Automotive Tire Aftermarket Market Size, Share, Forecast | 2028

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Automotive Tire Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Tire Type (Radial Tire and Bias Tire), Distribution Channel (OES and IAM), and Rim Size (13-15, 16-18, 19-21, and more than 21[NM1] [PS2] )

Publication Month: Mar 2022 | Report Code: TIPRE00028388 | No. of Pages: 215 | Category: Automotive and Transportation | Status: Published

The automotive tire aftermarket market is expected to grow from US$ 105,869.22 million in 2021 to US$ 159,497.33 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.

An automotive tire aftermarket consists of a tread and a body. The tread provides traction while the body provides containment for a quantity of compressed air. Before rubber was developed, the first few versions of tires were simply bands of metal fitted around wooden wheels to prevent wear and tear. Early rubber tires were solid (not pneumatic). Pneumatic tires are now used on many vehicles, such as cars, bicycles, motorcycles, buses, trucks, heavy equipment, and aircraft. Metal tires are still used on locomotives and railcars; however, solid rubber (or other polymers) tires are used in various nonautomotive applications, such as casters, carts, lawnmowers, and wheelbarrows.

Key stakeholders in the automotive tire aftermarket market ecosystem are raw material suppliers, automotive tire manufacturers, and end-users. All these stakeholders are a part of the market value chain that comprises three major segments tire type, distribution channel, and rim size. The raw material providers supply the material to build the automotive tire aftermarket. Automotive tire manufacturers then carry out various processes, such as designing, assembling, and production, to transform raw materials into finished products.

Strategic Insights

Report Coverage - Automotive Tire Aftermarket Market
Report CoverageDetails
Market Size Value inUS$ 105,869.22 Million in 2021
Market Size Value byUS$ 159,497.33 Million by 2028
Growth rateCAGR of 6.0% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages263
No. of Tables88
No. of Charts & Figures80
Historical data availableYes
Segments coveredTire Type, Distribution Channel
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Impact of COVID-19 Pandemic on Automotive Tire Aftermarket Market

The growth of economies, and improvements in production and manufacturing infrastructures, especially in developing countries, have bolstered the growth of the automotive tire aftermarket market. This growth encourages the global automotive tire aftermarket market. After witnessing a significant drop in 2020 due to the COVID-19 pandemic, the automotive tire aftermarket market has been experiencing a gradual recovery in consumer demand for trucks and cars since the last quarter of 2020. According to several automotive industry associations and organizations, the automotive sector recorded ~20–25% loss in production and more than 30% loss in sales in 2020. The automotive tire aftermarket market manufacturers observed significant tremors in 2020 owing to the decline in automotive manufacturing. Automotive sales in Europe and the US are anticipated to rebound to pre-COVID-19 pandemic levels by 2023, while China’s rebound continues to accelerate, with the potential to approach 30 million new vehicles by 2025.

Lucrative Regions for Automotive Tire Aftermarket Market

Lucrative Regions for Automotive Tire Aftermarket Market

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Market Insight

Rising Demand for Fuel-Efficient Tires

Fuel is one of those commodities whose prices are constantly changing. In recent years, the price has continued to rise rather than fall. Consumers might save money by installing fuel-efficient tires on their vehicles. Fuel-efficient tires are also known as low rolling resistance tires. Rolling resistance is the force necessary to keep the automobile moving at any given speed. The degree of friction exerted on the tires determines the quantity of fuel and energy to be used. Low rolling resistance tires require less power to maintain rolling, thereby reducing total fuel usage. Low rolling resistance tires are in high demand due to growing consumer demand, climate change, and a lower overall carbon footprint of fuel-efficient tires than standard tires in the automotive tire aftermarket. For instance, Michelin Energy Saver A/S All-Season is widely regarded as one of the best fuel-efficient tires and is a popular choice among most drivers. These factors lead to the automotive tire aftermarket market growth.

Tire Type Segment Insights

The global automotive tire aftermarket market, based on tire type, is bifurcated into radial and bias. A radial tire is made of rubber-coated polyester/steel cable belts. The belts are fitted at a 90-degree angle to the tread center line and are parallel to one another. The tire's radial construction minimizes rolling resistance while also increasing flexibility. It also aids the tire in dissipating heat, extending its lifespan. Radial tires are also less likely to develop flat areas while not in the use for long periods of time due to their radial structure. These tires differ from bias-ply tires in terms of springiness and steering slip. By using radial tires, cars can be lighter because bias-ply tires are no longer required to compensate for their shortcomings. Motorists, on the other hand, were not used to the experience, therefore car suspension systems had to be modified.

Automotive Tire Aftermarket, by Tire Type (% Share)

Automotive Tire Aftermarket, by Tire Type (% Share)

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Distribution Channel Segment Insights

By distribution channel, the global automotive tire aftermarket market is bifurcated into OES and IAM. The independent aftermarket, which excludes the OE and OES markets, comprises the purchasers of systems, equipment, and components to use in maintaining and repairing car exhaust or emission technology systems or components, such automotive tires. In today's automobile aftermarket, OEMs hold a large share. Having a presence in emerging markets, improving consumer insights, guaranteeing data security, and being active in the independent aftermarket would propel the automotive tire aftermarket market during the forecast period.

Rim Size Segment Insights

Based on rim size, the global automotive tire aftermarket market is segmented into 13–15, 16–18, 19–21, and more than 21.

The market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In February 2022, Continental launched new tire for airport ground support operations. Continental brings all-weather-tires ContiRV20 All Season to the market for airport ground handling vehicles. New tire tread pattern profile ensures maximum ground contact and traction in all weather conditions.

The global automotive tire aftermarket market, based on tire type, is bifurcated into radial and bias. By distribution channel, the automotive tire aftermarket market is bifurcated into OES and IAM. Based on rim size, the global automotive tire aftermarket market is segmented into 13–15, 16–18, 19–21, and more than 21. Based on region, the automotive tire aftermarket market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Automotive Tire Aftermarket Market

– Company Profiles

  • APOLLO TIRES LTD
  • Continental AG
  • PIRELLI AND C. S.P.A.
  • Sumitomo Rubber Industries, Ltd
  • THE GOODYEAR TIRE AND RUBBER COMPANY
  • YOKOHAMA RUBBER CO., LTD
  • ZHONGCE RUBBER GROUP CO. LTD
  • NEXEN TIRE AMERICA INC
  • BRIDGESTONE CORPORATION
  • MICHELIN 

Frequently Asked Questions

Fuel is one of those commodities whose prices are constantly changing. In recent years, the price has continued to rise rather than fall. Consumers might save money by installing fuel-efficient tires on their vehicles. Fuel-efficient tires are also known as low rolling resistance tires. Rolling resistance is the force necessary to keep the automobile moving at any given speed. The degree of friction exerted on the tires determines the quantity of fuel and energy to be used. Low rolling resistance tires require less power to maintain rolling, thereby reducing total fuel usage. Low rolling resistance tires are in high demand due to growing consumer demand, climate change, and a lower overall carbon footprint of fuel-efficient tires than standard tires. For instance, Michelin Energy Saver A/S All-Season is widely regarded as one of the best fuel-efficient tires and is a popular choice among most drivers.These factors leads to the growth of the Automotive Tire Aftermarket.
For many reasons, electric vehicles require specific tires. According to the vehicle manufacturer, its tire must have greater weight than internal combustion cars and transmit more torque to the road when driving after a halt. Tire noise is more noticeable in electric cars than internal combustion vehicles because of their near-silent powertrains, mainly hidden by engine noise. The introduction of electric vehicles and their significantly lower propulsion noise emission allow assessing tire-road noise with higher accuracy via cruise-by measurements, even at speeds where a combustion engine propulsion system would usually disturb the measurement results. The rolling resistance rating provided by the European Union tire label has been used as the primary selection criterion for potential tires for EVs. The second selection criterion represented the tire label rating for wet grip, whereas a lower rating implies a shorter braking distance. For instance, Pirelli, an Italian tire manufacturer, announced a new high load (HL) index tire that will debut on the upcoming Lucid Air sedan. This HL tire was designed specifically for electric cars and SUVs to support the heavier weight of batteries while maintaining a low rolling resistance. This will provide lucrative opportunities for the growth of the Automotive Tire Aftermarket during the forecast period.
Based on Tire Type, the global automotive tire aftermarket market is segmented into Radial Tire, and Bias Tire. The automotive tire aftermarket market was dominated by the radial tire segment in 2020.
Asia Pacific dominated the Automotive Tire Aftermarket market in 2020 with a share of 35.5% and is expected to hold leading position by 2028. Europe is the second-largest contributor to the global Automotive Tire Aftermarket market in 2020, followed by North America.
The major companies in automotive tire aftermarket market are APOLLO TIRES LTD; Continental AG; PIRELLI AND C. S.P.A.; Sumitomo Rubber Industries, Ltd.; THE GOODYEAR TIRE AND RUBBER COMPANY; YOKOHAMA RUBBER CO., LTD; ZHONGCE RUBBER GROUP CO. LTD.; NEXEN TIRE AMERICA INC; BRIDGESTONE CORPORATION; and MICHELIN.
The major Distribution Channel in automotive tire aftermarket includes OES, and IAM. In terms of market share, the market was dominated by the IAM segment in 2020.

The List of Companies - Automotive Tire Aftermarket

  1. APOLLO TIRES LTD
  2. Continental AG
  3. PIRELLI AND C. S.P.A.
  4. Sumitomo Rubber Industries, Ltd.
  5. THE GOODYEAR TIRE AND RUBBER COMPANY
  6. YOKOHAMA RUBBER CO., LTD
  7. ZHONGCE RUBBER GROUP CO. LTD.
  8. NEXEN TIRE AMERICA INC
  9. BRIDGESTONE CORPORATION
  10. MICHELIN
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive tire aftermarket market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global automotive tire aftermarket market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
TIPRE00028388
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