Summer Tires Market to Witness Growth Acceleration During 2022-2028

Summer tires, also called as performance tires are designed for better wet and dry traction with precise handling. These tires are optimized for superior road grip whether it's slightly damp or raining heavily, or baking hot, on the road surface. The tread patterns are feature shallower, straighter grooves compared to all season or winter tires so more of the rubber is in contact with the road.

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Companies Profiled in this report includes:  MICHELIN, The Goodyear Tire and Rubber Company, China National Tire and Rubber Corporation,  Sumitomoto Rubber Industries Inc., Pirelli and C. S.p.A., Continental AG, Bridgestone Corporation, Yokohoma Rubber Company, Madras Tire Factory, Hankook Tire and Technology group

MARKET SEGMENTATION

  Based on vehicle type, the global summer tires market is segmented into passenger cars, LCV and HCV.

  On the basis of tire type, the market is segmented into radial and bias.

  Based on rim size, the global summer tires market is segmented into 15'', 16''-19'' and 20'' and above..

MARKET DYNAMICS

Drivers:

  Owing to the growing sales of automobiles across the globe, the summer tires market is experiencing a significant growth.

  Meanwhile, the growing important about maintenance of vehicle and periodic replacement of tires is anticipated to propel the summer tires market.

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IMPACT OF COVID-19 ON SUMMER TIRES MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

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