Market overview
The automotive tire market Value is expected to register a CAGR of 12% from the 8 years from 2022 to 2030. The fast growth rate is attributed to the fact that the middle classes are exploding around the world. This is especially true in the Asia-Pacific region. These people want to drive safer and more efficient cars that are also environmentally friendly.
Opportunities
There are more road accidents, especially in developing nations and the Asia-Pacific region. Governments in these nations are responding by requiring that newer cars are safer, more efficient, and safer for the environment. They are requiring the same of their tires.
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Companies in the global automotive tire market Value are responding by investing more in research and development in the attempt to develop and market better tires. There is pressure from the developed world as well. These nations’ governments are establishing regulatory bodies that are actively monitoring cars to make sure that they are less accident-prone. These bodies are requiring newer cars to have safer tires.
Market segmentation
By rim size
The rim size segment is further classified into these categories:
l 13-15”
l 16-18”
l 19-21”
l Over 21”
The 13-15” sub-segment has the largest market share. It’s mainly because more people are driving Land Rovers and other heavier and more sophisticated passenger cars. Rim size 16-18 inches are used in vehicles that need more tire support when traveling.
By distribution channel
This segment is grouped into the following categories:
l OEM
l Aftermarket
The OEM category has the largest market share.
By vehicle type
The passenger car sub-segment is the most popular vehicle type on the road around the world today. Light commercial vehicles are taking off in popularity as tourism is making a comeback around the world. Heavy commercial vehicles are also becoming more popular as global commerce picks up.
By season segment
This segment can be grouped into the following categories:
l Winter
l Summer
l All seasons
The winter category has the largest market share because this is the season when road conditions are the most dangerous around the world!
By propulsion type
This segment can be grouped into the following categories:
l EV
l ICE
The EV category is segregated into:
l BEV
l HEV
Regional analysis
The Asia-Pacific region leads in terms of CAGR because of a large and growing middle class and increasing purchasing power. The North American region leads in terms of market share. The region is home to a large middle class with substantial purchasing power. It also has an environmentally conscious public that is willing to pay a premium for safer cars that have tires that are safer, more efficient, and are friendlier for the environment.
Also, many companies in the North American region have been passing laws that require the usage of safer tires that are friendlier for the environment in newer models and makes of cars.
Industry news
Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.
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