The Worldwide Automotive Tire Aftermarket Industry is Expected to Reach $159 Billion by 2028

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May 24, 2022, 08:30 ET

DUBLIN, May 24, 2022 /PRNewswire/ -- The "Automotive Tire Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Tire Type, Distribution Channel and Rim Size" report has been added to ResearchAndMarkets.com's offering.

According to this report the 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 2020 to 2028.

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, which propels the growth of the automotive tire aftermarket market.

Impact of COVID-19 Pandemic on Global Automotive Tire Aftermarket Market

The US witnessed the most severe impact of the COVID-19 outbreak in 2020. The enactment of lockdowns and travel restrictions, shutdown of production facilities, and the shortage of employees have adversely affected the performances of automotive manufacturers in North America. The health and economic crisis led to major disruptions in the automotive tire industry, negatively impacting everything from supply chain and manufacturing to product sales. The COVID-19 pandemic has, directly and indirectly, hindered the industry's short-term and long-term growth strategies.

Also, automakers are rethinking their financial priorities due to the serious economic impact of the pandemic. Due to the decline in vehicle production and technological upgrading activities, they are choosing to divert funds and resources toward alternative revenue streams. However, progress in vaccination programs and the reopening of businesses and factories would stimulate the demand for cars, thereby boosting the demand for automotive tires for enhanced safety.

Key Findings of Study

The global Automotive Tire Aftermarket Market is segmented on the basis of tire type, distribution channel, rim size, and geography. On the basis of type, the global Automotive Tire Aftermarket market is divided into radial and bias. In 2020, Radial type segment expected to hold significant share in the global Automotive Tire Aftermarket market. On the basis of distribution channel, the global Automotive Tire Aftermarket market is bifurcated into OES and IAM. In 2020, OES distribution channel segment expected to hold significant share in the global Automotive Tire Aftermarket.

On the basis of Rim Size, the global Automotive Tire Aftermarket is bifurcated into 13- 15, 16-18, 19-21, and More than 21. In 2020, 13- 15 Rim Size segment expected to hold significant share in the global Automotive Tire Aftermarket market. Geographically, the Automotive Tire Aftermarket Market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant share in the global Automotive Tire Aftermarket market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive tire aftermarket market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the global automotive tire aftermarket market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Automotive Tire Aftermarket Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 APAC
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinions

5. Automotive Tire Aftermarket Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Rising Demand for Fuel-Efficient Tires
5.1.2 Stringent Government Regulations Regarding Tire Labelling
5.2 Market Restraints
5.2.1 Inconsistent Raw Material Prices
5.3 Market Opportunities
5.3.1 Surge in Adoption of Electric Vehicles
5.4 Future Trends
5.4.1 Growing Demand for Green Tires in Fleets
5.5 Impact Analysis of Drivers and Restraints

6. Automotive Tire Aftermarket - Global Market Analysis
6.1 Global Automotive Tire Aftermarket Market Overview
6.2 Global Automotive Tire Aftermarket Market Revenue Forecast and Analysis
6.3 Market Positioning - Five Key Players

7. Automotive Tire Aftermarket Market Analysis - By Tire Type
7.1 Overview
7.2 Automotive Tire Aftermarket Market, by Tire type (2020 And 2028)
7.3 Radial tire
7.3.1 Overview
7.3.2 Radial tire: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)
7.4 Bias tire
7.4.1 Overview
7.4.2 Bias tire: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)

8. Global Automotive Tire Aftermarket Market Analysis - By Distribution Channel
8.1 Overview
8.2 Automotive Tire Aftermarket Market, by Distribution channel (2020 and 2028)
8.3 OES
8.3.1 Overview
8.3.2 OES: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)
8.4 IAM
8.4.1 Overview
8.4.2 IAM: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)

9. Global Automotive Tire Aftermarket Market Analysis - By Rim Size
9.1 Overview
9.2 Automotive Tire Aftermarket Market, by Rim Size (2020 And 2028)
9.3-
9.3.1 Overview
9.3.2- 15: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)
9.4-18
9.4.1 Overview
9.4.2-18: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)
9.5-21
9.5.1 Overview
9.5.2-21: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)
9.6 More than
9.6.1 Overview
9.6.2 More than 21: Automotive Tire Aftermarket Market Revenue and Forecast To 2028 (US$ Million)

10. Automotive Tire Aftermarket Market - Geographic Analysis

11. Automotive Tire Aftermarket Market - Covid-19 Impact Analysis
11.1 Overview
11.2 North America: Impact Assessment of Covid-19 Pandemic
11.3 Europe: Impact Assessment of Covid-19 Pandemic
11.4 Asia Pacific: Impact Assessment of Covid-19 Pandemic
11.5 Middle East & Africa: Impact Assessment of Covid-19 Pandemic
11.6 South America Impact Assessment of Covid-19 Pandemic

12. Automotive Tire Aftermarket Market-Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Development

13. Automotive Tire Aftermarket Market-Company Profiles
13.1 APOLLO TIRES LTD
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Continental AG
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 PIRELLI AND C. S.P.A.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Sumitomo Rubber Industries, Ltd.
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 THE GOODYEAR TIRE AND RUBBER COMPANY
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 YOKOHAMA RUBBER CO., LTD
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 ZHONGCE RUBBER GROUP CO. LTD.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 NEXEN TIRE AMERICA INC
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 BRIDGESTONE CORPORATION
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 MICHELIN
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments

14. Appendix