Automotive Tires Market - Growth, Trends, and Forecast (2019 - 2024)

The Automotive Tires Market is segmented by Tire Type (Winter Tires, Summer Tires, All-Season Tires, and Other Tire Types), End User (OEM and Replacement/Aftermarket), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Other Vehicle Types (All-terrain Vehicles and Recreational Vehicles)), and Geography.

Market Snapshot

automotive tires market
Study Period:

2018-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Automotive Tires Market

The automotive tires market is expected to register a CAGR of 8.22%, during the forecast period, 2019-2024.

  • Some of the major factors driving the growth of the market are increased production and sales of high-end cars, growing focus toward fuel economy, rising demand for convenience, and high maintenance or replacement costs of conventional tires. However, end-usage limitations may hinder the growth of the market.
  • The demand for retreading of tires is increasing at a significant rate. The retreading of tires helps to reduce the operating cost significantly in the aftermarket, as it helps to prevent the tires from a complete replacement, and thereby, is a cost-effective option. The casings can help to provide multiple life cycles, resulting in significant cost saving, especially for the commercial fleet operators.
  • Additionally, there is an emerging trend in the market, which is expected to act as an opportunity for the growth of the market. For instance, increased use of bio-oils in the manufacturing process of tires is expected to boost the growth, owing to the rising demand for the ecological tire manufacturing process. Orange oils, extracted from orange peels, are used in the process to help reduce the amount of petroleum used in tires.

Scope of the Report

A tire is the most crucial part of a vehicle. It supports the weight of the vehicle, transmits vehicle propulsion and braking, and reduces the impact of weird road conditions, and at the same time, helps to maintain the vehicle’s direction. The tire manufacturers need to consistently modify their production technology and introduce new products in the marketplace to support the increasing demands, especially from the OEMs and consumers.

The automotive tires market has been segmented by tire type, end user, and vehicle type.

 

By Tire Type
Winter Tires
Summer Tires
Luxury Touring Tires
Other Tire Types (Luxury Touring and Racing/Sport (Usually Non-grooved Tires))
By End User
OEM
Replacement/Aftermarket
By Vehicle Types
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Other Vehicle Types (All-terrain Vehicles, Recreational Vehicles))
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
Middle East & Africa
South Africa
Saudi Arabia
United Arab Emirates
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Increased Production of High-end Cars

The demand for luxury cars has been rising at a fast pace, over the past five years.

These luxury and sports cars require high-performance tires to deliver exceptional performance and fuel efficiency.

In the past five years, the demand for luxury cars in India and China has increased rapidly. The consumer preference for luxury cars, as a status symbol, has resulted in more demand for luxury cars. China has experienced the highest growth for luxury cars.

Companies, such as Michelin, has been designing high-performance tires OEMs, such as BMW, Porsche, Chevrolet Corvette, Ferrai, and Ford. The company has launched several tires under its Pilot series, which deliver high performance for sport and luxury cars in all weather conditions.

In January 2019, General Motors introduced the all-new 2020 GMC Sierra Heavy Duty with a longer wheelbase, taller hood line, and taller overall height than the current model. The new Sierra Heavy Duty features an enhanced ProGrade Trailering system, with 15 camera views, including a segment-first transparent trailer view to virtually see through a trailer in tow.

Audi announced that it has selected Toyo Tires & Rubber’s “TOYO CELSIUS CUV A” tire for the "Audi Q8“, a new SUV model that Audi may start selling in the North American market. The product was developed based on all-season tire for SUVs that the company has rolled out in the North American market.

Subaru announced that the Subaru BRZ, which was launched in 2017, was equipped with high-performance tires, provided by Michelin. The previous BRZ model’s tire had loose grip and poor stability. The new installation allows smoother and less intrusive intervention.

Tire manufacturers are continually investing in R&D for manufacturing high-performance tires for luxury and sports cars that deliver high performance, better traction, and fuel efficiency. Additionally, with new luxury models being launched continually, the demand for high performance tires for high-end cars is expected to increase, in turn, propelling the growth of the market.

automotive tires market

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Increasing Demand for Replacement Tires in the United States

The automotive tires replacement market presents a huge opportunity for tire manufacturers worldwide. Vendors are investing in marketing to increase their visibility as a brand, especially to tap the lucrative aftermarket for the tire segment. The companies are also investing in making their products visible on their website and enhancing their portfolio of different range of tires that are available for online sales.

The replacement tire market in the US in 2017 alone accounted for USD 39.6 billion. A total of 258 million units of replacement tire shipments were received during the same year. Online purchasing of tires has become one of the latest trends in the country. This is because most of the buyers are aware of specifications of the tire they want to purchase and product can be purchased at a lower price, as compared to retail stores. In 2016, 6% of the replacement tires sold in the US were purchased online and this increased to 7% (about 17 million units) by 2017.

The US government is paying special attention to inform consumers about the tire replacement, and about the effect of tires on fuel economy. Apart from this, a national tire fuel efficiency rating system is likely to be implemented for the replacement tires (49 CFR Part 575). The 49 CFR Part 567, 571, 574, 575, 597 (Tire Safety Information), and 49 CFR Part 139 (New Pneumatic Tires for Light Vehicles) are some of the acts implemented by the government for safety and emission control due to tires.

Additionally, a rise in the average lifespan of vehicles in the US is expected to drive the growth in the aftermarket segment.

automotive tires market

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Competitive Landscape

Nine major players dominated the global market for automotive tires. However, when it comes to supplying to the developing markets, such as China and India, the market is fairly fragmented with the presence of regional players.

The demand for high-quality and safe tires was the main reason for the automakers and end users to prefer products from renounced manufacturers than the smaller regional players. Furthermore, these big players have increased their R&D spending exponentially to integrate innovation with performance excellence. This, in turn, has resulted in the production of premium quality tires for off-road and on-road applications.

Major Players

  1. Bridgestone Corp.
  2. Continental AG
  3. Goodyear
  4. Michelin
  5. Pirelli

* Complete list of players covered available in the table of contents below

automotive tires market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Current Market Scenario

    2. 4.2 Technology Trends

    3. 4.3 Market Drivers

    4. 4.4 Market Restraints

    5. 4.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Tire Type

      1. 5.1.1 Winter Tires

      2. 5.1.2 Summer Tires

      3. 5.1.3 Luxury Touring Tires

      4. 5.1.4 Other Tire Types (Luxury Touring and Racing/Sport (Usually Non-grooved Tires))

    2. 5.2 By End User

      1. 5.2.1 OEM

      2. 5.2.2 Replacement/Aftermarket

    3. 5.3 By Vehicle Types

      1. 5.3.1 Passenger Cars

      2. 5.3.2 Light Commercial Vehicles

      3. 5.3.3 Heavy Commercial Vehicles

      4. 5.3.4 Other Vehicle Types (All-terrain Vehicles, Recreational Vehicles))

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Middle East & Africa

        1. 5.4.4.1 South Africa

        2. 5.4.4.2 Saudi Arabia

        3. 5.4.4.3 United Arab Emirates

        4. 5.4.4.4 Rest of Middle East & Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Bridgestone Corp.

      2. 6.2.2 Continental Automotive AG

      3. 6.2.3 Cooper Tire & Rubber Company

      4. 6.2.4 Goodyear Tire & Rubber Company

      5. 6.2.5 Hankook Tires Group

      6. 6.2.6 Michelin Tires

      7. 6.2.7 MRF (Madras Rubber Factory Limited)

      8. 6.2.8 Pirelli & C SpA

      9. 6.2.9 Apollo Tires

      10. 6.2.10 Yokohama Rubber Co. Ltd

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

Disclaimer

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