Tires Market

Tires Market for OE & Replacement by Rim Size (13-15, 16-18, 19-21,>21 inches), Replacement Market, by Aspect Ratio (<60, 60-70, >70), Section Width (<200, 200-230,>230 mm), Season, Vehicle Type, Retreading Market, and Region - Global Forecast to 2025

Report Code: AT 3223 Mar, 2020, by marketsandmarkets.com

[253 Pages Report]The tires replacement market is projected to grow at a CAGR of 1.8% to reach a market size of USD 113.1 billion by 2025 from 101.7 billion in 2019. The key factors driving the replacement tire market are increased average life of vehicles, growing miles driven per year, increasing concern towards maintenance and safety, technological advancements leading to longer life of tires and other factors.

Tire Market

13”-15” rim size segment be the largest segment, by vehicle type

This rim size is usually used in passenger cars with GVWR <3.0 tons. Passenger cars which fall in hatchbacks, & compact sedan segment are equipped with these rim sized tires. For instance, models such as Hyundai Avante, Volkswagen Polo, VW Rapid, Hyundai Accent, and others are equipped with 13”-15” rim size tires. These passenger car types are leading in terms of sales in Asian countries as well as other parts of the globe. Hence, the demand for 13”-15” rim size tires is the highest. For instance, top-selling passenger cars in China are Hyundai Avante, Nissan Bluebird, Toyota Corolla, Ford Escort VW Santana among others and they are equipped with 13”-15” rim size tires. Hence, an increasing number of hatchbacks and compact sedans on the road is driving the aftermarket for 13”-15” rim size tires

Retreading of Light Commercial Vehicle (LCV) segment is the fastest-growing market

Retreaded tires give the same mileage compared to new replacement tires, with 30%-50% less cost, and are supplied with the same warranties as that of new tires. For light commercial vehicle manufacturing of single tire consumes on an average 26 liters of oil, however, retreading of the same tire consumes only 9 liters of oil which is almost 34% of the new manufacturing process. On the other hand, according to Retread Tire Association, for pickup trucks, a new set of four tires cost almost double to that of retreaded tires. Few of the leading tire manufacturers have entered the tire retreading business; for instance, the Goodyear Tire and Rubber Company (U.S.) have more than 1,700 tire retreading and service centers globally for commercial trucks. Hence, to cut down the cost, the trend of tire retreading in LCV is increasing gradually.

Tire with >70 aspect ratio is estimated to be the largest market in the tires replacement market

This aspect ratio has maximum penetration in the heavy trucks and buses segment. In heavy trucks, tires with higher aspect ratio give better protection to the cargo and in buses, these tires offer a more comfortable ride and protection from road potholes. Around the globe, around 80%-90% of the heavy commercial vehicle are equipped with >70 aspect ratio tires and the replacement cost of these tires is also high as compared to other aspect ratio tire. Hence, with the growing demand for trucks & buses in the next few years, the demand for tires with aspect ratio >70 is projected to hold lion’s share.

Asia-Pacific is estimated to be the largest market in the tires market for original equipment (OE)

Asia-Pacific has emerged as a hub for automotive production as manufacturers such as BMW AG (Germany) and Volkswagen Group (Germany) have already set up manufacturing units in this region. The factors such as low production costs, availability of economic labor, lenient emission and safety norms, and government initiatives for FDIs have led the significant investment in the Asia Pacific. Additionally, Asia-Oceania is a hub of considerable tire manufacturers 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) and other Tier-1 suppliers. The factors mentioned above are likely to drive the tires OE market in the Asia Pacific region

Key Market Players

Some of the key players in the automotive tire market is dominated by global players and comprises several regional players. The key players in the automotive tire market are Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), and Sumitomo Rubber Industries (Japan). Bridgestone Corporation adopted the strategies of expansion and partnership to retain its leading position in the automotive tire market, whereas The Goodyear Tire & Rubber Company adopted a joint venture as a key strategy to sustain its market position.

Scope of the Report

Report Metric

Details

 

Market Size Available for Years

 

2017–2025

Base Year Considered

2019

Forecast Period

2019–2025

Forecast Units

Value (USD) and Volume (Million Units)

Segments Covered

Aftermarket (by Rim Size, Section Width, Season, Aspect Ratio and vehicle type), OE Market (Rim Size, by type, and Vehicle type), Retreading Market by Vehicle type

Geographies Covered

Asia Pacific, Europe, North America, Latin America and the Middle East and Africa (RoW in case of aftermarket)

Companies Covered

Key players in the automotive tire market are Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France) and Sumitomo Rubber Industries (Japan)
Additionally, the report covers 15 other players.

This research report categorizes the automotive tire market based on the following segments

Automotive Tire Aftermarket, By Section Width

  • <200MM
  • 200-230MM
  • >230MM

Automotive Tire Retreading Market, By Vehicle Type

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Automotive Tire Aftermarket, By Vehicle Type

  • Passenger Car
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

Automotive Tire Aftermarket, By Aspect Ratio

  • <60
  • 60-70
  • >70

Automotive Tire OE Market, By Vehicle Type and Rim Size

  • Passenger Car
  • Light Commercial Vehicle
  • Bus
  • Truck

Automotive Tire OE Market, By Type

  • Radial
    • Tube
    • Tubeless
  • Bias

Automotive Tire Aftermarket, By Rim Size

  • 13"-15“
  • 16"-18“
  • 19"-21“
  • >21"

Automotive Tire Aftermarket, By Season

  • Summer
  • Winter
    • Studded
    • Non-studded
  • All Seasons

Automotive Tire OE Market, By Region

  • Asia Pacific
  • Europe
  • North America
  • South America
  • Middle East and Africa

Automotive Tire Retreading and Aftermarket, By Region

  • >Asia Pacific
  • Europe
  • North America
  • RoW

Recent Developments

  • In November 2019, Bridgestone announced that the name for the world's first polymer that bonds rubbers and resins on the molecular level is Susym. With this new name, the company aimed to increase recognition of Susym and encourage its use as a next-generation polymer material to make contributions in various fields that exceed the scope of use as a tire material.
  • In July 2018, Bridgestone, together with ZMP Inc., launched a development project aimed at utilizing automated driving in tire noise tests. This project entails outsourcing the development of an automated driving system that incorporates Bridgestone's tire test expertise to ZMP, the company that creates products and services based on its advanced robotics technologies. The companies have already succeeded in using automotive driving of manned vehicles at a Bridgestone’s proving ground, and are working to achieve SAE-Level 4 automated driving of unmanned vehicles for practical application in tire noise tests.
  • In November 2019, Continental and Pyrolyx have been cooperating on developments in the technology field of recovered carbon black over recent years. This joint development commitment aimed to lay the foundation for using recovered carbon black (rCB) in various tire segments during tire production. Pyrolyx and Continental announced that the companies have entered into a five-year rCB supply agreement for Continental tire manufacturing facilities worldwide.
  • In October 2019, The Goodyear Tire & Rubber Company collaborated with an innovative mobility company, Priva, to provide tire monitoring capabilities that allow fleets to operate more efficiently. Priva is a Michigan-based startup that offers mobile offices for workers on the go. Goodyear has equipped Priva’s fleet of vehicles with intelligent tires, which contain sensors to capture tire data. The sensors allow Goodyear to gather data on the tires’ current state and work with Priva to predict future tire maintenance needs, reducing vehicle downtime and enhancing operational efficiency.
  • In April 2018, The Goodyear Tire & Rubber Company and Bridgestone Americas, Inc. announced they would form one of the most significant tire distribution joint ventures in the United States. TireHub, LLC, will provide U.S. tire dealers and retailers with a comprehensive range of passenger and light truck tires from two of the world’s leading tire companies, with an emphasis on satisfying the rapidly growing demand for larger rim diameter premium tires.

Key questions addressed by the report

  • How the OE and Aftermarket demand varies by region and vehicle type?
  • What would be the demand of tire rim size by vehicle type and region?
  • How will tires retreading market shape up in the future?
  • What are the current and future tire material trends in the market?
  • How the penetration of season tires varies by region (summer, winter, and all-season)?
  • Which are the key players in the global tire market?

The report also features an exclusive competitive leadership mapping of key players represented in a four-quadrant box, representing the visionary leaders as well as dynamic differentiators

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION
    1.1 OBJECTIVES
    1.2 MARKET DEFINITION
    1.3 MARKET SCOPE
    1.4 INCLUSIONS & EXCLUSIONS
    1.5 LIMITIATIONS
    1.6 STAKEHOLDERS

2 RESEARCH METHODOLOGY
    2.1 RESEARCH DATA
    2.2 SECONDARY DATA
    2.4 PRIMARY DATA
    2.5 FACTOR ANALYSIS
    2.6 MARKET ESTIMATION
    2.7 DATA TRIANGUALATION
    2.8 ASSUMPTIONS

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

5 RECOMMENDATIONS FROM MARKETSANDMARKETS
*Note: This chapter will provide qualitative insights on automotive tire market such as future opportunities and potential in the tires market.

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 <200 MM
           7.2.2 200-230 MM
           7.2.3 >230 MM
 (Vehicle Type - Passenger Car, LCV, Truck & Bus)

Note: This segment is further segmented at regional level

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)

Note: This segment is further segmented at regional level

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)

Note: This segment is further segmented at regional level

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

Note: This segment is further segmented at regional level

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

Note: This segment is further segmented at regional level

12 AUTOMOTIVE TIRES OE MARKET, BY VEHICLE TYPE AND RIM SIZE
      12.1 INTRODUCTION
      12.2 PASSENGER CAR
              12.2.1 13"-15"
              12.2.2  16"-18"
              12.2.3  19"-21"
              12.2.4 21"-26"
      12.3 LCV
              12.3.1       13"-15"
              12.3.2  16"-18"
              12.3.3  19"-21"
              12.3.4 21"-26"
      12.4 BUSES
              12.4.1       13"-15"
              12.4.2  16"-18"
              12.4.3  19"-21"
              12.4.4 21"-26"
      12.5 TRUCK
              12.5.1 13"-15"
              12.5.2  16"-18"
              12.5.3  19"-21"
              12.5.4 21"-26"

Note: This segment is further segmented at regional level

13 AUTOMOTIVE TIRES OE MARKET, BY TYPE
      13.1 INTRODUCTION
      13.2 RADIAL
              13.5.1 TUB E
              13.5.2  TUBELESS
      13.3 BIAS

Note: This segment is further segmented at regional level

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

Note: This segment is further segmented at regional level

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 AND MIDDLE EAST

*Note: The countries covered under Asia-Oceania (China, India, Japan, South Korea, Thailand and Rest of APAC), Europe (Germany, France, UK, Spain, Italy, Turkey, Russia, and Rest of Europe), North America (US, Canada, Mexico), Latin America (Brazil, Argentina, and Rest of LA), Africa and Middle East (South Africa, Iran and Rest of Africa and Middle East)

Note: We will provide qualitative insights of the countries for which we have no base numbers (production/ sales/ fleet) including Ro'X'

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 COMPETITVE SCENARIO
              16.7.1 EXAPNSIONS
              16.7.2 SUPPLY CONTRACTS
              16.7.3 MERGER & ACQUISTIONS
              16.7.4 PARTNERSHIPS/JOINT VENTURES

17 COMPANY PROFILES
(Business overview, Products offered, Recent developments, SWOT analysis & MnM View)*
      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
      17.14 MRF TYRES
      17.17 JK TYRE & INDUSTRIES LTD.
      17.17 CEAT LTD.
      17.17 MAXXIS INTERNATIONAL
      17.20 ZHONGCE RUBBER GROUP CO., LTD.

Indicative list of companies
*Details on aforementioned factors would be captured for Listed companies only

18 APPENDIX

The study involves four main activities to estimate the current size of the automotive tire market. Exhaustive secondary research was done to collect information such as Aftermarket (by Rim Size, Section Width, Aspect Ratio, and vehicle type), OE Market (Rim Size, by type, by Season and Vehicle type), and Retreading Market by Vehicle type. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. The Bottum-up approach was employed to estimate the market size of different segments considered under this study.

Secondary Research

The secondary sources referred for this research study include associations such as the Tire Industry Association, Tire and Rim Association, Inc., Rubber Manufacturers Association, corporate filings (such as annual reports, investor presentations, and financial statements), and automotive associations. Secondary data has been collected and analyzed to arrive at the overall market size, which is further validated through primary research.

Primary Research

Extensive primary research has been conducted after acquiring an understanding of the automotive tires market through secondary research. Several primary interviews have been conducted with market experts from both, the demand- (Automotive OEMs, and Retreading Organizations) and supply-side (rubber suppliers, steel suppliers, oil companies and others) players across four major regions—namely, North America, Europe, Asia-Pacific, and RoW (Latin America, the Middle East, and Africa). Approximately 20% and 80%, respectively of primary interviews have been conducted from both the demand and supply side. Primary data has been collected through questionnaires, e-mails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, including sales, operations, and administration, to provide a holistic viewpoint in our reports.

After interacting with industry participants, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject matter experts’ opinions, has led us to the findings as described in the remainder of this report.

Market Size Estimation

The bottom-up approach has been used to estimate and validate the market size of the automotive tires OE market as well as aftermarket. The market size of the automotive tires OE market by rim size and by country has been derived by multiplying the country level penetrations of different rim sizes calculated using model wise mapping with the country-wise production data of passenger cars, LCV, truck and bus. The market size, by value, has been derived by multiplying the rim size-wise OE pricing with the volume of the tire calculated in a million units. The total volume of each region is then summed up to estimate the total volume of the global automotive tires OE market for each vehicle type. The data has been validated through primary interviews with industry experts.

Tires aftermarket volume has been calculated using the vehicles on the road, average miles driven by each vehicle type in a year, replacement miles of tire for each vehicle type and the average number of tires getting replaced at a single service. The market value has been derived using the aftermarket prices found from various secondary and primary sources. The tires aftermarket is further segmented into section width, rim size, season and aspect ratio has been calculated using the bottom-up approach. The penetrations for section width, rim size, season, and aspect ratio have been derived from secondary sources and primary interviews and are applied on the tires aftermarket. Also, the retreading market is estimated using the retreading penetration by vehicle type in each region. The same is validated through primary respondents.

To know about the assumptions considered for the study, download the pdf brochure

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that are said to affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report. The data was triangulated by studying various factors and trends from both the demand and supply sides of the automotive wiring harness market.

Report Objectives

  • To analyze and forecast (2019–2025) the automotive tire market in terms of value (USD million) and volume (million units)
  • To provide detailed information regarding the major factors influencing market growth
    (drivers, restraints, opportunities, and challenges)
  • To segment and forecast the automotive tire aftermarket, in terms of value and volume, based on section width and vehicle type (<200MM, 200-230MM, and >230MM). This market is further segmented at a regional level
  • To segment and forecast the automotive tire aftermarket, in terms of value and volume, based on aspect ratio and vehicle type (<60, 60-70, and >70). This market is further segmented at a regional level
  • To segment and forecast the automotive tire aftermarket, in terms of value and volume, based on rim size and vehicle type (13"-15", 16"-18", 19"-21" and >21"). This market is further segmented at a regional level
  • To segment and forecast the automotive tire aftermarket, in terms of value and volume, based on vehicle type (passenger car, light commercial vehicles, heavy commercial vehicle)
  • To segment and forecast the automotive retreading market, in terms of value and volume, based on vehicle type (passenger car, light commercial vehicles, heavy commercial vehicle). This market is further segmented at a regional level
  • To segment and forecast the automotive tire OE market, in terms of value and volume, based on vehicle type (passenger car, light commercial vehicles, buses, and trucks) and rim size (13"-15", 16"-18", 19"-21" and >21")
  • To segment and forecast the automotive tire OE market, in terms of value and volume, based on type (Radial {tube and tubeless} and Bias)
  • To segment and forecast the automotive tire OE market, in terms of value and volume, based on the season (Summer, Winter {studded and non-studded} and All seasons)
  • To forecast the automotive tire market, in terms of value and volume, concerning key regions, namely, Asia Pacific, Europe, North America, Latin America and Africa and the Middle East
  • To strategically analyze markets with respect to individual growth trends, prospects, and contribution to the total market
  • To analyze markets and find the competitive landscape, market ranking, market overview, and industry overview of the automotive tire market
  • To analyze the current joint ventures, mergers and acquisitions, and partnerships of various players engaged in the automotive tire market

Available Customizations

Automotive Tire Oe Market, By Season & Region

  • Winter
  • Summer
  • All-Season

Automotive Tires OE, By Section Width & Region

  • <200 mm
  • 200-300 mm
  • >300 mm

Automotive Tires Who Supplies Whom, By Region & OEM

  • Europe
  • Americas
  • Asia
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Benchmarking the rapid strategy shifts of the Top 100 companies in the Tires Market

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Report Code
AT 3223
Published ON
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