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Aftermarket Tire Market Research Insights with Upcoming Trends Segmentation, Opportunities and Forecast to 2027


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CHICAGO, UNITED STATES, March 9, 2023 /EINPresswire.com/ — Global Aftermarket Tire Market is estimated to register a growth at a compound annual growth rate of more than 2% during the forecast period 2021-2027.

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Independent companies produce aftermarket tires that can fit a variety of automobiles. An aftermarket tire is a tire that is not truly produced by the original manufacturer. The cost advantage of aftermarket tires over original equipment manufacturer wheels. One aftermarket wheel can fit several different vehicles, allowing it to be sold to a wider customer base for less money.

Market Dynamics

The demand for aftermarket tires has been positively impacted by the rise in vehicle miles traveled throughout the years on a global scale. In December 2019 compared to December 2018, travel on all highways and streets changed by 1.3%, according to statistics analyzed by the US Department of Transportation (3.5 billion vehicle miles). According to the institute, around 273.8 billion vehicle miles were predicted to be driven in December 2019. Moreover, December’s seasonally adjusted vehicle miles traveled increased by 0.4% (1.1 billion miles) from December 2018 to 273.4 billion miles. As a result, total vehicle miles traveled in 2019 increased by 0.9% (28.8 billion miles), totaling 3,269.1 billion miles.

The aftermarket tire sector is growing owing to consumer affordability rising, more vehicle maintenance awareness, and an increase in aftermarket tire stores. The need for the aftermarket tire market is also being boosted by the large growth in commercial farming activities and the increased mechanization of farming activities.

The aftermarket tire sector has grown rapidly in recent years. This expansion is attributable to industrialization, which helped fuel an increase in demand for commercial vehicles, including trailers, tractors, and trucks.

The main drivers of the selling of high-end motorcycles and opulent passenger automobiles are increases in disposable money and rising standards of living. Also, a rise in sales of electric vehicles brought on by a drop in the cost of parts like alternators, transmissions, and batteries would support market expansion during the projection period. As a result, the demand for automobile parts and other related items, such as aftermarket tires, is increasing as different vehicle segments increase across all segments.

Segmentation Summary

Tyre Construction Segment

In 2020, the radial tire segment acquired a major share of the global aftermarket tire market. Rubber-coated polyester/steel cable belts make up radial tires. The belts are parallel to one another and installed at a 90-degree angle to the tread center line. The radial design of the tire maximizes flexibility while reducing rolling resistance.

Demand Category Segment

In 2020, the OEM segment held the highest revenue in the global aftermarket tire industry. The aftermarket tire market is rising by having a presence in emerging regions, enhancing customer insights, ensuring data security, and participating in the independent aftermarket during the forecast period.

Regional Overview

North America held a maximum share of the global aftermarket tire industry. The market leadership is due to the region’s residents easy access to high-end cars and vehicles. In addition, the aftermarket tire industry in North America is expanding significantly due to the high demand for fleets of light commercial vehicles and heavy commercial vehicles with relatively higher average miles.

Throughout the projection period, Asia Pacific is likely to have the largest market in terms of volume. The improvement in socioeconomic situations in developing nations like China, India, Thailand, and Indonesia drives market expansion. As the number of vehicles produced in the area increases, so does the production of tires. Moreover, China and India have higher average vehicle mileage, which contributes to the expansion of the aftermarket tire industry.

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Prominent Competitors

Some of the well-known competitors in the global aftermarket tire market are:

Apollo Tires

CEAT Ltd.

Bridgestone Corp.

Continental AG

Coda Development

Goodyear Tire & Rubber Co.

Cooper Tire & Rubber Company

Kumho Tire

JK Tyre & Industries Ltd.

Maxxis International

MRF Tyres

Nokian Tyres PLC

Michelin Group

Hankook Tire Co. Ltd.

Pirelli & C. S.p.A.

Toyo Tire & Rubber Co. Ltd.

Sumitomo Rubber Industries

Zhongce Rubber Group Co. Ltd

Yokohama Rubber Co. Ltd.

Other Prominent Players

Segmentation Outline

The global aftermarket tire segmentation focuses on Product Type, Rim Size, Tire Construction, Vehicle Type, Demand Category, Technology, and Region.

By Product Type

Aircraft tires

Agricultural tires

Buggy tires

Motorcycle tires

Off-road/earthmover tires (OTR)

Racing tires

Truck tires

Tubes

By Rim Size

Less than 15 Inch

15 to 20 Inch

More than 20 Inch

By Tyre Construction

Bias or Diagonal Tire

Radial Tire

Solid Tires

By Vehicle Type

Passenger Car

Light Commercial Vehicle

Medium & Heavy Commercial Vehicle

By Demand Category

OEM

Replacement

By Technology

Winter Tires

Connected Tires

By Region

North America

The U.S.

Canada

Mexico

Europe

The U.K.

Germany

France

Spain

Russia

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Australia & NZ

Rest of Asia Pacific

South America

Brazil

Argentina

Rest of South America

Middle East & Africa

U.A.E.

Saudi Arabia

South Africa

Egypt

Rest of Middle East & Africa

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About Astute Analytica

Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

Aamir Beg
Astute Analytica
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