Automotive Tire Replacement: Introduction
- Automotive tires are replaced to increase the average life of the vehicle and to provide a smoother ride. Other reasons that warrant the replacement for tires include when inflation pressure of the tire is not maintained, driving on harsh terrain, and replacement of both the tires when the tread of one tire has worn out.
Key Drivers of Automotive Tire Replacement Market
- Rise in adoption of heavy-duty commercial vehicles in mining and construction projects increases the demand for replacement of automotive tires. Developing countries across the globe are witnessing a large number of on-going mining and construction projects that employ light and heavy-duty commercial vehicles for their daily work. These vehicles work on harsh terrain; hence their tires wear rapidly and the need for tire replacement is high for heavy-duty commercial vehicles.
- The COVID-19 pandemic played an important role in the tire replacement market, as all the original equipment manufacturing was closed and automotive production was also stopped, which further propelled the tire replacement market. In the current situation, all the construction and mining projects have restarted and there are no lockdowns and restrictions on the national and inter-national boundaries, which in turn is increasing the use of vehicles and subsequently, propelling the automotive tire replacement market.
Asia Pacific hold significant share of global automotive tire replacement market
- The automotive tire replacement market in Asia Pacific is projected to expand at a notable growth rate due to rising population, growing urbanization, and increasing investment in the infrastructure development and automotive production. China and India have significantly high population, which is estimated to fuel the adoption of passenger and light commercial vehicles in the region and boost the market. Moreover, the aftermarket segment of the automotive sector in Asia Pacific is expanding, which in turn is also projected to drive the automotive tire replacement market.
- Original equipment manufacturing in China was penalized during the COVID-19 pandemic, due to sharp decline in demand, which in turn hampered the market. However, this demand was dynamic in Europe and North America due to continuation in economic activity, which in turn is estimated to propel the automotive tire replacement market in these regions.
Key Players Operating in Automotive Tire Replacement Market
The automotive tire replacement market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the automotive tire replacement market are:
- Bridgestone Corporation
- Continental AG
- The Goodyear Tire & Rubber Company
- Pirelli & C. S.p.A
- Sumitomo Corporation
- CODA Development
- Kumho Tires
- Nokian Tyres
- Hankook Tire & Technology
- The Yokohama Rubber Company, Limited
- Zhongce Rubber Group Co., Ltd.
- Maxxis Tyres
- Giti Tire
- Cooper Tire & Rubber Company
- Shandong Linglong Tire Co., Ltd.
- Apollo Tyres Limited
- MRF Tyre company
- Sailun Group
Global Automotive Tire Replacement Market: Research Scope
Global Automotive Tire Replacement Market, by Rim Size
- Less than 15
- 15-20 inches
- More than 20 inches
Global Automotive Tire Replacement Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Automotive Tire Replacement Market, by Season
- Summer Tire
- Winter Tire
- All-Season Tire
Global Automotive Tire Replacement Market, by Sales Channel
- Online Sales
- Offline Sales
Global Automotive Tire Replacement Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa