Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global 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 - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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.
Competitive landscape
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).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 340 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $19.6 Billion |
| Forecasted Market Value (USD) by 2028 | $21.6 Billion |
| Compound Annual Growth Rate | 2.0% |
| Regions Covered | Global |
Companies Mentioned
- Apollo Tyres Ltd.
- Bridgestone Corporation
- Ceat Ltd.
- Continental Ag
- Cooper Tire & Rubber Company
- Dunlop
- Goodyear Tire & Rubber Company
- Hankook Tire & Technology
- Jk Tyre & Industries Ltd.
- Kumho Tire
- Maxxis International
- Michelin
- Mrf Ltd.
- Nexen Tire Corporation
- Nokian Tyres plc
- Pirelli & C. S.P.A.
- Sumitomo Rubber Industries Ltd.
- Toyo Tire Corporation
- Yokohama Rubber Co., Ltd.
- Zhongce Rubber Group Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/5o8h36
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