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The passenger vehicle tire market size is estimated to grow at a CAGR of 6.76% between 2023 and 2028. The market size is forecast to increase by USD 12.33 billion. The growth of the market depends on several factors such as the rising urbanization globally, the growing demand for ride-share and ride-hail services, and the increasing e-commerce and online shopping.
The report offers extensive research analysis on the Passenger Vehicle Tire Market, with a categorization based on Type, including all season, summer, and winter. It further segments the market by End-user, encompassing OEM and aftermarket. Additionally, the report provides geographical segmentation, covering APAC, Europe, North America, the Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value in USD million 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 passenger vehicle tire market growth is the rising urbanization globally. The increase in urbanization often results in higher vehicle ownership rates. In addition, in cities and urban areas, personal transportation is more accessible and necessary, which fuels the demand for passenger vehicles and, consequently, tires.
For instance, as per the United Nations, by 2050, two out of every three people will most likely be living in cities or other metropolitan areas. Moreover, an additional 2.5 billion people will be living in cities by 2050. In addition, urban environments are characterized by traffic congestion, frequent stop-and-start driving, and shorter trips. As a result, this places unique demands on tires, with an emphasis on responsiveness, durability, and fuel efficiency. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the passenger vehicle tire market growth is the growing use of green and sustainable tires. The design of green and sustainable tires is to have lower rolling resistance, which means they require less energy to roll. In addition, this improved efficiency contributes to reduced fuel consumption and lower greenhouse gas emissions, aligning with environmental goals.
Moreover, lower rolling resistance leads to improved fuel efficiency, making green tires an attractive choice for environmentally conscious consumers. In addition, manufacturers often provide information on the expected fuel savings associated with these tires. Furthermore, sustainable tires often feature advanced tread compounds and designs that enhance durability and longevity. Hence, such factors are driving the market growth during the forecast period.
The presence of counterfeit passenger vehicle tires is one of the key challenges hindering the passenger vehicle tire market growth. There is an increasing number of counterfeit tires which are often of inferior quality and may not meet safety and performance standards. In addition, these tires pose a significant safety risk to consumers, as they are more prone to blowouts, tread separation, reduced traction, and other safety-related issues.
Moreover, this can lead to accidents, injuries, and even fatalities, which undermines consumer trust in the entire tire industry. In addition, counterfeit tires erode consumer confidence in the safety and quality of tires, including those from legitimate brands. Furthermore, this mistrust can lead to a decline in trust in the entire industry and cause consumers to question the authenticity and reliability of tires. 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.
Global Passenger Vehicle Tire Market 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.
Bridgestone Corp: The company offers passenger vehicle tires such as POTENZA, TURANZA, DUELER, BLIZZAK, and ECOPIA.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative 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 all season segment is estimated to witness significant growth during the forecast period. All-season tire segment contains a tread pattern that is designed to offer good traction in a variety of conditions. In addition, the tread usually includes grooves and sipes (small slits) that help disperse water and maintain grip on wet roads. Furthermore, the rubber compound used in all-season tires is formulated to provide a balance between flexibility in hot weather and grip in cold conditions.
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The all season segment was the largest segment and valued at USD 13.74 billion in 2018. Moreover, all-season tires are typically durable and have a longer tread life compared to specialized tires. In addition, this makes them a cost-effective choice for many drivers. Furthermore, all-season tires often provide a quieter and more comfortable ride compared with more aggressive winter or performance tires. In addition, all-season tires are a versatile choice for daily driving, especially for drivers who do not experience extreme weather conditions. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 44% 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. The market growth in APAC is fuelled by increasing income levels and urbanization. In addition, as more consumers purchase passenger vehicles, the demand for replacement tires also rises. Moreover, strong economic growth in countries such as China and India has increased consumer purchasing power.
In addition, this has led to higher vehicle sales and, subsequently, greater demand for passenger vehicle tires. Furthermore, the rise in the income of the middle class in the APAC region has led to increased car ownership. Therefore, middle-class consumers are more likely to purchase and maintain passenger vehicles fuelling the market growth in the region. Hence, such factors are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global passenger vehicle tire market witnessed a significant slowdown due to the disruption of operations in manufacturing units and supply chain in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The passenger vehicle tire market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Passenger Vehicle Tire Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.76% |
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Market Growth 2024-2028 |
USD 12.33 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.6 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Apollo Tyres Ltd., Bridgestone Corp., Continental AG, Federal Corp., Giti Tire, Hankook Tire and Technology Co. Ltd., Huayi Tire Canada Inc., Kesoram Industries Ltd., Kumho Tire Co. Inc., Maxxis International, Michelin Group, NEXEN TIRE Co. Ltd., Nokian Tyres Plc, Pirelli and C S.p.A, Sumitomo Rubber Industries Ltd., The Goodyear Tire and Rubber Co., Toyo Tire Corp., Triangle Tyres, Yokohama Rubber Co. Ltd., and Zhongce Rubber Group Co. Ltd. |
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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. |
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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 market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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