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Tires Market worth $113.1 billion by 2025

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Tires Market worth $113.1 billion by 2025

July 14
21:05 2021
Tires Market worth $113.1 billion by 2025

Tires Market
The increasing average vehicle age, annual miles are driven by light-duty vehicles, improved infrastructure and increased tires replacement miles is driving the growth of tires aftermarket.

The Tires Market is projected to grow at a CAGR of 1.8% to reach a market size of $113.1 billion by 2025 from $101.7 billion in 2019.

The key factors driving the replacement tire market are increased average life of vehicles, growing miles are driven per year, increasing concern towards maintenance and safety, technological advancements leading to longer life of tires and other factors.

Some of the key players in the automotive tire market is dominated by global players and comprise several regional players. 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

Request FREE Sample Reporthttps://www.marketsandmarkets.com/requestsampleNew.asp?id=40166492

A 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 a 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 heavy commercial vehicles are equipped with >70 aspect ratio tires and the replacement cost of these tires is also high as compared to other aspect ratio tires. Hence, with the growing demand for trucks & buses in the next few years, the demand for tires with an aspect ratio >70 is projected to hold lion’s share.

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, the 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.

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 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.

Download PDF Brochurehttps://www.marketsandmarkets.com/pdfdownloadNew.asp?id=40166492

Key questions addressed by the report:

1. How the OE and Aftermarket demand varies by region and vehicle type?
2. What would be the demand for tire rim size by vehicle type and region?
3. How will the tires retreading market shape up in the future?
4. What are the current and future tire material trends in the market?
5. How the penetration of season tires varies by region (summer, winter, and all-season)?
6. Which are the key players in the global tire market?

Media Contact
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Contact Person: Mr. Aashish Mehra
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Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/automotive-tire-market-40166492.html


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