The tires replacement market is projected to grow at a CAGR of 2.0% to reach a market size of USD 21.6 billion by 2028 from 19.6 billion in 2023. The market growth is primarily driven by a growing vehicle fleet, an increase in demand for high-performance tires and increasing average life of vehicles. The number of vehicles on the road is increasing owing to the improving road infrastructure, consumer awareness regarding vehicle maintenance, stringent fuel economy norms, and other factors. These factors are driving the tires aftermarket as the factors lead to increased replacement miles of tires and improved tire performance for a more extended period.
Radial segment to be the largest segment by tire type in automotive tire market. LCVs are designed to carry various types of loads, from goods to passengers. Radial tires have a strong and flexible construction that allows them to handle heavier loads with greater stability and reduced heat buildup. This makes them well-suited for the demands of LCVs, which often carry substantial weight. Radial tires provide a smoother and more comfortable ride due to their flexible sidewalls and better shock absorption. This is important in LCVs that may be used for passenger transport or for carrying delicate or valuable goods, where ride comfort is a priority. Hence, these factors would boost the demand for radial tires globally.
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200-230 Section Width segment is the second market during the forecast period. Light commercial vehicles widely use a section width of 200–230 mm. These vehicles are designed to carry substantial loads where 200–230 mm sized tires provide the necessary strength and stability to handle the weight of cargo, ensuring safe transportation. The 200–230 mm sized tires offer better performance in adverse weather, such as rain or snow, and are well-suited for both on-road and light off-road driving. With the growth of e-commerce and the increasing demand for delivery services, the commercial vehicle sector, including LCVs, has experienced a surge in demand. This, in turn, drives the demand for these tire sizes.
Summer Tire is estimated to be the largest market in the replacement automotive tire industry. Summer tires, also known as performance tires or high-performance tires, are specifically designed to provide optimal performance and handling in warmer weather conditions, typically during the spring, summer, and early fall months. Summer tires are designed with precisely calibrated tread patterns to offer a better driving experience during summer. Rising car production and sales, the introduction of cutting-edge technologies like tread depth sensors and tire pressure monitoring systems, and increased competition among tire producers are driving the growth of the market. Additionally, there has been a growing trend towards performance vehicles, such as sports cars, luxury cars, and high-performance SUVs. Such vehicles are designed for high speeds and handling, and they require summer tires to provide grip and high performance on the road.
Key Players
Prominent Automotive Tires Companies include Bridgestone Corporation (Japan), Continental AG (Germany), Goodyear Tire & Rubber Company (US), Michelin (France), and Pirelli & C. S.p.A (Italy) is the leading automotive tire manufacturer in the global market.
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