According to our latest market study on “Automotive Tire Aftermarket Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Tire Type, Distribution Channel, and Rim Size,” the market is expected to grow from US$ 105,869.22 million in 2021 to US$ 159,497.33 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
For many reasons, 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. The second selection criterion represented the tire label rating for wet grip, whereas a lower rating implies a shorter braking distance. For instance, Pirelli, an Italian tire manufacturer, announced a new high load (HL) index tire that will debut on the upcoming Lucid Air sedan. This HL tire was designed specifically for electric cars and SUVs to support the heavier weight of batteries while maintaining a low rolling resistance. This will provide lucrative opportunities for the growth of the Automotive Tire Aftermarket market during the forecast period.
The global Automotive automotive Tire tire Aftermarket aftermarket Market market is segmented on the basis of tire type, distribution channel, rim size, and geography. On the basis of By tire type, the global Automotive Tire After market is divided bifurcated into radial and bias. In 2020, the Radial radial type segment expected to heold significant a larger market share in the global Automotive Tire Aftermarket. On the basis ofBased on distribution channel, the global automotive tire aftermarket market is bifurcated into OES and IAM. In 2020, the OES distribution channel segment expected to hoeld significant a larger share in the global Automotive Tire After market. On the basis ofBy Rim rim Sizesize, the global Automotive Tire After market is bifurcated segmented into 13-15, 16-18, 19-21, and More more than 21. In 2020, the 13-15 Rim Size segment expected to hoeld a significant share in the global Automotive Tire Aftermarket. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant share in the global automotive tire aftermarket market.
Impact of COVID-19 Pandemic on Global Automotive Tire Aftermarket Market
The growth of economies, and improvements in production and manufacturing infrastructures, especially in developing countries, have bolstered the growth of the automobile market. This growth encourages the global automotive tire aftermarket market. After witnessing a significant drop in the growth in 2020 due to the COVID-19 pandemic, the automotive market has been experiencing a gradual recovery in consumer demand for trucks and cars since the last quarter of 2020. According to several automotive industry associations and organizations, the automotive sector recorded ~20–25% loss in production and more than 30% loss in sales in 2020. The smart key manufacturer’s observed significant tremors in 2020 owing to the decline in automotive manufacturing. Automotive sales in Europe and the US are anticipated to rebound to pre-COVID-19 pandemic levels by 2023, while China’s rebound continues to accelerate, with the potential to approach 30 million new vehicles by 2025. Rapid recovery in the global automotive sector is anticipated to boost the demand for automotive tires aftermarket market, during the forecast period.
APOLLO TIRES LTD; 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; and MICHELIN are among the major companies operating in the automotive tire aftermarket market.
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