The tire industry in the region is primarily driven by rapid urbanization and growing demand for passenger cars.
The global tire market is expected to witness significant growth during the forecast period, primarily due to the growing vehicle-manufacturing industry. In recent years, the adoption of personal transportation vehicles, especially in China and India, has ramped up, leading to the growth of the market.
In addition, advancements in the tire technology are expected to boost the market growth in the coming years.
On the basis of vehicle type, the tire market has been categorized into passenger cars, commercial vehicles, two-wheelers, and others.
The passenger car category is expected to observe significant market growth during the forecast period, much of which can be attributed to the growing rate of personal vehicle ownership across the world, primarily in developing economies such as China and India, where the standard of living has considerably improved in the past decade.
The tire market has also been classified into radial and bias tires. During the forecast period, the market is expected to witness considerable growth in the category of radial tires, owing to the benefits offered by these tires over bias tires, such as lower transversal slip, greater power transfer, lower fuel consumption, less ground damage, and higher vehicle efficiency.
On the basis of sales channel, the tire market has been classified into original equipment manufacturer (OEM) and aftermarket. Of the two, faster growth in the market during the forecast period is expected from the aftermarket category.
This can be mainly attributed to the increasing consumer preference for customization in terms of acceleration, grip, and ride comfort. Tires under the OEM category are designed primarily for higher fuel efficiency and longer on-road wear life.
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Globally, Asia-Pacific is expected to lead the tire market during the forecast period.
Tire Market Dynamics
Major drivers for the tire market are the growing vehicle industry and advancements in the tire technology. It is evident that growth in the vehicle industry will lead to an increase in demand for tires, from the OEMs as well as the aftermarket.
Also, with rise in living standards and growing demand for personal transportation vehicles in developing countries such as China, India, and Indonesia, the tire industry is poised to grow considerably during the forecast period.
The major factor restraining the growth of the tire market is the growth of the tire retreading industry. Retreading a used tire costs much less than buying a new one and, therefore, helps save significant costs.
Due to this, consumers prefer retreading used tires over buying new ones. Also, tires make for a significant portion of operating costs for fleet operators; therefore, operators prefer retreading tires, which, in turn, hinders the growth of the tire industry.
The global tire market is quite competitive, with major manufacturers contending on the basis of product innovation and price competitiveness. Some of the key players operating in the tire industry are MICHELIN, Continental AG, Bridgestone Corporation, Goodyear Tire and Rubber Co., Yokohama Rubber Co.
Ltd., Cooper Tire and Rubber Co., Pirelli & C. SpA, Hankook Tire Co. Ltd., Apollo Tyres Ltd., MRF Ltd., and Xingyuan Tyre Group Co.
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