The automotive tire aftermarket market size is projected to reach US$ 1,84,271.41 million by 2031 from US$ 1,18,278.92 million in 2023. The market is expected to register a CAGR of 5.7% during 2023–2031. The increasing demand for the green tires in the commercial and passenger vehicles driving the trend in the market.
Automotive Tire Aftermarket Market Analysis
Manufacturers of brake friction products face a significant challenge as vehicle components live longer. OEMs prefer long-lasting brake friction products that fade less quickly due to controlled friction, reduced wear, reduced noise, and reduced roughness. Additionally, OEMs and manufacturers consider durability across a resistance to water washout, wide service temperature range, clean assembly of brake-Caliper components, road contaminants, and oxidation, and when developing brake friction products. Regenerative braking has been used in battery-operated electric vehicles in recent years. The electric vehicle manufacturers are adopting advanced frictional products to smoothly run the vehicles. Metal rotor discs are used in the manufacturing of electric vehicles. With the increased sales of electric vehicles, the demand for the Automotive Tire Aftermarket market is growing at a rapid pace during the forecast period as these brake frictional products are lighter and highly efficient. Therefore, with the increasing demand for eco-friendly transportation with high demand for electric vehicles, there is expected to be ample opportunity for the Automotive Tire Aftermarket market growth.
Automotive Tire Aftermarket Market Overview
The most significant part of a vehicle is the tire, which is positioned on the rims and transfers vehicle propulsion. Tires also absorb and reduce the impacts of multiple road conditions. Materials such as fabric, wire, natural rubber, carbon black, synthetic rubber, and other chemical compounds are used to manufacture automotive tires. Tire manufacturers are constantly spending on research & development to produce high-performance tires and incorporate nanotechnology into tire manufacturing.
An automotive tire consists of a tread and a body. The tread provides traction while the body provides containment for a quantity of compressed air. Before rubber was developed, the first few versions of tires were simply bands of metal fitted around wooden wheels to prevent wear and tear. Early rubber tires were solid (not pneumatic). Pneumatic tires are now used on many vehicles, including cars, bicycles, motorcycles, buses, trucks, heavy equipment, and aircraft. Metal tires are still used on locomotives and railcars; however, solid rubber (or other polymers) tires are used in various nonautomotive applications, such as casters, carts, lawnmowers, and wheelbarrows.
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Automotive Tire Aftermarket Market: Strategic Insights
Market Size Value in US$ 105,869.22 Million in 2021 Market Size Value by US$ 159,497.33 Million by 2028 Growth rate CAGR of 6.0% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Automotive Tire Aftermarket Market: Strategic Insights
| Market Size Value in | US$ 105,869.22 Million in 2021 |
| Market Size Value by | US$ 159,497.33 Million by 2028 |
| Growth rate | CAGR of 6.0% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Automotive Tire Aftermarket Market Drivers and Opportunities
Rising Demand for Fuel-Efficient Tires
Fuel is one of those commodities whose prices are constantly changing. In recent years, the price has continued to rise rather than fall. Consumers might save money by installing fuel-efficient tires on their vehicles. Fuel-efficient tires are also known as low rolling resistance tires. Rolling resistance is the force necessary to keep the automobile moving at any given speed. The degree of friction exerted on the tires determines the quantity of fuel and energy to be used. Low rolling resistance tires require less power to maintain rolling, thereby reducing total fuel usage. Low rolling resistance tires are in high demand due to growing consumer demand, climate change, and a lower overall carbon footprint of fuel-efficient tires than standard tires. For instance, Michelin Energy Saver A/S All-Season is widely regarded as one of the best fuel-efficient tires and is a popular choice among most drivers. These factors lead to the growth of the automotive tire aftermarket.
Increased sale of electric vehicles and surge in demand for the tubeless tires is expected to create ample opportunity for the market growth
Electric vehicles require specific tires. According to the vehicle manufacturer, its tire must have greater weight than internal combustion cars and transmit more torque to the road when driving after a halt. Tire noise is more noticeable in electric cars than internal combustion vehicles because of their near-silent powertrains, mainly hidden by engine noise. The introduction of electric vehicles and their significantly lower propulsion noise emission allow assessing tire-road noise with higher accuracy via cruise-by measurements, even at speeds where a combustion engine propulsion system would usually disturb the measurement results. The rolling resistance rating provided by the European Union tire label has been used as the primary selection criterion for potential tires for EVs.
Automotive Tire Aftermarket Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive tire aftermarket market analysis are tire type, distribution channel, rim size, vehicle type, and geography.
- Based on tire type, market is divided into radial tire and bias tire. Among these, radial tire has larger share in 2023, owing to increasing automotive production.
- Based upon the distribution channel, the market is divided into OES and IAM. Among these original equipment suppliers has the largest share in 2023.
- Depending rim size, the market is divided into 13-15, 16-18, 19-21, and more than 21.
- Depending upon the vehicle type, the market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, passenger vehicles have a larger share in 2023, this is owing to increasing passenger cars sale across the globe.
Automotive Tire Aftermarket Market Share Analysis by Geography
The geographic scope of the automotive tire aftermarket market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
APAC is considered to be the fastest growing economic region, with China and India as the world’s first and third fastest growing economies. Japan is the most technologically advanced country in the region giving an opportunity for the development of automotive tires market. Emerging economies of Southeast Asia such as Vietnam, Malaysia, and Indonesia are experiencing a growth in their passenger car sales, thus the demand for automotive tire aftermarket is anticipated to increase.
The automotive industry plays a significant role in the growth of Europe’s prosperity, as it accounts for a significant portion of the region’s GDP as well as provides jobs to a large number of populations. Due to these factors, the European Commission has taken several initiatives for the development of the automotive industry in the region. For example, CARS 2020 Action Plan and GEAR 2030, among others. These initiatives taken by the European government are expected to support the sustainable growth of the automotive industry in the region. This factor will further support the growth of the automotive tire aftermarket market in Europe.
Automotive Tire Aftermarket Market Report Scope
Automotive Tire Aftermarket Market News and Recent Developments
The automotive tire aftermarket market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Tire Aftermarket Market are listed below:
- MRF, India's largest tyre manufacturer, recently launched the new STEEL BRACE radials for high-performance motorcycles. The Steel Brace radials are highly specialized tyres made specifically for high-end motorcycles that demand extraordinary performance under extreme conditions. (Source: Company Website, July 2023)
- Continental today presented its most sustainable series tire to date - the UltraContact NXT. With up to 65 percent renewable, recycled and mass balance certified materials, it combines a remarkably high share of sustainable materials with maximum safety and performance. Continental is the first manufacturer to launch a tire with both a high share of sustainable materials and maximum EU tire-label performance in volume production.). (Source: Press Release, June 2023)
Automotive Tire Aftermarket Market Report Coverage and Deliverables
The “Automotive Tire Aftermarket Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Automotive Tire Aftermarket market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Automotive Tire Aftermarket market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Automotive Tire Aftermarket market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Automotive Tire Aftermarket market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Tire Type, Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, UAE, UK, US
Frequently Asked Questions
Asia Pacific is expected to dominate the automotive tire aftermarket market in 2023.
Increase the demand for replacement of the tires in emerging countries such as India, China, and Japan drive the market growth. Also, increased demand for the fuel-efficient tires drives the market growth.
The modern technologies such as ESC, adaptive cruise control adoption is driving the market trend.
Continental AG, PIRELLI AND C. S.P.A., Sumitomo Rubber Industries, Ltd., The Goodyear Tire and Rubber company, Yokohama Rubber Co., Ltd, Zhongce Rubber Group Co. Ltd., Nexen Tire America Inc., Bridgestone Corporation, Michelin.
The Automotive Tire Aftermarket market size is projected to reach US$ 17,261.8 million by 2031 from US$ 11,809.2 million in 2023.
The market is expected to register a CAGR of 4.9% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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