Tires Market: Size, Share, Applications, Technology Trends, Challenges and Forecast to 2021

According to the new market research report  “Tires Market for OE & Replacement by Rim Size (13-15,16-18,19-21,22-26 inch), Replacement Market, Aspect Ratio (35-55, 60-70, 75-85), Section Width (<200,200-230,>230 mm), Retreading Market and OHV Tires Market, Application, and Region – ****** Forecast to 2021”, published by MarketsandMarkets™, The tires market for Original Equipment (OE) is driven by factors such as increasing demand for low rolling resistance tires, better fuel economy, demand for high performance and low-profile tires, technological advancements such as smart tires, eco-friendly tires, and others, End-Of-Life Vehicle (ELV) regulations and other factors.  The tires OE market size was valued at USD 23.18 Billion in 2016, and is projected to grow at a CAGR of 5.48% during the forecast period.

Don’t miss out on business opportunities in Tires Market.
Speak to our Analyst and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=40166492

Browse and in-depth TOC on “Tires Market”               

120 – Tables

71 – Figures

234 – Pages

View more detailed TOC @

https://www.marketsandmarkets.com/Market-Reports/automotive-tire-market-40166492.html

The 13”-15” rim size segment is the largest segment in the tires replacement market, in terms of value. This rim size is usually used in passenger cars with GVWR <3.0 tons. Passenger cars, which fall in the hatchbacks and compact sedan segment, are equipped with these rim sized tires. For instance, models such as Hyundai Avante, Volkswagen Polo, Volkswagen Rapid, Hyundai Accent, and others are equipped with 13”-15” rim size tires. These passenger car types are leading in terms of sales in Asian countries as well as other parts of the globe. Hence, the demand for 13”-15” rim size tires is the highest. For instance, the top selling passenger cars in China are Hyundai Avante, Nissan Bluebird, Toyota Corolla, Ford ******, and VW Santana among others, and they are equipped with 13”-15” rim size tires. Similarly, in India, the top selling passenger cars – Maruti Suzuki Swift, Swift Dzire, Hyundai Grand i10, Maruti Suzuki WagonR, and Hyundai i20 among others are equipped with these tire sizes. Hence, the increasing number of hatchbacks and compact sedans on road is driving the aftermarket for 13”-15” rim size tires.

Light Commercial Vehicle (LCV) segment is the fastest growing market in tires retreading globally. Retreaded tires give the same mileage as compared to new replacement tires, at 30%-50% less cost, and are supplied with same warranties as that of new tires. For light commercial vehicle, the manufacturing of a single tire consumes, on an average, 26.4 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 pickup trucks, new set of four tires cost almost double to that of retreaded tires. A few of the leading tire manufacturers have entered the tire retreading business. For instance, the Goodyear Tire and Rubber Company (U.S.) has more than 1,700 tire retreading and service centers around the globe for commercial trucks. Hence, to cut down the cost, the trend of tire retreading in LCV is increasing gradually.

Tire sizes with 75-85 aspect ratio is the largest market in the tires replacement market. This aspect ratio has the maximum penetration in the heavy trucks, trailers and buses segment. In heavy trucks and trailers, tires with higher aspect ratio give better protection to the cargo and in buses, these tires offer a more comfortable ride and protection from road potholes. Around the globe, almost ~90% of heavy commercial vehicles are equipped with 75-85 aspect ratio tires.  The replacement cost of these tires is also high, as compared to that of 35-55 and 60-70 aspect ratio tire sizes. Hence, with growing demand for trucks & trailers in the next few years, the tires aftermarket is projected to have the largest share of 70-85 aspect ratio tires.

Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=40166492

Asia-Oceania is estimated to be the fastest growing market in the tires market for original equipment (OE). Asia-Oceania has emerged as a hub for automotive production, owing to changing consumer preferences, increasing disposable income of the middle class population, and cost advantages for OEMs. Manufacturers such as BMW AG (Germany) and Volkswagen Group (Germany) have already set up manufacturing units in these countries. Factors such as low production costs, availability of economical labor, lenient emission and safety norms, and government initiatives for FDIs, have led to the region witnessing higher growth than the matured markets of Europe and North America. Additionally, Asia-Oceania is a hub of major tire manufacturers such as Bridgestone Corporation (Japan), Kumho Tire Co. (South Korea), Toyo Tire & Rubber Co., Ltd. (Japan), The Yokohama Rubber Co., Ltd. (Japan), Sumitomo Rubber Industries Ltd. (Japan), Hankook Tires (South Korea) and other Tier-1 suppliers. Thus, the market for tires is the largest in the Asia-Oceania region.

The tires market is dominated by a few ****** players, and comprises several regional players. Some of the key manufacturers operating in the market are Continental AG (Germany), The Goodyear Tire & Rubber Company (U.S.), and Bridgestone Corporation (Japan).

 
Request for Bundle Report @ https://www.marketsandmarkets.com/RequestBundleReport.asp?id=40166492