PUBLISHER: Inkwood Research | PRODUCT CODE: 1152327
PUBLISHER: Inkwood Research | PRODUCT CODE: 1152327
The global automotive tire aftermarket, tire replacement market is set to surge with a 4.53% CAGR during the estimated period, 2022-2030. Stringent regulations regarding tire labeling and surging requirements for energy-efficient tires drive global market growth.
Tire aftermarket, tire replacement provides all-around performance upgrades on vehicles for which they are rated and sized. Several strict laws for automobiles and vehicle manufacturers are being enforced by governments worldwide. Therefore, tire manufacturers have adopted various environmentally friendly raw materials without sacrificing lighter tires, resulting in greater fuel economy and consumption as well as much lower vehicle weight.
The major companies in the automotive tire aftermarket are continually developing new technology in manufacturing green tires to meet customers' requirements and strict regulatory guidelines. As a result, the increased demand for green tires will drive the expansion of the automobile tire aftermarket globally.
In addition, Automotive tire manufacturers are concentrating on producing airless tires for passenger and commercial vehicles. Minimal-pressure tires offer zero downtime, no loss of productivity for commercial vehicles, and improved vehicle safety and performance. These innovations are expected to drive the global automotive tire aftermarket, tire replacement market.
The global tire aftermarket, tire replacement market growth assessment includes the evaluation of Europe, Asia-Pacific, North America, and Rest of World. Asia-Pacific is anticipated to be the leading region during the forecast period due to the presence of leading manufacturing companies and advancing technologies in the automotive industry.
The global tire aftermarket, tire replacement market is highly competitive, with numerous global players investing heavily in green technology adoption in tire manufacturing and launching multiple products yearly.
Some of the key companies in the market include: Michelin, MRF, JK Tyre, Pirelli & C SpA, NEXEN TIRE Corporation, Maxxis, etc.