Tires Market Projected to reach $30.26 Billion by 2021 | Key players include Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire & Rubber Company (The U.S.), Michelin (France), and Pirelli & C. S.p.A (Italy).

According to the new market research report "Tires Market for OE & Replacement by Rim Size (13-15,16-18,19-21,22-26 inch), Replacement Market, Aspect Ratio (35-55, 60-70, 75-85), Section Width (230 mm), Retreading Market and OHV Tires Market, Application, and Region - Global Forecast to 2021”, published by MarketsandMarkets™, The increasing demand for high performance and low-profile tires are driving the automotive Tires Market. Also, the rising demand for eco-friendly tires is pushing original equipment manufacturers to switch from petroleum-based to eco-friendly materials. This upcoming trend is supporting the growth witnessed by the market for tires.

According to the MarketsandMarkets Analysis, the Tires Market for Original Equipment (OE) is projected to grow at a CAGR of 5.48% from 2016 to 2021, to reach USD 30.26 billion by 2021.

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Tier-1 manufacturers are extensively investing in R&D activities to develop newer tire technologies in order to gain traction in the business landscape. These include the noise reduction technology, which reduces the internal noise generated due to the friction produced between tires and road surface. Also, self-sealing tires are gaining popularity, with several tire manufacturers coming up with their own versions of this technology. It basically uses an extra sticky substance layer that protects the inside surface of a tire across its circumference. In the case of tire puncture, the substance seals the hole and resists it from getting converted into a flat tire.

The study estimates Asia-Oceania as the fastest growing OE market for tires. This growth can be attributed to increased vehicle sales as a result of changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. OEMs in this region are not only catering to local demands but are serving developed markets as well through exports. For instance, the aftermarket share of light and medium truck tires, imported from China, for Europe, Latin America, and Africa is as high as 23%, 27%, and 72%, respectively. Hence, these countries are a potential target for tire manufacturers as they not only have the highest domestic demand but also offer low production costs. Besides, the export market from these countries is high.

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The tires with 19”-21” rim size is estimated to witness the highest growth in the tires replacement market. According to the MarketsandMarkets analysis, global HCV parc is projected to grow at a CAGR of 1.40% from 2016 to 2021. When it comes to trucks and buses, this is a very popular rim size and rising demand for heavy commercial vehicles has reflected in the high growth of 19”-21” rim size tires. Also, there has been a very noticeable trend of the shift towards bigger rim sizes in premium passenger cars and SUVs (such as Porsche, BMW, & Mercedes-Benz) with >19” rim sizes. These bigger rim sizes have been offered by many SUV manufacturers for better driving performance, supporting higher horsepower and improved fuel efficiency, making this category of rim sizes increasingly popular with light commercial vehicles and passenger cars as well.

The Tires Market is dominated by a few global players and comprises several regional players. Some of the key manufacturers operating in the market are Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire & Rubber Company (The U.S.), Michelin (France), and Pirelli & C. S.p.A (Italy). There are certain key innovators gaining attention in the Tires Market including CODA Development (Czech Republic), Kumho Tires (South Korea), and Nokian Tyres (Finland).

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