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Tire Aftermarket, Tire Replacement: Labeling Norms Drives Market

02-02-2023 01:49 PM CET | Industry, Real Estate & Construction

Press release from: Triton Market Research

Tire Aftermarket, Tire Replacement Market

Tire Aftermarket, Tire Replacement Market

Triton Market Research presents the Global Tire Aftermarket, Tire Replacement Market report sectioned by Tire Type (Radial Tire, Bias Tire), Rim Size (19-21 Inches, 16-18 Inches, 13-15 Inches, More Than 21 Inches), Distribution Channel (Original Equipment Supplier [OES], Independent Aftermarket [IAM]), and Regional Outlook (North America, Asia-Pacific, Europe, Latin America, Middle East and Africa).

The report further discusses the Market Summary, Industry Outlook, Key Insights, Impact of COVID-19, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).

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Triton's report suggests that the global market for tire aftermarket, tire replacement is projected to surge at a CAGR of 4.43% during the forecast period 2022-2028.

Tire aftermarket and replacement are dedicated replacement tires intended to provide all-around performance on any vehicle for which they are sized.

Tire labeling norms have become mandatory in recent times. For instance, each tire in the United States has a Department of Transportation (DOT) number that serves as its unique identification. The final four numbers represent the week and year the tires were manufactured. Additionally, the Indian government proposed mandating tire standards in 2021 to improve fuel efficiency and braking performance on wet roads. Thus, the tire labeling guidelines are anticipated to support the development of the tire aftermarket, tire replacement market.

However, uncertainty in the pricing of automotive raw materials negatively impacts the global market's progression.

Globally, the Asia-Pacific is expected to emerge as the fastest-growing region in the tire aftermarket, tire replacement market. Countries in the region have a strong manufacturing base, skilled labor, and special economic zones. Massive demand for automobiles and automotive components in countries such as India, China, Thailand, Indonesia, and Japan drives the market. Besides, electric vehicle adoption is increasing in China and other major emerging economies, increasing the tire replacement demand.

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The leading companies thriving in the tire aftermarket, tire replacement market include Hankook Tire & Technology Co Ltd, Goodyear Tires, MRF, The Yokohama Rubber Co Ltd, Apollo Tyres, CEAT Limited, Nexen Tire Corporation, JK Tyre, Sumitomo Rubber Industries Ltd, Continental AG, Michelin, Bridgestone Corporation, Toyo Tires, Pirelli & C SpA, and Maxxis.

The market is extremely competitive, with numerous players investing heavily in product development. For instance, Bridgestone Americas recently invested around $500 million in expanding and modernizing its truck and bus radial (TBR) tire plant. Another company, Goodyear Tire & Rubber, introduced 16 new sizes of its premium ultra-high-performance all-season tire. Thus, with expansions and new product launches, the competition in the studied market is high.

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Triton is a leading market research company providing clients with the best online market research data reports. Our offerings include syndicated market insights, customized research reports, and cost-effective consulting services for constructive decision-making.

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