Passenger Tire Market From OEM Segment is Expected Grow at High Rate By 2025
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Based on season, the passenger tire market size is segmented into all-season and winter tires. The growth in the all-season tires can be attributed to the capability of the tires to maintain a balance between ride quality, comfort, handling, while maintaining traction for traveling across diversified terrain. The winter tires are ideal for usage in snowy terrain owing to the availability of higher traction and maintain vehicle balance.
The passenger tire market share based on material can be segmented into natural and synthetic rubber. The increasing demand for natural rubber can be credited to the reduced carbon footprint along with lower costs associated with the development of such tires. The synthetic rubber accounts for a considerable share owing to the higher costs associated with the petroleum products.
Few of the prominent players operating in the passenger tire market share include Michelin, Pirelli, Goodyear Tire & Rubber Company, Continental, and Bridgestone. Industry players are continuously investing in R&D and developing advanced new tires for expanding their market share. For instance, in 2018, Goodyear launched its Assurance TripleMax2 tire with different rim sizes ranging from R14 to R16. Moreover, the HydroTred Technology contributes significantly towards improving the vehicle performance significantly.
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Asia Pacific will account for a significant share in the passenger tire market share. This can be credited to the rising automobile sales across the region owing to improving disposable income and rising preference for personal mobility solutions. Moreover, the presence of multiple automobile manufacturers across the region with their production facilities along with the availability of low-cost labor, raw materials, and favorable government policies further accentuates the regional demand.
Advancements in technologies along with continuous investments by tire manufacturers to minimize the tire weight and complexity are providing a positive outlook for the passenger tire market share expansion. The rising preference for airless tires owing to benefits offered including lower maintenance, superior durability, and ability to travel across diversified terrain conditions accentuates the industry demand. However, the higher costs associated with the acquisition of such tires are hampering the business share over the study timeframe.
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