Global Tire Aftermarket, Tire Replacement Market to record 4.53% CAGR by 2030

Inkwood Research predicts that the Global Tire Aftermarket, Tire Replacement Market is assessed to increase with a 4.53% CAGR during the estimation period 2022-2030.
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Automotive tires need replacements to increase the average life of a vehicle and provide smoother operation. Other reasons that create the requirement for tire replacement include inflated pressure, lack of maintenance, driving on harsh terrains, and when the treads have worn out. In addition, the rising heavy-duty commercial vehicles adoption in construction and mining projects propels the demand for automotive tire replacements. Globally, developing countries have several projects with the use of heavy-duty as well as light commercial vehicles for regular work. As these vehicles work on harsh terrains, their tires wear rapidly and require frequent replacement. Also, surging sales of luxury, passenger, and electric vehicles due to expanding individual purchase power and rapid urbanization are major factors stimulating the demand for automotive tires worldwide.

Regulations on Tire Labeling Lucrative for Market Growth
Globally, governments are enforcing several laws for vehicle and automobile manufacturers. Hence, tire producers adopt several environmentally friendly raw materials without compromising lighter tires. As a result, greater fuel economy and lower vehicle weight are obtained. For instance, European nations and Japan have regulations regarding tire labeling. The guidelines for tire labeling would mean a major market for tire replacement. This move decreases the introduction of microplastics in the environment, leading to the growth of the automotive tire aftermarket.
On the other hand, in the United States, every tire is identified by a Department of Transportation (DOT) number. The final four numbers represent the week and year the tires were made. After new standards for label display and eliminating redundant performance classes from the scale are met, the labels will be more visible and clear to customers. The label's design will be changed, and snow and ice grip symbols will be added.

Original Equipment Supplier - Dominating Distribution Channel
Original equipment supplier (OES) parts are made on the OEM (original equipment manufacturer) assembly line but with a few differences. The OES part is stamped or branded with the company's logo before being labeled and wrapped in the manufacturer's packaging. Because of these additional steps, OES parts are more expensive for the end customers. Further, many OEM manufacturing firms are in active demand in the market as various OES brands are required by ISO (International Organization for Standardization) certification standards. Therefore, automakers must have multiple supply sources that provide them with equivalent quality parts to maintain a consistent supply on the production line.

Leading Region - Asia-Pacific
Significant demand for automotive components and automobiles in Asian countries such as China, Japan, Thailand, India, and Indonesia propels the global tire aftermarket, tire replacement market. Moreover, China and other major emerging economies are increasing the electric vehicle adoption rate, increasing the requirement for tire replacement in the region.
The tire industry, like the automotive vehicles industry, thrives on reputation, quality of product offerings, aftersales service and brand. Despite multiple avenues to start into the tire market, it is difficult to achieve market dominance because many existing companies invest heavily in new technologies. Further, the global tire aftermarket, tire replacement market is highly competitive, with global players investing heavily and numerous product launches.

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