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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.