Automotive Tires Market: Insights, Forecast to 2025

Automotive Tires Market: Insights, Forecast to 2025

“Automotive Tires Market”
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.

According to the new market research report Automotive Tires Market for OE & Replacement by Rim Size (13-15, 16-18, 19-21,>21 inches), Replacement Market, by Aspect Ratio (<60, 60-70, >70), Section Width (<200, 200-230,>230 mm), Season, Vehicle Type, Retreading Market, and Region – Global Forecast to 2025 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 replacement market is primarily driven by the increasing average life of vehicles and average annual miles traveled by light-duty vehicles.

Browse in-depth TOC on “Tires Market

143 – Tables
76 – Figures
253 – Pages

The Tires Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire & Rubber Company (The U.S.), Michelin (France), and Pirelli & C. S.p.A (Italy). There are certain key innovators gaining attention in the Tires Market including CODA Development (Czech Republic), Kumho Tires (South Korea), and Nokian Tyres (Finland).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=40166492

“Passenger cars to be the largest vehicle type in the Tires Market for OE and Replacement.”

Passenger car vehicle type is expected to dominate the Tires Market for OE and Replacement. According to OICA, passenger car production is estimated to be 58.7 million units. Also, passenger car production is expected to account for ~70% of the total vehicle production in 2019 for select countries. With an increase in sales and an increased average life of passenger cars, the passenger car fleet has also risen over the period. Based on another report from OICA, the passenger car parc is estimated to witness slight growth in 2019 as compared to 2018. This rise in sales and parc of passenger cars has influenced the demand for tires in OE as well as in the replacement market. However, factors such as increased average replacement life of tires with the advancement in the technologies, and fluctuating raw material prices may hamper the tire demand in the aftermarket.

“Light commercial vehicles to witness significant growth in the tires retreading market.”

Retreading of tires has always been a popular concept with heavy commercial vehicles, but with time the potential benefits of using it for light commercial vehicles have been noticed. In a light-duty vehicle, single tire manufacturing 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 large SUVs, a new set of four tires cost for around USD 1,000. Almost 50% of the cost is saved by adopting retreading for light-duty vehicles. Thus retreading suppliers are now focusing on light-duty vehicle retreading along with certain tire manufacturers entering into the retreading business, such as The Goodyear Tire & Rubber Company (U.S.) which has more than 1,700 tire retreading and service centers for commercial vehicles.

Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=40166492 

“Asia-Oceania to grow at the highest CAGR during the forecast period for tires OE and replacement market.”

Asia-Oceania is estimated to dominate the Tires Market for OE and Replacement. The growth in Asia-Oceania is attributed to increasing vehicle production in Asian countries, which includes China, India, Japan, and South Korea. The Asia Pacific spearheaded by China and India holds the lion’s share in the vehicle production across the globe. The increase in sales of the vehicles is owing to various factors such as increasing per capita income coupled with the growing demand for SUVs and premium segment vehicles. On the other hand, the tires aftermarket is driven by growth in automobile ownership per capita and the shifting demand of customers towards the use of low rolling resistance tires.  

Browse Related Reports:

OTR Tires Market by Application (Construction & Mining Equipment, Industrial Equipment, Agriculture Tractor), Type (Wheeled, and Track), Retreading Market by Application, Process (Mold Cure and Pre-Cure), and Region – Global Forecast to 2025

Advanced Tires Market By On-Highway & Off-Highway Vehicle, Technology (TPMS, Chip-Embedded, Self-Inflating, All-in-one, Multi-Chamber), Autonomous Vehicle, 3D Printed, Type (Run-flat, Airless, Pneumatic), Material, and Region – Global Forecast to 2030

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for a deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Sanjay Gupta
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/automotive-tire-market-40166492.html