Tire Aftermarket, Tire Replacement: Market Growth 2022-2028

As per report by Triton, the global tire aftermarket, tire replacement market attained $72.35 billion in 2021. It is further anticipated to register a CAGR of 4.43% by 2028.

A recent study by Triton Market Research titled Global Tire Aftermarket, Tire Replacement Market includes the Global Analysis and Forecasts by Distribution Channel (Independent Aftermarket [IAM], Original Equipment Supplier [OES]) Rim Size (13-15 Inches, 16-18 Inches, 19-21 Inches, More Than 21 Inches), Tire Type (Bias Tire, Radial Tire), and Regional Outlook (Asia-Pacific, North America, Latin America, Middle East and Africa, Europe).

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Tire aftermarket and replacement allow the user to tailor the vehicle to their demands and driving patterns. These tires come in various rim sizes, such as 13-15 inches, 16-18 inches, 19-21 inches, and more than 21 inches.

Triton Market Research's report highlights that the global tire aftermarket, tire replacement market is anticipated to progress at a CAGR of 4.43% during the forecast period 2022-2028, reaching revenue of 93.98 billion by 2028.

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Fuel is one of those commodities whose prices are constantly changing. As per estimates, fuel price has risen rather than fallen in recent years. In 2020, the average closing price of crude oil was around $39.68, rising to $97.64 in 2022. As a result, energy efficiency has become a necessity for manufacturers since they could save money by installing fuel-efficient or low-rolling resistance tires on their vehicles. As a result, the demand for energy-efficient tires is a driving force in the tire aftermarket, tire replacement market.

Nonetheless, the price of the tire as a whole is greatly influenced by the cost of its raw materials, which include polyester and nylon. These materials are exchanged on a community exchange basis, thus changes in the world economy have an impact on their prices. Therefore, price volatility in automotive raw materials may hinder the growth of the global industry.

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Rim size, tire type, and distribution channel are the three segments that make up the aftermarket tire replacement market. Original equipment supplier (OES) and independent aftermarket (IAM) comprise the two halves of the distribution chain. The market is divided into four segments based on rim size: 13-15 inches, 16-18 inches, 19-21 inches, and greater than 21 inches. Radial and bias tires make up the final group in the tire type division.

Asia-Pacific leads the world market for aftermarket and replacement tires. The region's supremacy can be attributed to the increased popularity of electric vehicles in developing nations. For instance, the International Council on Clean Transportation (ICCT) reports that in China, the EV market grew dramatically in the first half of 2022. As a result, China has already exceeded the 20% EV share objective outlined in the 14th Five-Year Energy Saving and Emission Reduction Work Plan, two years ahead of schedule for 2025. Therefore, the rapid adoption of electric vehicles is favorable for the market under investigation.

CEAT Limited, Apollo Tyres, Bridgestone Corporation, Goodyear Tires, Toyo Tires, Sumitomo Rubber Industries Ltd, MRF, Maxxis, JK Tyre, Hankook Tire & Technology Co Ltd, The Yokohama Rubber Co Ltd, Nexen Tire Corporation, Pirelli & C SpA, Michelin, and Continental AG are the established companies in the global tire aftermarket, tire replacement market.

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Question & Answer: Global Tire Aftermarket, Tire Replacement Market

Question 1: What factors are a driving force for the global tire aftermarket, tire replacement market?
Answer: Fuel is one of those commodities whose prices are constantly changing. As per estimates, fuel price has risen rather than fallen in recent years. In 2020, the average closing price of crude oil was around $39.68, rising to $97.64 in 2022. As a result, energy efficiency has become a necessity for manufacturers since they could save money by installing fuel-efficient or low-rolling resistance tires on their vehicles. As a result, the demand for energy-efficient tires is a driving force in the tire aftermarket, tire replacement market.

Question 2: What factors have a negative impact on the global tire aftermarket, tire replacement market's development?
Answer: The cost of raw materials, such as nylon and polyester, significantly impacts the tire's overall cost. Since these materials are traded on a community exchange basis, their prices fluctuate based on global economic ups and downs. As a result, price uncertainty in automotive raw materials can have a negative impact on the global market's development.

Question 3: Which region leads the global tire aftermarket, tire replacement market?
Answer: Asia-Pacific leads the tire aftermarket, tire replacement market globally. The region's stronghold is due to the increasing adoption of electric vehicles in emerging economies. For example, in China, according to the International Council on Clean Transportation (ICCT), the EV industry showed tremendous growth within the first six months of 2022. As a result, China has already exceeded the 20% EV share objective outlined in the 14th Five-Year Energy Saving and Emission Reduction Work Plan, two years ahead of the 2025 target. Thus, the rapid adoption of electric vehicles is a favorable driver for the studied market.

Question 4: Which are the established companies in the global tire aftermarket, tire replacement market?
Answer: CEAT Limited, Apollo Tyres, Bridgestone Corporation, Goodyear Tires, Toyo Tires, Sumitomo Rubber Industries Ltd, MRF, Maxxis, JK Tyre, Hankook Tire & Technology Co Ltd, The Yokohama Rubber Co Ltd, Nexen Tire Corporation, Pirelli & C SpA, Michelin, and Continental AG are the established companies in the global tire aftermarket, tire replacement market.

Related Report:

Global Automotive Polycarbonate Glazing Market-
https://www.tritonmarketresearch.com/reports/automotive-polycarbonate-glazing-market

The global automotive polycarbonate glazing market is deemed to advance at a CAGR of 7.82% during the forecasted period of 2019-2027.

The growing popularity of lightweight glazing, strict carbon emission rules and regulations due to climate change, and the increasing use of sunroofs in automobiles are all driving growth in the automotive polycarbonate glazing market. Additionally, the industry can capitalize on the rising trend of electric vehicles and advancements in automotive design to achieve the projected growth.

However, the market is confronted with constraints such as regulations for using polycarbonate for windscreens and the rising price of automotive polycarbonate glazing.

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