The global automotive summer tire market size will grow by USD 2.77 billion during 2019-2023. This market report provides a detailed analysis of the market by distribution channel (replacement and OEM) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Apollo Tyres Ltd., Bridgestone Corp., Continental AG, Cooper Tire & Rubber Co., Hankook Tire Co. Ltd., Michelin Group, Pirelli & C. Spa, Sumitomo Rubber Industries Ltd., The Goodyear Tire & Rubber Co., and The Yokohama Rubber Co. Ltd.
Key Insights on Automotive Summer Tire Market - Global Forecast 2019-2023
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Industry Overview
The emergence of intelligent tires has been identified as one of the critical automotive summer tire market trends. Significant R&D in the automotive tire sector has led to the development of intelligent automotive solutions that enhance tire performance and vehicle safety. The rising adoption of autonomous technologies has further encouraged tire manufacturers to develop advanced tires. These advanced tires use various sensor technologies to monitor road conditions, tire pressure, and temperature. For instance, Contact Area Information Sensing technology developed by Bridgestone uses sensors mounted inside the tire surface to monitor tread condition. Similarly, Continental developed two tire technologies: ContiSense and ContiAdapt that helps in minimizing the wear and tear of tires, boosting the tire life, and enhancing the safety and comfort over a variety of road surfaces. The development of such intelligent tires is expected to have a positive impact on the growth of the automotive summer tire market.
This automotive summer tire market forecast report also identifies the increasing demand for high-performance tires to be a driving factor of the market. Factors such as rising demand for SUVs, pick-up trucks, and high-performance vehicles, growing concern about in-vehicle safety, and implementation of advanced safety technologies are responsible for this growing demand for high-performance tires. The unique rubber compound and tread patterns used in high-performance tires help in enhancing the responsiveness, traction, controllability, and maneuverability of vehicles, especially while turning and braking. Features such as anti-lock braking system, electronic brakeforce distribution, electronic stability control, and traction control system will further boost the popularity of high-performance tires, including summer tires and several all-season tires. Hence, the automotive summer tire market will grow at a CAGR of almost 5% during the forecast period.
Top Companies in Automotive Summer Tire Market
The global automotive summer tire market is fragmented. To help clients improve their market position, this report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this automotive summer tire market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the upcoming growth opportunities.
The report offers a detailed analysis of several leading automotive summer tire manufacturers, including:
- Apollo Tyres Ltd.
- Bridgestone Corp.
- Continental AG
- Cooper Tire & Rubber Co.
- Hankook Tire Co. Ltd.
- Michelin Group
- Pirelli & C. Spa
- Sumitomo Rubber Industries Ltd.
- The Goodyear Tire & Rubber Co.
- The Yokohama Rubber Co. Ltd.
Market Segmentation
Automotive Summer Tire Market by Distribution Channel
- Replacement
- OEM
The replacement segment will account for the highest automotive summer tire market share. The high replacement frequency of premium tires, increasing sales of luxury vehicles, and rising investments in expansion plans are some of the factors driving the growth of the automotive summer tire market in this segment. This market research report provides an accurate prediction of the contribution of all the segments to the growth of the automotive summer tire market size.
Automotive Summer Tire Market by Region
- APAC
- Europe
- MEA
- North America
- South America
With a complete study of the growth opportunities for the companies, it has been identified that Europe will account for the highest share of the automotive summer tire market throughout the forecast period. Factors such as the presence of several vehicle and associated component and technology manufacturers, growing demand for high-performance tires, and rising demand for EVs are contributing to the automotive summer tire market growth in this region.
Major Highlights of the Automotive Summer Tire Market - Global Forecast 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the automotive summer tire market during the next five years
- Precise estimation of the global automotive summer tire market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive summer tire industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of automotive summer tire companies
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