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Automotive Tire Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Tire Type, Distribution Channel, and Rim Size

Automotive Tire Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Tire Type, Distribution Channel, and Rim Size

  • March 2022
  • 215 pages
  • ID: 6269979
  • Format: PDF
  • The Insight Partners

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The global automotive tire aftermarket market is expected to grow from US$ 105,869.22 million in 2021 to US$ 159,497.33 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.

For many reasons, electric vehicles require specific tires.According to the vehicle manufacturer, its tire must have greater weight than internal combustion cars and transmit more torque to the road when driving after a halt.

Tire noise is more noticeable in electric cars than internal combustion vehicles because of their near-silent powertrains, mainly hidden by engine noise.The introduction of electric vehicles and their significantly lower propulsion noise emission allow assessing tire-road noise with higher accuracy via cruise-by measurements, even at speeds where a combustion engine propulsion system would usually disturb the measurement results.

The rolling resistance rating provided by the European Union tire label has been used as the primary selection criterion for potential tires for EVs.The second selection criterion represented the tire label rating for wet grip, whereas a lower rating implies a shorter braking distance.

For instance, Pirelli, an Italian tire manufacturer, announced a new high load (HL) index tire that will debut on the upcoming Lucid Air sedan. This HL tire was designed specifically for electric cars and SUVs to support the heavier weight of batteries while maintaining a low rolling resistance. This will provide lucrative opportunities for the growth of the automotive tire aftermarket market during the forecast period.

Governments of various countries are enforcing several stringent regulations for vehicles and vehicle manufacturers.As a result, tire manufacturers have adopted environment-friendly raw materials without compromising on lighter tires, which significantly reduces vehicle weight, thus providing higher fuel efficiency and less consumption.

Major players in the Automotive Tire Aftermarket are constantly working on various technologies. For instance, in 2019, Sumitomo Rubber Industries, Ltd. and Kansai University have developed a new technology to generate electric power from a tire’s rotation. The tire uses the build-up of static electricity, also known as frictional charging, to produce power from tires rotation. In 2020, Goodyear developed a self-generating design to extend the life of tires, making them more adaptable to several conditions. The Goodyear reCharge tire concept utilizes a tread that can be replenished using fluid-filled capsules. The tread compound is made of biological material and reinforced with fibers based on spider silk. Therefore, the growing demand for green tires will propel the growth of the automotive tire aftermarket.

After the lettering on the sidewall, every tire has a Department of Transportation (DOT) number.The final four numbers indicate the week and year the tires were manufactured; for example, the numerals 2321 indicate that the tires were manufactured during the 23rd week of 2021.

The labels will be more visible and clearer to customers after new requirements regarding its display and the removal of unnecessary performance classes from the scale are fulfilled.The label’s design will be modified, and snow and ice grip icons will be added.

Retreaded tires are subject to the same regulations as other tires.Provisions for adding parameters on mileage and abrasion and requirements for retreaded tires will apply after the availability of a suitable testing method to measure the performance of such tires.

This is expected to help reduce microplastics getting into the environment due to tire abrasion and thereby, leads to growth of the automotive tire aftermarket.

The growth of economies, and improvements in production and manufacturing infrastructures, especially in developing countries, have bolstered the growth of the automotive tire aftermarket.This growth encourages the global automotive tire aftermarket.

After witnessing a significant drop in 2020 due to the COVID-19 pandemic, the automotive tire aftermarket has been experiencing a gradual recovery in consumer demand for trucks and cars since the last quarter of 2020.According to several automotive industry associations and organizations, the automotive sector recorded ~20–25% loss in production and more than 30% loss in sales in 2020.

The automotive tire aftermarket manufacturers observed significant tremors in 2020 owing to the decline in automotive manufacturing. Automotive sales in Europe and the US are anticipated to rebound to pre-COVID-19 pandemic levels by 2023, while China’s rebound continues to accelerate, with the potential to approach 30 million new vehicles by 2025.

APOLLO TIRES LTD; Continental AG; PIRELLI AND C. S.P.A.; Sumitomo Rubber Industries, Ltd.; THE GOODYEAR TIRE AND RUBBER COMPANY; YOKOHAMA RUBBER CO., LTD; ZHONGCE RUBBER GROUP CO. LTD.; NEXEN TIRE AMERICA INC; BRIDGESTONE CORPORATION; and MICHELIN are a few key companies operating in the automotive tire aftermarket. The report comprises secondary research work on other companies that hold a significant automotive tire aftermarket share.

The overall automotive tire aftermarket size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the automotive tire aftermarket with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the automotive tire aftermarket.

Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive tire aftermarket.

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