NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The automotive premium tires market size is expected to grow by USD 33.72 billion from 2021 to 2026, progressing at a CAGR of 10.58% as per the latest Technavio market research report. The report has been segmented by end-user (replacement and OEM) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The increasing penetration of TPMS in truck tires is notably driving the market growth. The TPMS serves to alert drivers about potential unsafe driving conditions arising from under-inflated tires. This technology is experiencing growing adoption in passenger cars and is notably favoured by fleet management companies. These companies, along with governmental bodies, are advocating for the mandatory use of TPMS in commercial vehicles to bolster road safety. Stringent safety regulations set forth by automotive regulatory authorities across Europe, the Americas, and APAC have further bolstered the adoption of this system. As a result, the increasing integration of TPMS in truck tires is anticipated to propel the global automotive premium tires market in terms of its value. Discover insights on market size before buying full report- Download sample report
Automotive Premium Tires Market: Segment Overview
This market research report segments the automotive premium tires market by end-user (replacement and OEM) and geography (North America, APAC, Europe, Middle East and Africa, and South America).
- The automotive premium tires market share growth by the replacement segment will be significant during the forecast period. Premium tires, due to their lower rolling resistance, tend to experience faster wear and tear, leading to a shorter lifespan compared to conventional tires. As a result, the replacement frequency for premium tires is higher than that for conventional tires. This particular aspect significantly contributes to the expansion of the replacement tires segment within the global automotive premium tires market. Moreover, the market benefits from convenient access to regional or country-level distribution networks, which encompass dealers and retailers. This enhanced accessibility to distribution channels further reinforces the successful penetration of these products into the aftermarket channels of the market.
Geography Overview:
- North America is estimated to account for 38% of the global market growth during the forecast period. The United States holds a pivotal position as the primary market for automotive premium tires in North America. Anticipated market growth within this region is set to outpace the growth seen in South American and Middle East & Africa (MEA) regions. The robust adoption of Tire Pressure Monitoring Systems (TPMS) within the automotive market is poised to drive the expansion of the automotive premium tires market in North America throughout the projected timeframe. This comprehensive market research report offers intricate insights into competitive intelligence, identifies marketing gaps, and highlights regional prospects for vendors. These insights will be instrumental in formulating effective and efficient business strategies.
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Recent trends influencing the market-
The increasing demand for environment-friendly tires is an automotive premium tires market trend. The escalating apprehensions regarding environmental sustainability have propelled automobile manufacturers and suppliers to conform to specific manufacturing standards and regulations. Within the global automotive industry, original equipment manufacturers (OEMs) and vendors are placing substantial emphasis on the creation of energy-efficient products and components. This focus is driven by the understanding that vehicle emissions, manufacturing processes, and associated activities play a significant role in the surge of carbon footprint. Notably, leading tire manufacturers across the globe are channeling considerable investments into the research and development of eco-friendly tires. This movement towards the production of environmentally responsible tires is poised to yield positive outcomes for the global automotive premium tires market.
Major challenges hindering the market growth
The price fluctuations of rubber will be a major challenge for the automotive premium tires market during the forecast period. Rubber is a substantial component in the automotive sector, primarily employed in tire manufacturing. Nonetheless, shifts in rubber prices can introduce instability in the costs of related raw materials, potentially affecting stakeholders across the industry's value chain. The dynamics and price oscillations in the global rubber industry consequently reverberate within the global automotive premium tires market. Leading natural rubber-producing nations have faced the necessity to curtail their production capacities due to these price fluctuations. This reduction in exports, coupled with evolving regulations within major natural rubber-producing countries, is projected to exert an adverse impact on the global automotive tires market, consequently posing challenges to the growth of the global automotive premium tires market.
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What are the key data covered in the Automotive Premium Tires Market reports:
- Company landscape and analysis including Bridgestone Corp., Continental AG, Hankook Tire and Technology Co. Ltd., Kumho Tire Co. Inc., Michelin North America Inc, NEXEN TIRE Corp., Nokian Tyres Plc, Pirelli Tyre Spa, Shandong Linglong Tyre Co. Ltd., The Goodyear Tire and Rubber Co., Toyo Tire Corp., Yokohama Rubber Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Giti Tire Pte. Ltd., MRF Ltd., Shandong Hengfeng Rubber and Plastic Co. Ltd., Triangle Tyres, and Xingyuan Tires Group
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Automotive Premium Tires Market Scope |
|
Report Coverage |
Details |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.58% |
Market Growth 2022-2026 |
USD 33.72 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
9.75 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bridgestone Corp., Continental AG, Hankook Tire and Technology Co. Ltd., Kumho Tire Co. Inc., Michelin North America Inc, NEXEN TIRE Corp., Nokian Tyres Plc, Pirelli Tyre Spa, Shandong Linglong Tyre Co. Ltd., The Goodyear Tire and Rubber Co., Toyo Tire Corp., Yokohama Rubber Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Giti Tire Pte. Ltd., MRF Ltd., Shandong Hengfeng Rubber and Plastic Co. Ltd., Triangle Tyres, and Xingyuan Tires Group |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Geography
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
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