Publication Month: Mar 2022 | Report Code: TIPRE00028388 | No. of Pages: 215 | Category: Automotive and Transportation | Status: Published
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.
|Market Size Value in||US$ 105,869.22 Million in 2021|
|Market Size Value by||US$ 159,497.33 Million by 2028|
|Growth rate||CAGR of 6.0% from 2021 to 2028|
|No. of Pages||263|
|No. of Tables||88|
|No. of Charts & Figures||80|
|Historical data available||Yes|
|Segments covered||Tire Type, Distribution Channel|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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.
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.
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.
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.
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.