Global Market Analysis for OE & Replacement Tires, 2020-2025 - Increasing Average Miles Driven by Vehicles and Growing Vehicle Parc
DUBLIN, April 15, 2020 /PRNewswire/ -- The "Tires Market for OE & Replacement by Rim Size (13-15, 16-18, 19-21, >21 inches), Replacement Market, by Aspect Ratio (<_0_>70), Section Width (<_00_>230 mm), Season, Vehicle Type, Retreading Market, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The automotive tire OE market is projected to reach USD 24.4 billion by 2025 from USD 20.9 billion in 2019. The automotive tire aftermarket is projected to reach USD 113.1 billion by 2025 from USD 101.7 billion in 2019.
This report provides a picture of tires market across different verticals and regions. It aims at estimating the market size and future growth potential of the tires OE by rim size, tire type and region, and aftermarket by rim size, aspect ratio, section width, season, tire retreading, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
The key players in the market are Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France) and Sumitomo Rubber Industries (Japan).
Increasing average miles driven by vehicle and growing vehicle parc would drive the tires aftermarket
The growth in automobile ownership per capita and the shifting demand of customers towards use of low rolling resistance tires and increase in average miles driven by the vehicle will boost the future growth of the tires market.
North America to be the largest market for retreading
The higher fleet of light commercial vehicles, as well as heavy commercial vehicle coupled with relatively higher average miles, is driving the demand of the retreading market. Additionally, the growing retreading facilities in this region is further projected to bolster the retreaded tires demand during the forecast period.
Section width of >230 mm is the fastest-growing segment in the tires replacement market
Demand for low profile tires is increasing, and they have a more extensive section width than section height. More full section width gives increased vehicle stability, lighter weight, ability to handle increased payload weight, and improved fuel economy. In passenger cars segment, usually premium cars have section width >230 mm, for instance, in North America GM group Cadillac, FCA Dodge Challenger, Tata Range Rover Sport, BMW 5 series, Audi Q5 and other models have >230 mm section width tires. Premium cars are observed to be the segment with maximum tire replacement cycles. Around 85%-90% of heavy commercial vehicles have section width >230 mm.
Asia Pacific to be the largest market by volume for automotive tire aftermarket
Asia Pacific is estimated to dominate the automotive tire aftermarket by volume during the forecast period. This growth can be attributed to the improving socio-economic conditions in emerging economies such as China, India, Indonesia, and Thailand. An increase in the number of vehicle production and an increase in tire production is huge in this region. Also, the average miles driven by all vehicle types is more in countries such as China and India.
The region is home to leading Tier-1 manufacturers and OEM such as Bridgestone Corporation (Japan), Kumho Tire Co. (South Korea), Toyo Tire & Rubber Co., Ltd. (Japan), The Yokohama Rubber Co., Ltd. (Japan), Sumitomo Rubber Industries Ltd. (Japan), Hankook Tires (South Korea) have set up their manufacturing plants in the region. Thus, below factors are responsible for increase in the number in volume of tire aftermarket in the region.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Recommendations
6 Market Overview
6.1 Introduction
6.2 Market Segmentation
6.3 Market Dynamics
6.3.1 Drivers
6.3.2 Restraints
6.3.3 Opportunities
6.3.4 Challenges
6.4 Porters Five Force Analysis
6.5 Future Technologies
6.5.1 New Material Trends
6.5.2 New Tire Types
6.6 Revenue Shift for The Tire Manufacturers
6.7 Automotive Tire Market, Scenarios (2018-2027)
6.7.1 Automotive Tire Market, Most Likely Scenario
6.7.2 Automotive Tire Market, Optimistic Scenario
6.7.3 Automotive Tire Market, Pessimistic Scenario
7 Tires Aftermarket, By Section Width & Vehicle Type
7.1 Introduction
7.2 Tire Aftermarket, By Section Width
7.2.1 <_00 />7.2.2 200-230 Mm
7.2.3 >230 Mm
(Vehicle Type - Passenger Car, LCV, Truck & Bus)
8 Automotive Tire Aftermarket Market By Aspect Ratio & Vehicle Type
8.1 Introduction
8.2 Tires Aftermarket, By Aspect Ratio
8.3 Tires Aftermarket for Aspect Ratio 35-55
8.4 Tires Aftermarket for Aspect Ratio 60-70
8.5 Tires Aftermarket for Aspect Ratio 75-85
(Vehicle Type - Passenger Car, LCV, Truck & Bus)
9 Automotive Tire Aftermarket, By Rim Size & Vehicle Type
9.1 Introduction
9.2 Automotive Tire Aftermarket Market, By Rim Size
9.2.1 13"-15"
9.2.2 16"-18"
9.2.3 19"-21"
9.2.4 21"-26"
(Vehicle Type - Passenger Car, LCV, Truck & Bus)
10 Automotive Tire Aftermarket, By Vehicle Type
10.1 Introduction
10.2 Automotive Tire Aftermarket Market, By Vehicle Type
10.2.1 Passenger Car
10.2.2 Light Commercial Vehicle
10.2.3 Buses
10.2.4 Trucks
11 Tires Retreading Market, By Vehicle Type
11.1 Introduction
11.2 Tires Retreading Market Market, By Vehicle Type
11.2.1 Passenger Car
11.2.2 Light Commercial Vehicle
11.2.3 Buses
11.2.4 Trucks
12 Automotive Tires OE Market, By Vehicle Type and Rim Size
12.1 Introduction
12.2 Passenger Car
12.3 LCV
12.4 Buses
12.5 Truck
13 Automotive Tires OE Market, By Type
13.1 Introduction
13.2 Radial
13.2.1 Tub E
13.2.2 Tubeless
13.3 Bias
14 Automotive Tires OE Market, By Season
14.1 Introduction
14.2 Summer
14.3 Winter
14.3.1 Studded
14.3.2 Non-Studded
14.4 All Seasons
15 Automotive Tires Market, By Region
15.1 Introduction
15.2 Asia Pacific
15.3 Europe
15.4 North America
15.5 Latin America
15.6 Africa & Middle East
16 Competitive Landscape
16.1 Overview
16.2 Automotive Tires Market: Market Ranking Analysis
16.3 Competitive Leadership Mapping
16.3.1 Terminology
16.3.2 Visionary Leaders
16.3.3 Innovators
16.3.4 Dynamic Differentiators
16.3.5 Emerging Companies
16.4 Strength of Product Portfolio
16.5 Business Strategy Excellence
16.6 Winners vs. Losers
16.6.1 Winners
16.6.2 Tail-Enders/Losers
16.7 Competitive Scenario
16.7.1 Expansions
16.7.2 Supply Contracts
16.7.3 Merger & Acquisitions
16.7.4 Partnerships/Joint Ventures
17 Company Profiles
17.1 Introduction
17.2 The Bridgestone Group
17.3 Continental Group
17.4 Goodyear Tire and Rubber Company
17.5 Michelin Group
17.6 Pirelli & C. S.p.A.
17.7 Sumitomo Rubber Industries Ltd.
17.8 Hankook Tire Co. Ltd.
17.9 Yokohama Rubber Co. Ltd.
17.10 Cooper Tire & Rubber Company
17.11 Toyo Tire & Rubber Co. Ltd.
17.12 Coda Development
17.13 Kumho Tire
17.14 Nokian Tyres PLC
17.15 Apollo Tires
17.16 MRF Tyres
17.17 JK Tyre & Industries Ltd.
17.18 Ceat Ltd.
17.19 Maxxis International
17.20 Zhongce Rubber Group Co. Ltd.
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