Tire Repair Market: Introduction
- Increasing year-on-year production and sales of automotive vehicles across the world, led by rising adoption of vehicle for daily commute; innovative transportation and distribution channels; and growing disposable income of consumers are likely to boost the tire repair market. Tire repair refers to the inspection of tires to find irregular or extreme tread wear, snags, cuts, cracks, punctures, bulges, impact damage, and other damages to the tires. Tire repair helps to keep the vehicle safe while driving on road and maintains the fuel consumption and overall performance of the vehicle.
Key Drivers of Tire Repair Market
- The tire industry has witnessed remarkable expansion during the last decade due to a rise in the demand for automotive vehicles and increase in manufacturing alliances and collaborations in the tire business, which in turn propels the tire repair market. Moreover, increase in preferences for off-road driving among consumers boosts the tire repair market, as off-road driving of cars, motor-bikes, and other vehicles leads to tire wear and damage that requires tire inspections for further rides.
- Rising use of medium and heavy-duty commercial vehicle fleets in the mining and construction industries also drives the tire repair market. These vehicles continuously work to carry heavy loads and their tires needs to be strong and well equipped. Consequently, the tires of these vehicles need to be inspected on a daily basis for tire damage, which is increasing the demand for tire repair. Tire manufacturers are also creating awareness to use safe and high quality automotive tires for comfortable driving experiences, which in turn fuels tire replacement and the tire repair market.
Challenges in Tire Repair Market
- Rising investment by manufacturers to make high durable and energy-efficient tires that wear slowly and require less maintenance hampers the tire repair market
- The outbreak of COVID-19 pandemic prompted governments to impose lockdowns across the world. Consequently, all tire manufacturing facilities and tire service providers were closed, which widely impacted the tires repair industry. Likewise, the COVID-19 pandemic also negatively impacted the global supply chains that led to a shortage of supply of raw material that is required in the tire repair service center, which further hampered the market. A steady recovery of tire repair is anticipated in the next few months as most of people are vaccinated and offices and tourist spots reopen, which in turn increases the use of automotive vehicles.
Opportunities in Tire Repair Market
- Increasing government initiatives to develop roads and infrastructure of their respective country fuels the adoption of automotive vehicles, which further boosts automotive driving and is likely to propel the tire repair market during the forecast period. Surge in automotive driving increases the chances of tire wear, puncture, and damage, which requires repair. Moreover, use of advanced technology for tire inspection is increasing, which can easily detect tire issues and damages. This is expected to drive the market in the near future. Tire manufacturers or repair service providers have adopted software that can detect tire damage and other automotive problems, which is expected to create a significant opportunity for the tire repair market.
- Increasing sales and production of electric vehicles across the world is also estimated to offer an opportunity for the tire repair market during the forecast period. Moreover, a rise in automotive sports events and Formula One races is also anticipated to propel the tire repair market. Sports cars requires high quality tires, and their tires are well inspected before use in order to perform optimally during any race.
Tire Repair Market in Asia Pacific to Expand Significantly
- Popularity of tire repair is increasing in Asia Pacific, due to high adoption of automotive vehicles, increasing investments in road infrastructure development, and expansion of the auto manufacturing sector. Moreover, automotive manufacturers are producing a large number vehicles to meet the requirement due to low labor cost in Asia Pacific, which is projected to further fuel the tire repair market in the region. Leading automotive manufacturers such as Volkswagen Group and BMW AG have already established their manufacturing facilities in Asia Pacific, which increase automotive production. Furthermore, governments in Asia Pacific are planning to ban BS4 and BS6 IC engines and increasing the production of electric vehicles, which in turn is projected to boost the tire repair market. The market in Europe is also estimated to expand significantly due to a rise in use of luxury cars and increasing passenger car production in the region.
Key Players Operating in Tire Repair Market
The tire repair market is highly consolidated. A few of the key players operating in the global tire repair market are:
- TECH Tire Repair
- Firestone Complete Auto Care
- ITW Global Tire Repair Inc.
- Rema Tip Top AG
- Bridgestone Select - Auto Tyre
- Goodyear Autocare
- Big O Tires, LLC
Global Tire Repair Market: Research Scope
Global Tire Repair Market, by Season Tire Type
- Summer Tire
- Winter Tire
- All Season Tire
Global Tire Repair Market, by Tire Rim
- Less than 15
- 15 to 20
- More than 20
Global Tire Repair Market, by Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Tire Repair Market, by Sales Channel
- Component suppliers
Global Tire Repair 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.