Automotive Pneumatic Tire Market: Introduction
- An automotive pneumatic tire, also called air filled tire, is an air tight rubber component that is filled with pressurized air. A pneumatic tire is usually made of combination of natural and synthetic rubber, various chemicals, and oils.
- Vehicle performance depends on the quality of the tire. The life of conventional or standard pneumatic tires reduces if the vehicle is driven across uneven terrain or excessive braking and speeding. This, on the other hand, drives the replacement of tires, which offers opportunities to aftermarket players.
Key drivers of global automotive pneumatic tire market
- Significant developments in the tire manufacturing industry have led to a considerable reduction in the weight of the tires. Use of low weight synthetic rubbers and reinforced fibers as raw materials is contributing to the reduction in tire weight.
- Shock damping properties of an automotive pneumatic tire enhances vehicle comfort on unknown and uneven terrain
- Alternatives to pneumatic tires, such as airless tires and semi airless tires with compressed polymers, are available in the market; however, automakers warn against using them as they generate significant amount of heat. Therefore, pneumatic tires still dominate the tire market.
- Governments are compelling automakers to increase fuel-efficiency of their vehicles through enactment of stringent rules and legislations. For instance, Energy Independence and Security Act of 2007, USA increased fuel efficiency standards of passenger cars, light trucks, and SUVs. It has directed automakers to deliver a combined average of at least 35 miles per gallon by 2020.
- Vehicle regulations and rules to reduce vehicle emission and air pollution are driving the demand for cost-effective components, thereby propelling developments in field of automotive pneumatic tires.
- OEMs (Original Equipment Manufacturer) and aftermarket players are competing to offer better tires that offer better traction control while driving. For instance, ContiRT20, a pneumatic tire developed by Continental AG, offers exceptional grip while lifting or transporting of load. Similarly, Bridgestone, a notable tire manufacturing company, offers 8” base tires for use in heavy vehicles.
- All the factors mentioned above are propelling the global automotive pneumatic tire market
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Aftermarket segment to offer lucrative opportunities to global automotive pneumatic tire market
- According to International Organization of Motor Vehicle Manufacturers, the total number of commercial and passenger vehicle produced globally, in 2017, were 95,634,593
- Vehicle mileage and performance is directly affected by the vehicle tire. Therefore, several automakers such as Audi, Nissan, Volvo, and BMW, suggest that a vehicle tire should be replaced in approximately every 6 years.
- Presence of a large number of automobiles globally fuel the need for tire replacement, which in turn hampers fuel economy, and contributes to the prominent share held by the aftermarket in the global automotive pneumatic tire market
Introduction of airless tires to hamper automotive pneumatic tire market
- An airless tire, as the name suggests, does not require air to be filled in the tire. For instance, Michelin and General Motors, in a joint venture, have developed airless wheel technology, called Uptis Prototype, for passenger vehicles, which is expected to be launched in early 2024. This technology is expected to be implemented on a trial basis in Chevrolet’s Bolt EV.
- The threat posed by airless tire is proving to be a challenge for the automotive pneumatic tire market
Asia Pacific to dominate global automotive pneumatic tire market
- Rapid technological advancements, development of road infrastructure, and economic growth are propelling urbanization in countries, such as India, China, Malaysia, Thailand, and South Korea, in Asia Pacific
- This also has led to rising standards of living and an increase in disposable income of the population, prompting them to own vehicles. Rise in sales of automobiles is further driving the global automotive pneumatic tire market in Asia Pacific.
- Furthermore, government legislations such as Energy Independence and Security Act of 2007, USA is prompting automakers to enhance fuel-efficiency of their vehicles. This, in turn, drives the need for vehicle components that boost vehicle performance.
- The need for increasing fuel-efficiency of vehicles is boosting the demand for pneumatic tires that enhance vehicle economy by consuming less fuel
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Key players operating in global automotive pneumatic tire market:
The global automotive pneumatic tire market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive pneumatic tire market are:
- United States Rubber Company
- JK TYRE & INDUSTRIES LTD
- Cooper Tire & Rubber Company
- Pirelli & C. S.p.A.
- Continental AG
- The Goodyear Tire & Rubber Company
- Schwalbe Tires North America, Inc.
- Hankook Tire & Technology Co.,Ltd.
- Nokian Tyres plc.
- THE YOKOHAMA RUBBER CO., LTD.
- Apollo Tyres
- Toyo Tire Corporation
- Dunlop Tires
- Bridgestone Corporation
Global Automotive Pneumatic Tire Market: Research Scope
Global Automotive Pneumatic Tire Market, by type of Vehicle Type
Global Automotive Pneumatic Tire Market, by Rim Size
Global Automotive Pneumatic Tire Market, by Tire Type
Global Automotive Pneumatic Tire Market, by Sales Channel
- OEMs (Original Equipment Manufacturers)
Global Automotive Pneumatic Tire Market, by Region
- North America
- Russia & CIS
- 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.