The Automotive Tires Replacement Market is projected to grow at a CAGR of 1.8% to reach a market size of USD 113.1 billion by 2025 from 101.7 billion in 2019.
The market growth is primarily driven by a growing vehicle fleet, an increase in demand for high-performance tires, and an increasing average life of vehicles. The number of vehicles on the road is increasing owing to the improving road infrastructure, consumer awareness regarding vehicle maintenance, stringent fuel economy norms, and other factors. These factors are driving the tires aftermarket as the factors lead to increased replacement miles of tires and improved tire performance for a more extended period.
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).
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Technological advancements by Tier-1 manufacturers are extensive by investing in R&D activities to develop newer tire technologies and thereby gaining traction in the business landscape. Some of these technologies include the noise reduction technology, which reduces the internal noise generated owing to the friction produced between tires and road surface. The growing demand for green tires can also contribute to increasing global initiatives for a green and clean environment. Also, the rise in tire labeling standards and more significant stress on improving vehicle efficiency is a significant factor driving the green tires market. Also, self-sealing tires are gaining popularity, with several tire manufacturers coming up with their versions of this technology.
The automotive tire market has been segmented into the following regions, namely, Asia Pacific, Europe, North America, Latin America, and MEA. The Asia Pacific is expected to be the largest market during the forecast period.
Expansions and new product developments are the key strategies adopted by prominent players in the automotive tire market. This growth can be attributed to increased vehicle sales as a result of changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. OEMs are not only catering to local demands but are serving developed markets as well through exports.
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Key questions addressed by the report:
- How the OE and Aftermarket demand varies by region and vehicle type?
- What would be the demand for tire rim size by vehicle type and region?
- How will tires retreading market shape up in the future?
- What are the current and future tire material trends in the market?
- How the penetration of season tires varies by region (summer, winter, and all-season)?
- Which are the key players in the global tire market?