Wheels and Tires
Overview of the global alloy wheels aftermarket
As per Technavio’s market research analysis, the global alloy wheels aftermarket will grow moderately during the forecast period, posting a CAGR of almost 3%. Alloy wheels are wheels made of alloys of aluminum and magnesium, and offer easy acceleration to the cars, resulting in better mileage and fuel economy. The use of alloy wheels minimizes the unsprung weight and helps in better handling of vehicles. There has been the rapid replacement of steel wheels with alloy wheels in the automotive industry due to the several benefits of alloy wheels over the conventional steel wheels. Also, the consumers are becoming more conscious about the external styling of the vehicles and better riding quality, which is acting as a catalyst for the growth of the alloy wheels aftermarket. The major advantage of using aftermarket alloy wheels is their cost-efficiency with respect to the price offered by OEM dealerships.
One of the latest trends gaining traction in the market is the rise in sales through online sales. The online sales platform has specifically given a boost to aftermarket automotive components and accessories. Much of this channel’s exponential growth is driven by the growing incidences of digitization. Factors such as the increase in the use of social media, penetrating mobile technology, and rise in internet penetration act as a catalyst for the growth of the online sales channel, thereby positively influencing the overall growth of the alloy
Market overview of the port and industrial tire market in APAC
Technavio’s market research analyst predicts the port and industrial tire market in APAC to grow at a CAGR of more than 8% during the forecast period. The rising inflow of investments for port infrastructure development by terminal operators in APAC is a key growth driver for this market. Several large terminal operators in APAC have announced huge investments in port infrastructure developments in 2015, signifying a good news for port and industrial tires market. For instance, China's One Belt, One Road initiative is expected be the key long-term growth driver for APAC. This initiative will be actuated by the recently launched Asian Infrastructure Investment Bank, the Silk Road Fund, and a number of Chinese bilateral infrastructure financing commitments. The initiative also includes a network of planned ports and other coastal infrastructure projects in South and Southeast Asia, East Africa, and the northern Mediterranean region.
The technological advances being made to enhance the durability of tires is also anticipated to aid market growth over the forecast period. Tire manufacturers have been working aggressively to improve the robustness of tires designed for use in port and airport handling equipment. For instance, the B2 technology, offered exclusively by Michelin, enhances the robustness of the bead zone and extends tire life, and therefore, helps reduce operating costs, optimize machine performance, and improve productivity. Tires need to offer good cost-per-hour advantages and fulfill the functional demands of an application. Though radial tires are capable of offering this, vehicle stability becomes a priority focus for equipment used in ports. Radial tires suit vehicles that need to be driven at fast speeds, and so, are not intended for a majority of port equipment.
Segmentation by application and analysis of the port and
Market outlook of the global agriculture tire market
Technavio’s research analyst predicts the global agriculture tire market to grow at a CAGR of about 4% during the forecast period. Improving economic environment and increasing emphasis towards mechanization of agricultural activity will drive the market. Intense competition among agriculture tire manufacturers, especially from emerging regional players, will push manufacturers towards expansion of product portfolio and distribution network during the forecast period to maintain a competitive advantage.
The rising demand for agriculture equipment owing to increased adoption of modern farming techniques and use of genetically modified crops is driving market growth. With growing focus on increasing agricultural yield, farmers are using advanced agricultural equipment such as combines, sprayers grain harvesters, hay forage, tillers, cutters, and shredders among others. As farmers adopt modern equipment for agricultural activities, the need for different types of tires with different specifications is expected to increase rapidly. This is fueling demand for agriculture tires.
Segmentation by application and analysis of the global agriculture tire market
- Tractor tires
- Other tires
Tractors are a prime requirement for agriculture and play a crucial role in improving farm productivity because of their versatility in operations. APAC is the major market for tractors in the world, with countries like China and India being the main contributors. Growing population and economic growth in these countries create pressure on the agriculture industry to make it more productive and efficient. This leads to increase in tractor sales, which in turn boosts the associated tire sales.
Segmentation by placement and analysis of the global
Market outlook of the global specialty tire market
Technavio’s research analyst predicts the global specialty tire market to grow at a CAGR of about 4% during the forecast period. The growing demand for agricultural equipment from developing countries is a key growth driver for this market. The agriculture sector is one of the primary users of specialty tires. In developing countries sale of tractors is expected to increase as there is a growing focus on the agricultural sector by the governments, this will lead to a rise in the sale of agricultural tires. These factors are expected to drive the demand for agricultural tires, which have a positive impact on the global specialty tire market.
The increasing market for retreading of tires is anticipated to fuel the market growth over the next four years. Demand for retreads is increasing as fleet managers continue to leverage rethread programs to drive lower operating costs. Retreading can save the trucking industry a significant amount, as it is cheaper than going for a replacement. For instance, premium casings provide multiple life cycles, saving fleet managers up to 50% of what they pay for a new truck tire each time they rethread a casing.
Segmentation by application and analysis of the global specialty tire market
- Agricultural tires
- Aircraft tires
- HCV and mining
The others segment that includes tires for two-wheelers, OTR, and industrial handling machines dominated the market during 2015, accounting for 45 million units. The segment is dominated by the two-wheeler tires type because of high demand for two-wheelers across the world. China and India are the major two markets for two-wheeler tires, though Indonesia, Brazil, and Russia also contribute significantly to the
About racing tires
Racing tires are a range of ultra-performance tires, which are significantly customized for the usage in racing vehicles for various racing championships. The production of racing tires is highly capital-intensive, requiring a significant degree of hi-tech equipment coupled with highly trained and skilled manpower dedicated to the purpose of engineering and manufacture. Racing tires are designed to deliver superior performance, and, hence, they undergo various quality, durability, and speed tests. Despite the use of natural and synthetic rubber as the primary raw material in the racing tire manufacturing, significant extent of textile reinforcements like rayon, aramid, nylon, and polyester are also used.
Technavio’s analysts forecast global racing tire market to grow at a CAGR of 14.01% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of global racing tire market for 2015-2019. The market size has been calculated based on the number of units generated by the production of racing tires globally. Based on the type of racing tires, we have segmented the market into racing slicks and racing tread. In addition, the market is also segmented on the basis of end-users. The report also highlights the racing tire market landscape in five key leading countries. We also discuss market growth drivers, the challenges faced by vendors and the industry as a whole, as well as key trends emerging in the market.
Technavio’s report, Global Racing Tire Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the global racing tire market landscape and its growth prospects in the forecast period. The report also includes a discussion of the key vendors operating in this market.
About Passenger Car Tire Market in Australia
In 2014, Australia was the eighth largest passenger car market in APAC. The country had about 13.59 million passenger cars in use the same year, a growth of 17.97% from 11.51 million cars in 2007. In 2011, Australia had 482 passenger cars per 1,000 people, which depicts the commercial viability of the automotive industry in the country. The country's GNI per capita (PPP) increased from $31,360 in 2005 to $42,110 in 2013, an increase of 34.28%. In 2013, the country was globally ranked 19th in terms of GNI per capita (PPP). The commercial viability of the industry also translated into growth of associated markets such as the tire market.
The market has prominent tire manufacturers such as Michelin, Bridgestone, Toyo Tire, Yokohama, Goodyear, and Continental Tires, and also has established automobile vendors such as Ford, General Motors, Honda, Mercedes-Benz, and Toyota. Though passenger car sales witnessed a decline in 2013 and 2014, the tire market in general has witnessed consistent growth over the past decade. Passenger car sales are expected to decline during the forecast period. However, the passenger car tire market is expected to continue to grow due to the growing number of passenger cars in use.
Technavio's analysts forecast the passenger car tire market in Australia to grow at a CAGR of 2.11% over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the passenger car tire market in Australia for the period 2015–2019. The report contains forecasts and analyses of the market in terms of volume. The market includes the following segments:
• OEM segment
• Replacement segment
The report also presents the vendor landscape and a corresponding detailed analysis of the prominent vendors in the passenger car tire market in Australia. In
Ever-evolving automotive wheels and tires have undergone considerable changes that contribute to the overall lighter weight of vehicles and reduced emissions. In the wheels segment, alloys of aluminium or magnesium are becoming popular due to their relative light weight and aesthetic appeal, while the tire segment has seen the addition of new tire concepts, including radial tires, low-rolling resistance tires, and honeycomb tires.