Automotive Premium Tires Market to grow by USD 33.72 billion from 2021 to 2026 | The increasing penetration of TPMS in truck tires to boost the market growth- Technavio

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The automotive premium tires market size is expected to grow by USD 33.72 billion from 2021 to 2026, progressing at a CAGR of 10.58% as per the latest Technavio market research report. The report has been segmented by end-user (replacement and OEM) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The increasing penetration of TPMS in truck tires is notably driving the market growth. The TPMS serves to alert drivers about potential unsafe driving conditions arising from under-inflated tires. This technology is experiencing growing adoption in passenger cars and is notably favoured by fleet management companies. These companies, along with governmental bodies, are advocating for the mandatory use of TPMS in commercial vehicles to bolster road safety. Stringent safety regulations set forth by automotive regulatory authorities across Europe, the Americas, and APAC have further bolstered the adoption of this system. As a result, the increasing integration of TPMS in truck tires is anticipated to propel the global automotive premium tires market in terms of its value. Discover insights on market size before buying full report- Download sample report

Automotive Premium Tires Market: Segment Overview

This market research report segments the automotive premium tires market by end-user (replacement and OEM) and geography (North America, APAC, Europe, Middle East and Africa, and South America).

• The automotive premium tires market share growth by the replacement segment will be significant during the forecast period. Premium tires, due to their lower rolling resistance, tend to experience faster wear and tear, leading to a shorter lifespan compared to conventional tires. As a result, the replacement frequency for premium tires is higher than that for conventional tires. This particular aspect significantly contributes to the expansion of the replacement tires segment within the global automotive premium tires market. Moreover, the market benefits from convenient access to regional or country-level distribution networks, which encompass dealers and retailers. This enhanced accessibility to distribution channels further reinforces the successful penetration of these products into the aftermarket channels of the market.

Geography Overview:

• North America is estimated to account for 38% of the global market growth during the forecast period. The United States holds a pivotal position as the primary market for automotive premium tires in North America. Anticipated market growth within this region is set to outpace the growth seen in South American and Middle East & Africa (MEA) regions. The robust adoption of Tire Pressure Monitoring Systems (TPMS) within the automotive market is poised to drive the expansion of the automotive premium tires market in North America throughout the projected timeframe. This comprehensive market research report offers intricate insights into competitive intelligence, identifies marketing gaps, and highlights regional prospects for vendors. These insights will be instrumental in formulating effective and efficient business strategies.

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Recent trends influencing the market-

The increasing demand for environment-friendly tires is an automotive premium tires market trend. The escalating apprehensions regarding environmental sustainability have propelled automobile manufacturers and suppliers to conform to specific manufacturing standards and regulations. Within the global automotive industry, original equipment manufacturers (OEMs) and vendors are placing substantial emphasis on the creation of energy-efficient products and components. This focus is driven by the understanding that vehicle emissions, manufacturing processes, and associated activities play a significant role in the surge of carbon footprint. Notably, leading tire manufacturers across the globe are channeling considerable investments into the research and development of eco-friendly tires. This movement towards the production of environmentally responsible tires is poised to yield positive outcomes for the global automotive premium tires market.

Major challenges hindering the market growth

The price fluctuations of rubber will be a major challenge for the automotive premium tires market during the forecast period. Rubber is a substantial component in the automotive sector, primarily employed in tire manufacturing. Nonetheless, shifts in rubber prices can introduce instability in the costs of related raw materials, potentially affecting stakeholders across the industry's value chain. The dynamics and price oscillations in the global rubber industry consequently reverberate within the global automotive premium tires market. Leading natural rubber-producing nations have faced the necessity to curtail their production capacities due to these price fluctuations. This reduction in exports, coupled with evolving regulations within major natural rubber-producing countries, is projected to exert an adverse impact on the global automotive tires market, consequently posing challenges to the growth of the global automotive premium tires market.

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What are the key data covered in the Automotive Premium Tires Market reports:

• Company landscape and analysis including Bridgestone Corp., Continental AG, Hankook Tire and Technology Co. Ltd., Kumho Tire Co. Inc., Michelin North America Inc, NEXEN TIRE Corp., Nokian Tyres Plc, Pirelli Tyre Spa, Shandong Linglong Tyre Co. Ltd., The Goodyear Tire and Rubber Co., Toyo Tire Corp., Yokohama Rubber Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Giti Tire Pte. Ltd., MRF Ltd., Shandong Hengfeng Rubber and Plastic Co. Ltd., Triangle Tyres, and Xingyuan Tires Group
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Table of contents 

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Geography

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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