Passenger Tire Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3475
Passenger Tire Market size is poised to register significant CAGR during the forecast years due to rising preference for personal mobility solutions. Automobile manufacturers focus on providing tires for their vehicles by maintaining optimum grip levels, fuel economy, along with minimum maintenance requirements. The availability of a wide range of tires with different sizes and tire tread patterns across multiple variants further accelerates the passenger tire market size.
Industry players are continuously investing in R&D for developing advanced tires suitable for diversified terrain and climatic conditions. For instance, in 2014, Nokian Tyres showcased its non-studded winter tires, with the capability of bringing out the studs with the usage of a switch. This improves the grip levels significantly and further, the studs are easily retracted back, while not in use, thereby improving vehicle efficiency.
Innovations in tire manufacturing along with increasing preference for 3D printing techniques are gaining prominence in the industry. The benefits offered by this technology include rapid prototyping and additive manufacturing thereby positively influencing the passenger tire market share. For instance, in 2018, Goodyear showcased its Oxygene tire concept manufactured using Selective Laser Sintering (SLS) technology.
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.
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.
Based on distribution channel, the passenger tire market share is categorized into OEM and aftermarket. OEMs will account for a significant share in the market share on account of rising vehicle production across the globe. OEMs offer a wide range of tires of varying sizes for a diversified range of vehicle models including hatchbacks, sedans, SUVs, MUVs, and crossovers. The aftermarket segment will witness considerable growth on account of the requirement for tire repairs and replacements.
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.
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.
Strategic partnerships and joint ventures are some of the major strategies adopted by industry players for improving their business share and cater to a wide customer base. For instance, in 2018, The Goodyear Tire & Rubber Company and Bridgestone Americas, Inc. formed a joint venture named TireHub, LLC for providing U.S. tire retailers and dealers with a wide range of passenger vehicle tires. The notable players operating in the passenger tire market share include CEAT Ltd., Apollo Tyres, Birla Tyres, Hankook Tire, and Nokian Tyres among others.
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