automotive tire market are Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), and Sumitomo Rubber Industries (Japan).

Research Coverage:

This Research Report Categorizes The Tire Market By Automotive Tire Aftermarket,

By Section Width And Vehicle Type (<200 Mm, 200–230 Mm, and >230 Mm), Automotive Tire Aftermarket, By Aspect Ratio And Vehicle Type (<60, 60–70, and >70), Automotive Tire Aftermarket, By Rim Size And Vehicle Type (13–15”, 16–18”, 19–21”, and > 21”), Automotive Tire Retreading Market, By Vehicle Type (Passenger Cars, Light, and Heavy Commercial Vehicles), Automotive Tire Oe Market, By Vehicle Type And Rim Size (Passenger Cars, Light Commercial Vehicles, Buses, and Trucks), Automotive Tire Aftermarket Market, By Season (Summer, Winter And All Season), Automotive Tire Aftermarket,

By Vehicle Type (Passenger Cars, Light, and Heavy Commercial Vehicles), by Automotive Tire OE Market, By Type (Radial And Bias), And By Region (Asia Pacific, Europe, North America, And Rest Of The World).

The report’s scope covers detailed information regarding the major factors, such as influencing factors for the growth of the automotive tire market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products, and services; key strategies; contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, recession impact, and recent developments associated with the automotive tire market.

Reasons to buy this report:

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall automotive tire market and their subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse.

The report provides insights on the following pointers:

Analysis of key drivers (Increasing average life of vehicles and annual miles driven by light-duty vehicles, increase in demand for high-performance tires, and high demand for low rolling resistance tires), restraints (Volatility in raw material prices and increasing longevity of tires affecting aftermarket sales), opportunities (Demand for eco-friendly tires owing to stringent regulations, Increased use of bio-oils in the manufacturing process of tires, connected/ smart tires for autonomous cars), and challenges (Increasing number of mandatory tests to be performed before commercial use of tires and investing in R&D for effective and sustainable waste management solutions to incur additional cost) influencing the growth of the automotive tire market.

Product Development/Innovation: Detailed insights on new products such as ADVAN V61 Tires by Yokohama Rubber Co., Ltd. in July 2023 and Procontrol launched by Cooper Tire & Rubber in May 2023.

Market Development: The growing demand for passenger cars and rising demand for commercial is driving the market – the report analyses the automotive tire market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the automotive tire market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (US), Continental AG (Germany), Michelin (France), and Sumitomo Rubber Industries (Japan). among others in the automotive tire market.

The report also helps stakeholders understand the pulse of the automotive tire market by providing information on recent trends and technologies.