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The Automotive All-season Tires Market size is forecast to increase by USD 8.77 billion, at a CAGR of 6.05% between 2023 and 2028. The accelerated growth of the market is due to various factors, including the rise in the number of mergers and acquisitions (M&A) among market players, increasing awareness of all-season tires, and the increasing demand for short-term, cost-effective solutions for vehicles. The report covers market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing awareness of all-season tires. The growing awareness about the performance advantages and benefits related to the use of all-season tires is fuelling the growth of the market. In addition, these tires are suitable for regions that exhibit climatic conditions comprising light winters, light summers, and wet roads.
Moreover, their all-round performance across such weather conditions makes them ideal for use. In addition, the tread design comprises specially designed blocks and grooves that ensure smooth water evacuation in the case of wet road conditions. Furthermore, in the case of snowy roads or very cold and frozen roads, the presence of long and numerous threads on the tread helps them to bite the surface to offer enough traction and stability. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the growing use of non-petroleum-derived materials and advanced manufacturing technologies. The global environmental condition is degrading, with the rising levels of greenhouse gas emissions. In addition, prominent market players are replacing petroleum-based polymers, additives, and reinforcements with efficient compounds, such as advanced silica, as reinforcing polymers in tire designing and manufacturing processes.
Moreover, prominent market players are adopting advanced tire manufacturing techniques and processes that can lower carbon emissions. In addition, the use of advanced raw materials is also in trend, wherein tire manufacturers are using sustainable and recyclable materials that not only reduce carbon footprints but also lead to low-rolling-resistance tires. Furthermore, the use of efficient tire manufacturing technology is enabling lean manufacturing practices such as waste reduction, in-process material reduction, cure optimization, and standardization. Hence, such factors are driving the market growth during the forecast period.
Limitations of all-season tires in the extreme summer/winter season are one of the key challenges hindering the market growth. The main disadvantage of all-season tires is that they perform below average in extreme summer and winter conditions in terms of controllability, braking, sliding, and aquaplaning. As a result, these drawbacks hinder the adoption of all-season tires.
Moreover, these tires are designed to offer all-round performance in different climatic conditions. In addition, all-season tires have a shallow tread pattern, which is not designed to perform in the above-mentioned conditions. Furthermore, these tires do not offer adequate safety when driving at high speeds. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apollo Tyres Ltd: The company offers automotive all season tires such as Alnac 4G all season 155 65 R 14 75T, Alnac 4G all season 155 70 R 13 75T, and Alnac 4G all season 155 80 R 13 79T.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The passenger vehicles segment is estimated to witness significant growth during the forecast period. The demand for passenger vehicles is fuelled by the rapidly rising rate of urbanization and increasing disposable income. In addition, people living in emerging economies, such as Brazil, India, China, and South Africa, as well as Middle East countries, such as the UAE, Qatar, and Saudi Arabia, are witnessing an increase in their disposable income, mainly because of the high economic growth. Furthermore, these factors are leading to the growth in sales of passenger vehicles as well as all-season tires in the aftermarket.
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The passenger vehicles segment was the largest segment and was valued at USD 14.50 billion in 2018. Moreover, the global trend toward urbanization has led to an increased need for personal mobility in urban areas. In addition, people in cities may prefer owning a vehicle for convenience, especially in regions with limited or less efficient public transportation systems. Furthermore, companies in the global market are offering products specific to passenger vehicles. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America experiences diverse climates, ranging from hot summers to cold winters, and all-season tires are designed to offer a balanced performance in a variety of weather conditions, making them ideal for the variable climates found across the continent. In addition, Canada and the US are the key leading countries in this market. Moreover, these countries witness a mix of different cold climatic conditions throughout the year, which require tires with all-round characteristics. In addition, the ability to use a single set of tires throughout the year aligns with the preferences of drivers seeking a practical and versatile solution. Furthermore, owing to the rugged nature of such tires, they provide better traction and prevent skidding hence reducing the chances of injury due to uncontrolled maneuvers. Hence, such factors are driving the market growth in North America during the forecast period.
The Automotive Tire Market is witnessing robust growth driven by factors such as the rising demand for automotive vehicles globally and the increasing adoption of electric vehicles. As global automotive production surges, there's a growing focus on safety regulations prompting technological advancements in tire manufacturing. Advanced materials and sensor technology are revolutionizing tire design, leading to the development of intelligent tires that enhance the driving experience and ensure enhanced safety. The market caters to diverse vehicle types, including semi-luxury and luxury cars, light commercial vehicles, and recreational vehicles, with a significant presence in the logistics & transportation sector. Moreover, the shift towards online and retail business models and the increasing demand from developing countries are reshaping the landscape, despite challenges related to labor cost and production cost.
The market analysis and report forecasts market growth by revenue at global, regional & country levels and provides market research and growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
Automotive All-season Tires Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.05% |
Market Growth 2024-2028 |
USD 8.77 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.37 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, China, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apollo Tyres Ltd., Atturo Tires, Bridgestone Corp., Continental AG, ENJOY TYRE CO. LTD., Hankook Tire and Technology Co. Ltd., JK Tyre and Industries Ltd., Kumho Tire Co. Inc., Maxxis International, Michelin Group, MRF Ltd., NANKANG RUBBER TIRE CORP. LTD, NEXEN TIRE Co. Ltd., Nokian Tyres Plc, Sumitomo Rubber Industries Ltd., The Goodyear Tire and Rubber Co., Toyo Tire Corp., Yokohama Rubber Co. Ltd., Zhongce Rubber Group Co. Ltd., and Pirelli and C. S.p.A. |
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, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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