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Increase in Vehicle-Miles of travel over the years globally has positively influenced the demand of aftermarket tires. As per the data studied from the US Department of Transportation, travel on all roads and streets changed by 1.3% for December 2019 as compared with December 2018 for (3.5 billion vehicle miles). The institute reported that travel for December 2019 was estimated around 273.8 billion vehicle miles. Furthermore, the seasonally adjusted vehicle miles travelled for December 2019 was 273.4 billion miles, a growth of 0.4% (1.1 billion vehicle miles) from December 2018. Hence, cumulative travel in 2019 recorded a growth of 0.9% (28.8 billion vehicle miles) with 3,269.1 billion vehicle miles of travel.
Increasing affordability of consumers, growth in awareness related to vehicle maintenance, and rise in aftermarket dealerships are boosting the aftermarket tire industry. Also, increased mechanization of farming activities and substantial growth in commercial farming activities are boosting the demand of aftermarket tire market.
The Global Aftermarket Tire Market is anticipated to register a growth at a compounded annual growth rate of more than 2% during the forecast period 2021-2027.
Rapid growth in the automobile industry plays a major role in the overall growth of the aftermarket tire industry, growth is attributed to industrialization which supported the rise in demand of commercial vehicles such as trailers, tractors and trucks.
Growth in disposable income and improvement in standard of living are the key factors that support the sale of premium segment bikes and luxurious passenger cars. Also, boost in electric vehicle sales owing to decline in prices of parts such as alternators, transmission and battery will further contribute to the market growth in the forecast period. Hence, the growth in different segments of vehicle across the segments leads to rise in demand of automobile parts and other associated parts including aftermarket tire.
The aftermarket tire market is categorized on the basis of product type, rim size, tyre construction, vehicle type, demand category and technology used. These major market segments are further categorized into various sub-segments to study the market in detail.
By Rim Size
By Tyre Construction
By Vehicle Type
By Demand Category
This market research study report studies the global aftermarket tire market size in key regions like North America, Europe, Asia Pacific, Middle East & Africa and South America.
The North America aftermarket tire industry accounted as the largest market shareholding region. The market dominance is attributed to easy affordability of regional population to purchase premium cars and vehicles, and high demand of fleet of light commercial vehicles and heavy commercial vehicle with relatively higher average miles is considerably driving the growth of the aftermarket tire industry in North America.
Asia Pacific estimated to be the largest market in terms of volume for tire aftermarket during the forecast period. The market growth is attributed to growth in socio-economic conditions in emerging countries such as China, India, Thailand and Indonesia. Growth in number of vehicle production boost the tire production in the region. Also, the average miles driven by different vehicles are more in China and India which support the rising demand of aftermarket tire.
Apollo Tires, Bridgestone Corp., CEAT Ltd., Coda Development, Continental AG, Cooper Tire & Rubber Company, Goodyear Tire & Rubber Co., JK Tyre & Industries Ltd., Kumho Tire, MRF Tyres, Maxxis International, Michelin Group, Nokian Tyres PLC, Pirelli & C. S.p.A., Hankook Tire Co. Ltd., Sumitomo Rubber Industries, Toyo Tire & Rubber Co. Ltd., Yokohama Rubber Co. Ltd. and Zhongce Rubber Group Co. Ltd. are key companies offering various solutions in the global marketplace.
The aftermarket tire industry is majorly dominated by global market players with mixed shareholding from several domestic players. High degree of competition owing to brand-driven nature of the industry can be an attribute to the dominance of a few market players. Although increasing aftermarket demand for rubber tires from domestic and small players are giving stiff competition to the top companies present in the global marketplace.
Growth in sales of new cars and efforts by automakers and distributors have helped to fuel the surge in demand of aftermarket tire.
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