Tires Market: Current Trends and Future Growth

October 21 22:05 2020
Tires Market: Current Trends and Future Growth
The key factors driving the replacement tire market are increased average life of vehicles, growing miles driven per year, increasing concern towards maintenance and safety, technological advancements leading to longer life of tires and other factors.

The 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 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).

13”-15” rim size segment be the largest segment, by vehicle type

This rim size is usually used in passenger cars with GVWR

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Retreading of Light Commercial Vehicle (LCV) segment is the fastest-growing market

Retreaded tires give the same mileage compared to new replacement tires, with 30%-50% less cost, and are supplied with the same warranties as that of new tires. For light commercial vehicle manufacturing of single tire consumes on an average 26 liters of oil, however, retreading of the same tire consumes only 9 liters of oil which is almost 34% of the new manufacturing process. On the other hand, according to Retread Tire Association, for pickup trucks, a new set of four tires cost almost double to that of retreaded tires. Few of the leading tire manufacturers have entered the tire retreading business; for instance, the Goodyear Tire and Rubber Company (U.S.) have more than 1,700 tire retreading and service centers globally for commercial trucks. Hence, to cut down the cost, the trend of tire retreading in LCV is increasing gradually.s replacement market

Tire with >70 aspect ratio is estimated to be the largest market in the tires replacement market

This aspect ratio has maximum penetration in the heavy trucks and buses segment. In heavy trucks, tires with higher aspect ratio give better protection to the cargo and in buses, these tires offer a more comfortable ride and protection from road potholes. Around the globe, around 80%-90% of the heavy commercial vehicle are equipped with >70 aspect ratio tires and the replacement cost of these tires is also high as compared to other aspect ratio tire. Hence, with the growing demand for trucks & buses in the next few years, the demand for tires with aspect ratio >70 is projected to hold lion’s share.

Asia-Pacific is estimated to be the largest market in the tires market for original equipment (OE)

Asia-Pacific has emerged as a hub for automotive production as manufacturers such as BMW AG (Germany) and Volkswagen Group (Germany) have already set up manufacturing units in this region. The factors such as low production costs, availability of economic labor, lenient emission and safety norms, and government initiatives for FDIs have led the significant investment in the Asia Pacific. Additionally, Asia-Oceania is a hub of considerable tire manufacturers such as Bridgestone Corporation (Japan), Kumho Tire Co. (South Korea), Toyo Tire & Rubber Co., Ltd. (Japan), The Yokohama Rubber Co., Ltd. (Japan), Sumitomo Rubber Industries Ltd. (Japan), Hankook Tires (South Korea) and other Tier-1 suppliers. The factors mentioned above are likely to drive the tires OE market in the Asia Pacific region

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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 of 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?

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