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Tire Aftermarket, Tire Replacement Market: A Competing Shift

The global market is set to gain revenue worth $93.38 billion by 2028, rising at a CAGR of 4.43% during the forecast years 2022-2028. Read more about our blog.

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Tire Aftermarket, Tire Replacement Market: A Competing Shift

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  1. Tire Aftermarket, Tire Replacement Market: A Competing Shift Aflattireisamongtheseveralinconveniencesvehicleownersaimtoavoid.Whetherduetovalvesystemdamageorblowoutduetoover-inflation,theabsenceofapropertirecanseverelydamagethewheelandtriggertirereplacement.ThisdrawbackhasinstigatedseveraltireproducerstoinvestinR&Dtodevelophigh-performance,fuel-efficienttires,openingavenuesfortheglobal tireaftermarket, tire replacement market. Additionally,integratingsystemslikeanti-lockbrakingsystems,electronicpowercontrol,andtirepressuremonitoringsystemshasupheavedthedemandfortireaftermarketservices.Ourestimateshavegatheredthattheglobalmarketissettogainrevenueworth$93.38billionby2028,risingataCAGRof4.43%duringtheforecastyears2022-2028. • DevelopmentsinAftermarketServices • Wait,didyousayairlesstires?Insteadofair,tiresarenowintegratedwithanetworkofspokesthatkeepsthewheelsrigidwhilegivingthemasee-throughappearance.Eachyear,around20%oftiresaretrashedduetopunctureorunevenwear,stimulatingmanufacturerslikeMichelintolaunchUPTISairlessautomobiletiredesignthatresultsinlowerrawmaterialandwasteconsumption.Inthisregard,thecompanyhasteamedupwithGMtointroduceUPTISby2024.

  2. Besides,thetires’ abilitytobearhighweightandabsorbshocksisanticipatedtosupportthegrowthofthe16-18-inchrimsizecategory.Numerousplayershaveoptedforthissizesinceitoffersadditionalgrip,brakingperformance,andridecomfort,amajordrivingforceforthetireaftermarket,tirereplacementmarket. • TheGreenInitiative:Withtheaveragecrudeoilpricerisingfrom$39.68in2020to$97.64in2022andtherisingcarbonfootprint,thedemandforenergy-efficienttireshasboostedthetirereplacementmarket.Besides,advancesintireenergyefficiencycandecreaseglobalfuelconsumptionbyaround5%inpassengervehicles,pertheInternationalCouncilonCleanTransportation.Thishasledlowrollingresistancetirestogainimmensetractionamongconsumerstolowertheirtotalcarbonfootprint. • Consideringthistrend,inJanuary2023,Goodyearrevealedademonstrationtiremadeof90%sustainablematerials,includingcarbonblackandsoybeanoil.Whileitstatedtheneedforfurthercollaborationtobring90%sustainabletiresintothemarket,thecompanyplanstosellthemwith70%sustainablematerialin2023.Ouranalysisindicatesthattheradialtiretypecapturesthehighestshareinthemarketasithaslowerrollingresistance,achievinggreaterfuelefficiency. • LabelingCulture:Labelinghasemergedasaviablesolutiontodifferentiateproductsfrompackagingtotires.However,governmentsarestrivingtoimplementstandardstoeliminateredundantperformanceclassesfromthescale.Forinstance,thelabeldesignwillbechangedintheUSwithsnowandicegripsymbols.TheEuropeanCommissionalsointroducedEuro7standardsforparticleemissionfromtiresandbrakestoensurecleanervehicularmovementandairqualityacrosstheregion. • Otherthanthis,theIndiangovernmentmandatednewstandardsin2021toenhancefuelefficiencyandbrakingimpactonwetroads.Earlierin2022,Michelinbecamethefirsttirebrandtoreceivea4-starratingbytheBureauofEnergyEfficiency,India,underthenewstarlabelingprogram.SuchstepsbygovernmentbodiestopromotesustainabilityaresettobeagrowthenablerfortheAsia-Pacific tire aftermarket, tire replacement market. • ElectricVehicle:RevvingUptheRide • Overthecourseofadecade,electricvehiclesalessoaredtoreacharound7millionunitsin2021.Fueledbythefallingcostsoflithium-ionbatteries,therisingEVsaleshaverevolutionizedtheautomotiveindustryandthetiresector.Furthermore,sincetheadditionalweightofbatteriesinEVsleadtoenhancedstiffness,thedemandforcutting-edgetireshasaccelerated.Asaresult,companieslikeBridgestonehaveunveiledENLITENTechnologythatdecreasestirerollingresistanceby30%andweightby20%toexpandEVdrivingrangeandreduceenvironmentalimpact.Therefore,theEVindustryisattractiveforexpandingthetireaftermarket,tirereplacementmarket.

  3. FAQs: Q1)Whatarethetypesoftiresintheaftermarket,tirereplacementmarket? Therearetwomajortypesoftires,namely,radialandbias,inthetireaftermarket,tirereplacementmarket. Q2)Whichregionwillwitnessthefastestgrowthduringtheforecastperiod? Asia-Pacifictireaftermarket,tirereplacementisanticipatedtowitnessthefastestgrowth,attainingaCAGRof5.09%duringtheforecastperiod2022-2028.

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