Increase in Automobile Sales to Boost the Automotive Tires Market | Technavio

LONDON—The global automotive tires market is expected to grow at a CAGR of close to 3% during the period 2017-2021, according to a new market research study by Technavio.

The report presents a detailed analysis of the global automotive tires market by vehicle type (passenger cars and commercial vehicles) and by end-users (aftermarket and OEMs). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.

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Market driver: increase in automobile sales

The automotive market is divided into passenger cars and commercial vehicles. Between these segments, the demand for the former is very high and is growing significantly in emerging countries, such as China, Brazil, and India. China is the world's second-largest automotive market. With the improvement in economic conditions, people are shifting toward small passenger cars from motorcycles. India also has a fast-growing automotive market, and manufacturers are trying to tap this market. Thus, the increasing demand for passenger cars and commercial vehicles will drive the automotive tires market during the forecast period.

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Market trend: use of radio frequency tags in tires

Commercial truck tire manufacturers have started implanting radio frequency identification (RFID) tags into the automotive tires while manufacturing them because this technology provides benefits to both truck fleets and tire manufacturers. The manufacturer can track the manufacturing process of tire, inventory, shipping to the final point of sale and end-user; everything through a unique number that is provided by RFID.

According to Ganesh Subramaniam, a lead analyst at Technavio for wheels and tires research, "RFID tags, which are inserted in tires, help to identify and address problems, which lead to downtime, low mileage, high fuel consumption, and safety risks. With the RFID technology, the lifespan of the tire increases as the tire is regularly monitored and defects can be cleared immediately. Michelin added RFID tags in all its truck tires across the world."

Market challenge: replacement tire market is being impacted by re-treaded market

When a tire gets worn-out or damaged, it is generally replaced by an aftermarket new tire. However, the tire aftermarket is suffering because of the recent advancement in re-treading technology. Re-treading is the process of creating new treads to replace the damaged and worn-out old treads. Currently, more than 50% of the tires in the market are being re-treaded rather than being replaced with aftermarket new tires. This trend is being followed globally, and it is also going to intensify during the forecast period.

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Key vendors in the market

• Bridgestone
• Continental
• Goodyear
• Michelin

Global automotive tires market is a highly fragmented market with the presence of numerous players. The automotive replacement tire market is also highly fragmented. Manufacturers supplying to the OEMs are also supplying to the aftermarket. The automotive tires market is growing due to the growth of the automotive market in emerging countries.

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