Technavio, a tech-focused market research firm, has published a new report on the global passenger vehicle replacement tire market, which is expected to experience a slow but steady growth rate with a CAGR of over 7% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global passenger vehicle replacement tire market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global passenger vehicle replacement tire market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global passenger vehicle replacement tire market for 2015 (market share %)
|
APAC |
55% |
|
Americas |
27% |
|
EMEA |
18% |
Source: Technavio
Global passenger vehicle replacement tire market in APAC
The APAC region accounted for around 55% of the global passenger vehicle replacement tire market in 2015. It is the largest and the fastest-growing region in the replacement tires market owing to the strong demand for automobiles and the presence of well-established automotive manufacturing industries across the region. The market in this region is dependent on the automotive industry, which in turn, is a primary indicator of the general economic health of the region. In the APAC region, factors such as vehicle population, replacement cycles, and advent of disruptive technologies influence demand patterns in the passenger vehicle replacement tire market. The increase in demand for atomobile in emerging economies like India and China, which sigificantly influence the OEM tires market.
According to Siddarth Jaiswal , a lead analyst at Technavio, specializing in research on automotive manufacturing “The technological developments and introduction of new advanced models, equipped with better performance features, such as increased grip on wet surfaces, reduced noise levels, higher traction, and comfort and safety levels, will drive growth in the replacement tire market. The availability of such features with strong marketing strategies adopted by OEMs of replacement tires will propel growth prospects in the region’s market over the forecast period.”
Technavio’s market research analysts expect that the market will be dominated by ultra-high-performance tires by aftermarket players that offer superior driving control and run-flat tires that assure safer driving despite the flat tire problem. With the growing focus on improving infrastructure and good network of national highways, freeways, and expressways in countries like Japan, China, and Malaysia, the market for replacement tires is expected to benefit significantly over the next four years.
Click here to request a free sample of this report
Global passenger vehicle replacement tire market in the Americas
The Americas accounted for around 27% of the global passenger vehicle replacement tire market, in 2015. As per the Rubber Manufacturers Association (RMA), the US tire manufacturers have increased their output across the board in 2015. The increasing number of tire manufacturing plants, increases the supply of replacement tires in the market to meet the growing demand, which subsequently drives growth in the passenger car tire replacement market in the US. Moreover, with the growing exports from China and new tire manufacturing plants upcoming in North America, the replacement tire shipments will increase, resulting in the overall growth of the market in the Americas over the next four years. Moreover, owing to the high GDP of the region, OEM find high potential for the market to grow in the Americas.
Global passenger vehicle replacement tire market in EMEA
In 2015, EMEA accounted for around 18% of the global passenger vehicle replacement tire market. Europe is the largest revenue generator of the region, thanks to the diverse portfolio of tire applications and the inherent tradition of racing. The tire manufacturers in Europe have developed Pan-European organizations superimposed upon national structures, in spite of the political and economic differences. Michelin, Continental, and Pirelli are three of the largest global tire vendors located in Europe, who also serve as OEM replacements. Besides this, several small yet important aftermarket tire suppliers with global ambitions also have their presence in Europe. Furthermore, Europe is home to one of the largest vehicle parc population, which denotes a large pool of aging vehicles. Owing to the large number of aging vehicles, Europe holds a strong market for replacement tires. Apart from this, Europe is the also the hub for racing and other related events, and in such cases tires play vital role, in terms of lapses and deciding the winner of the championship. The growing popularity of these events have led manufacturers to produce tires that are high performance with different configurations and suitable for different weather conditions. Countries like the UK, Germany, and France, in Western Europe also play a key role in contributing to the revenue of high-performance replacement tires in the EMEA market.
The top leading vendors operating in the global passenger vehicle replacement tire market are:
- Bridgestone
- Goodyear
- Michelin
- Firestone
Other prominent vendors in this market are Yokohama, Hankook, Dunlop, and Cooper Tire and Rubber Company.
A more detailed analysis is available in the Technavio report tilted, ‘Global Passenger Vehicle Replacement Tire Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Specialty Tire Market 2016-2020
- Global Agriculture Tire Market 2016-2020
- Port and Industrial Tire Market in Asia-Pacific 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
