CHICAGO, March 31, 2020 /PRNewswire/ — According to the new market research report «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″, published by MarketsandMarkets™, 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 replacement market is primarily driven by the increasing average life of vehicles and average annual miles traveled by light-duty vehicles.
«Passenger cars to be the largest vehicle type in the Tires Market for OE and Replacement.»
Passenger car vehicle type is expected to dominate the Tires Market for OE and Replacement. According to OICA, the passenger car production is estimated to be 58.7 million units. Also, the passenger car production is expected to account for ~70% of the total vehicle production in 2019 for select countries. With an increase in sales and increased average life of passenger cars, the passenger car fleet has also risen over the period. Based on another report from OICA, the passenger car parc is estimated to witness slight growth in 2019 as compared to 2018. This rise in sales and parc of passenger cars has influenced the demand for tires in OE as well as in the replacement market. However, factors such as increased average replacement life of tires with the advancement in the technologies, and fluctuating raw material prices may hamper the tire demand in the aftermarket.
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«Light commercial vehicles to witness significant growth in the tires retreading market.»
Retreading of tires has always been a popular concept with heavy commercial vehicles, but with time the potential benefits of using it for light commercial vehicles have been noticed. In a light-duty vehicle, single tire manufacturing 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 large SUVs, a new set of four tires cost for around USD 1,000. Almost 50% of the cost is saved by adopting retreading for light-duty vehicles. Thus retreading suppliers are now focusing on light-duty vehicle retreading along with certain tire manufacturers entering into the retreading business, such as The Goodyear Tire & Rubber Company (U.S.) which has more than 1,700 tire retreading and service centers for commercial vehicles.
«Asia-Oceania to grow at the highest CAGR during the forecast period for tires OE and replacement market.»
Asia-Oceania is estimated to dominate the Tires Market for OE and Replacement. The growth in Asia-Oceania is attributed to increasing vehicle production in Asian countries, which includes China, India, Japan, and South Korea. Asia Pacific spearheaded by China and India holds the lion’s share in the vehicle production across the globe. The increase in sales of the vehicles is owing to various factors such as increasing per capita income coupled with the growing demand for SUVs and premium segment vehicles. On the other hand, the tires aftermarket is driven by growth in automobile ownership per capita and the shifting demand of customers towards the use of low rolling resistance tires.
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The Tires Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire & Rubber Company (The U.S.), Michelin (France), and Pirelli & C. S.p.A (Italy). There are certain key innovators gaining attention in the Tires Market including CODA Development (Czech Republic), Kumho Tires (South Korea), and Nokian Tyres (Finland).
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