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The automotive premium tires market share is expected to increase to USD 33.72 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.58%.
This automotive premium tires market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive premium tires market segmentation by end-user (replacement and OEM) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The automotive premium tires market report also offers information on several market vendors, 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 among others.
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The increasing penetration of TPMS in truck tires is notably driving the automotive premium tires market growth, although factors such as the price fluctuations of rubber may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive premium tires industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Premium Tires Market Driver
Key Automotive Premium Tires Market Trend
Key Automotive Premium Tires Market Challenge
This automotive premium tires market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global automotive premium tires market as a part of the global tires and rubber market within the global auto components market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive premium tires market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive premium tires market encompasses successful business strategies deployed by the key vendors. The automotive premium tires market is fragmented and the vendors are deploying growth strategies such as expanding their product lines and strengthening their manufacturing capacities to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive premium tires market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive premium tires market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from North America during the forecast period. The US is the key market for automotive premium tires in North America. Market growth in this region will be faster than the growth of the market in the South American and MEA regions.
The higher penetration of TPMS in the automotive market will facilitate the automotive premium tires market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic slowed down the growth of the automotive industry in the region in 2020, which negatively impacted the growth of the regional automotive premium tires market. Automotive sales in the US are not expected to rebound to pre-COVID levels until 2023. Additionally, the ongoing Russia-Ukraine war has resulted in the imposition of a trade ban by the US government on the supply of raw materials. This is likely to create a hindrance to the growth of the automotive premium tires market in North America.
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The automotive premium tires market share growth by the replacement segment will be significant during the forecast period. Lower rolling resistance causes premium tires to wear and tear faster, and their lifetime reduces. Hence, the replacement frequency for premium tires from wear and tear is higher than for conventional tires. This is one of the major factors aiding the growth of the replacement tires segment in the global automotive premium tires market. In addition, easy access to regional or country-level distribution channels, including dealers and retailers, is further strengthening product penetration in the aftermarket channels of the market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive premium tires market size and actionable market insights on post COVID-19 impact on each segment.
Automotive Premium Tires Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.58% |
Market growth 2022-2026 |
$ 33.72 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.75 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 38% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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