The tires OE market is projected to grow at a CAGR of5.48%from 2016 to 2021, to reach a market size of USD 30.26 billion by 2021
Study on Tires Market highlights key players 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), and Hankook Tires (South Korea).
.Rolling resistance of tires affects the fuel economy of a vehicle.
According to Continental Corporation, 16% of the total fuel consumption of a vehicle is attributed to rolling resistance. Thus, decreasing the rolling resistance will lead to significant amount of fuel saving.
According to Exxon Mobil Chemical analysis, a 10% decrease in the rolling resistance can lead to 1-2% increase in the fuel economy of passenger cars and light trucks. This will further lead to 2-4% increase in the miles per gallon (mpg) of a vehicle.
Thus, the demand for low rolling resistance tires is increasing. However, the market growth is restrained by factors such as fluctuating raw material prices of natural rubber and synthetic rubber.
Key Target Audience;
- Manufacturers of automotive tires
- Manufacturers of off-highway tires
- Raw-material manufacturers of tires/tire components (suppliers for tier I)
- Traders, distributors, and suppliers of tires or tire components or raw materials
- Regional manufacturer associations
- Aftermarket and tire retreading associations
- Automotive OEMs
- Organized and unorganized aftermarket suppliers
- Tire retreading companies
- Government’s national and regional environmental regulatory agencies or organizations
Light commercial vehicles are estimated to witness the highest growth in the retreading tires market. According to the Rubber Manufacturers Association, light truck retread accounted for only 1.67% of the tires aftermarket, in terms of volume.
Retreading of tires has always been a popular concept with heavy commercial vehicles, but with time the potential benefits of using it for light commercial vehicles has been noticed. In a light duty vehicle, single tire manufacturing 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 the Retread Tire Association, the cost for a set of four large SUV tires is around USD 1,000.
Almost 50% of the cost is saved by adopting retreading for light duty vehicles. Thus, retreading suppliers are now focusing on light duty vehicle retreading.
Certain tire manufacturers are also entering the retreading business, such as The Goodyear Tire & Rubber Company (U.S.), which has more than 1700 tire retreading and service centers for commercial vehicles.
Key Points From Table Of Content:
3 Executive Summary
3.1 Tires Market for OE & Replacement, By Region (USD Million)
3.2 Tires Market for OE & Replacement, By Vehicle Type (USD Million)
3.3 Tires Market for OE & Replacement, By Rim Size (USD Million)
3.4 Tires Market for OE — Growth Trends
3.5 Tires Replacement Market, By Aspect Ratio (USD Million)
3.6 Tires Replacement Market, By Section Width (USD Million)
3.7 Tire Retreading Market, By Vehicle Type (USD Million)
3.8 Off-Highway Tires OE Market, By Application (USD Million)
4 Premium Insights
4.1 Attractive Market Opportunities in Tires OE Market
4.2 Tires Market Share for OE, By Vehicle Type & Region (USD Billion)
4.3 Tires Market for OE, By Rim Size (USD Billion)
4.4 Tire Replacement Market, By Region (USD Billion)
4.5 Tire Replacement Market, By Vehicle Type & Aspect Ratio (USD Billion)
4.6 Tire Replacement Market, By Rim Size (USD Billion)
4.7 Tire Replacement Market, By Section Width (USD Billion)
4.8 Tire Retreading Market, By Region (USD Billion)
4.9 Off-Highway Tires OE Market, By Application (USD Million)
Complete report on Tires Market spread across 234 Pages, Profiling 10 Companies and Supported with 120 Tables and 71 Figures is now available at www.rnrmarketresearch.com/tires-ma…arket-report.html
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