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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