Trasporti
Automotive Tire Market worth $21.6 billion by 2028 - Exclusive Report by MarketsandMarkets™
Passenger cars have a much higher ownership rate compared to other types of vehicles like commercial trucks and buses, due to which the segment is expected to lead the automotive tires market. According to des Constructeurs Automobiles (OICA), passenger car production in 2022 was around 61.5 million units. Also, the production of passenger cars accounted for ~70% of the entire vehicle production for the same year. Passenger cars come with various models, sizes, and styles, each with specific tire requirements to match their performance characteristics, hence a broad range of tire options in the market. Due to an increase in the average life of passenger cars due to technical advancements, the life of the passenger car park has also increased over a period of time. However, the higher average replacement life of tires brought on by technological advancements and the fluctuating cost of raw materials may limit the demand for tires in the aftermarket. According to Marklines and MarketsandMarkets analysis, there has been a shift in consumer preference from sedan vehicles to SUVs, where the market share for SUVs in passengers was ~49% in 2020 which grew to 53% in 2022 globally. This trend is expected to continue in the coming years. Increasing sales of SUVs will propel the demand for larger tire sizes (i.e., >15") in coming years in OE and aftermarket.
Retreading of tires is mainly observed on heavy commercial vehicles (HCVs) globally. However, the retreaded tire offers benefits such as reduced waste, conserving resources, less energy usage (up to 70%) compared to manufacturing of new tire, etc. For instance, an average of 26 liters of petrochemical oil is consumed for manufacturing a single LCV tire which is just ~9 liters (almost 34%) of the new manufacturing process. This compensates for the rising raw material and labor costs, promoting the demand for these tires in the LCVs. According to the Retread Tire Association, the retreading of LCV tires costs ~USD 450–500 for four tires of large-size SUVs, and a new pair of tires for the same vehicle will cost ~USD 1,000 , almost double the price. This is the key reason explaining the gradual growth in the demand for LCV tires retreading. Thus, many key players are majorly focused on retreading business for LCVs. For instance, JK Tires, on June 2019 , opened its new retreading center in Pokhra ( Nepal ) for TBB, LCV, and PCR tires.
Asia-Pacific is considered the largest hub for manufacturing and sales of vehicles. According to Marklines and MarketsandMarkets analysis, this region contributes ~64% to global vehicle production and ~30% to global vehicle sales in 2022. Also, according to UN Comtrade, the Asia-Pacific region is the largest exporter of automotive tires globally, where China exports ~21% of automotive tires globally, followed by South Korea (~9%) and Japan (~6%). Secondly, the Asia-Pacific region contributed to ~39% of global vehicle parc in 2022, which makes it a more promising region for tire aftermarket. Many countries in the Asia-Pacific region have less stringent emission standards than other parts of the world, which has added older and polluting vehicles to remain on the road for a longer time. For instance, India announced a scrappage policy by the Ministry of Road Transport and Highways (MoRTH) in February 2021 for phasing out vehicles that are 15 years old for HCVs and 20 years old for passenger cars with the incentive of 4% of the vehicle's ex-showroom price. Hence, due to such policies, the average life of the vehicle has increased more than the standard set life, which has increased the average replacement rate of the automotive tire. Hence these factors will drive the automotive tire market for OE and aftermarket in the Asia Pacific region.
Prominent automotive tires companies include Bridgestone Corporation ( Japan ), Continental AG (Germany), Goodyear Tire & Rubber Company (US), Michelin (France) , and Pirelli & C. S.p.A ( Italy ) is the leading automotive tire manufacturer in the global market.
Research Reports & Consulting
Global Forecast to 2028
Global Forecast to 2028
Global Forecast to 2030
Global Forecast to 2028
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-tire-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-tire.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/automotive-tire-market-worth-21-6-billion-by-2028---exclusive-report-by-marketsandmarkets-301916706.html