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Automotive Tire Aftermarket Market Worth $159Bn, Globally, by 2028 at 6% CAGR

The Insight Partners

The Insight Partners

The automotive tire aftermarket market size is expected to grow from $105.86 Billion in 2021 to $159.49 Billion by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.

New York, April 28, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Automotive Tire Aftermarket Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Tire Type (Radial Tire and Bias Tire), Distribution Channel (OES and IAM), and Rim Size (13–15, 16–18, 19–21, and more than 21[NM1] [PS2] )”, the global automotive tire aftermarket market growth is driven by the surge in adoption of electric vehicles to provide growth opportunities and rising demand for fuel-efficient tires. Asia Pacific dominated the market in 2020 with a share of 35.5% and is expected to hold leading position by 2028. Europe is the second-largest contributor to the global market in 2020, followed by North America.

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Report Coverage

Details

Market Size Value in

US$ 105.86 Billion in 2021

Market Size Value by

US$ 159.49 Billion by 2028

Growth rate

CAGR of 6.0% from 2021 to 2028

Forecast Period

2021-2028

Base Year

2021

No. of Pages

263

No. Tables

88

No. of Charts & Figures

80

Historical data available

Yes

Segments covered

Tire Type, Distribution Channel

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Automotive Tire Aftermarket Market: Competitive Landscape and Key Developments
APOLLO TIRES LTD; Continental AG; PIRELLI AND C. S.P.A.; Sumitomo Rubber Industries, Ltd.; THE GOODYEAR TIRE AND RUBBER COMPANY; YOKOHAMA RUBBER CO., LTD; ZHONGCE RUBBER GROUP CO. LTD.; NEXEN TIRE AMERICA INC; BRIDGESTONE CORPORATION; and MICHELIN are among the key players in the global automotive tire aftermarket market. The leading companies are focusing on expanding and diversifying their automotive tire aftermarket market presence and acquiring a new customer base, thereby tapping prevailing business opportunities.

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In February 2022, Continental launched a new tire for airport ground support operations. Continental brings all-weather-tires ContiRV20 All Season to the market for airport ground handling vehicles. New tire tread pattern profile ensures maximum ground contact and traction in all weather conditions.

The most significant part of a vehicle is the tire, which is positioned on the rims and transfers vehicle propulsion. Tires also absorb and reduce the impacts of multiple road conditions. Materials such as fabric, wire, natural rubber, carbon black, synthetic rubber, and other chemical compounds are used to manufacture automotive tires. Tire manufacturers are constantly spending on research & development to produce high-performance tires and incorporate nanotechnology into tire manufacturing.

An automotive tire consists of a tread and a body. The tread provides traction while the body provides containment for a quantity of compressed air. Before rubber was developed, the first few versions of tires were simply bands of metal fitted around wooden wheels to prevent wear and tear. Early rubber tires were solid (not pneumatic). Pneumatic tires are now used on many vehicles, including cars, bicycles, motorcycles, buses, trucks, heavy equipment, and aircraft. Metal tires are still used on locomotives and railcars; however, solid rubber (or other polymers) tires are used in various nonautomotive applications, such as casters, carts, lawnmowers, and wheelbarrows.

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Impact of COVID-19 Pandemic on Global Automotive Tire Aftermarket Market:
The automotive sector plays an important role in economic growth and employment in many European countries. In April 2020, European countries recorded the historically lowest registrations of new cars. The decline in demand, disruptions in supply chains, and challenges related to technologies have severely impacted the automotive sector in these countries, which put the economy in a deep crisis and resulted in a reduction in international trade. However, the reopening of dealerships to the public helped boost sales.

For instance, according to the Society of Motor Manufacturers and Traders (SMMT), new registrations stood at 141,583 vehicles in April 2021, up from just 4,321 in April 2020. The lifting of restrictions in different regions can potentially bring a large number of cars on the road, leading to the demand for increased vehicle security. Smartphone technology, as an extension in the automotive sector, has significant applications in the current COVID-19 pandemic. Therefore, the development of tires that can be accessed with a smartphone would provide significant growth opportunities for the automotive tire aftermarket market in the coming years.

Growing Demand for Green Tires in Fleets to Propel Automotive Tire Aftermarket Market Growth in Coming Years:
Governments of various countries are enforcing several stringent regulations for vehicles and vehicle manufacturers. As a result, tire manufacturers have adopted environment-friendly raw materials without compromising on lighter tires, which significantly reduces vehicle weight, thus providing higher fuel efficiency and less consumption. Major players in the Automotive Tire Aftermarket market are constantly working on various technologies.

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For instance, in 2019, Sumitomo Rubber Industries, Ltd. and Kansai University have developed a new technology to generate electric power from a tire’s rotation. The tire uses the build-up of static electricity, also known as frictional charging, to produce power from tires rotation. In 2020, Goodyear developed a self-generating design to extend the life of tires, making them more adaptable to several conditions. The Goodyear reCharge tire concept utilizes a tread that can be replenished using fluid-filled capsules. The tread compound is made of biological material and reinforced with fibers based on spider silk. Therefore, the growing demand for green tires will propel the growth of the Automotive Tire Aftermarket market.

Automotive Tire Aftermarket Market: Tire Type Overview
Based on tire type, the global automotive tire aftermarket market is bifurcated into radial and bias. In 2020, the radial type segment held a significant share in the automotive tire aftermarket market.

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Browse Adjoining Reports:
Automotive Tire Market to 2025 – Global Analysis and Forecasts by Tire Type (Bias and Radial); Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle); and Distribution Channel (OEMs and Aftermarket)

Automotive Intelligent Tires Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Inflatable Tires, Solid Tires); Vehicle Type (Passenger Cars, Commercial Vehicles); Electric Vehicle (BEV, HEV, FCEV, PHEV) and Geography

ATV and UTV Tire Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Tube, Tubeless); Rim Size (Less than 15 inches, 16 to 18 inches, 18 to 20 inches, 21 and above); Compund Type (Sand Tires, All-terrain, Mud, Others) and Geography

Commercial Vehicle Tire Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Vehicle Weight (Less than 3.5 tons, Between 3.5 and 16 tons, Greater than 16 tons); Application (Construction, Mining, Agriculture, Transport, Others); Terrain type (On-road, Off-road) and Geography

Bias Tire Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (General Bias Tire, Bias Belted Tire); Tire Size (Below 22â, 23-50â, Above 50â); Sales Channel (OEM, Aftermarket); Vehicle Type (Passenger Cars, Commercial Vehicles, Construction and Mining Vehicles, Agriculture Tractors, Industrial Vehicles) and Geography

Automotive Tire Socks Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Vehicle Type (Passenger Vehicles, Commercial Vehicles) and Geography

Aircraft Tire Retreading Market Forecast to 2028 – Covid-19 Impact and Global Analysis – by Process (Pre-Cure, Mold-Cure); Aircraft Type (Commercial, Military) and Geography

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