DUBLIN--(BUSINESS WIRE)--The "Automotive Tire Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Tire Type, Distribution Channel and Rim Size" report has been added to ResearchAndMarkets.com's offering.

According to this report the market is expected to grow from US$ 105,869.22 million in 2021 to US$ 159,497.33 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2020 to 2028.

After the lettering on the sidewall, every tire has a Department of Transportation (DOT) number. The final four numbers indicate the week and year the tires were manufactured; for example, the numerals 2321 indicate that the tires were manufactured during the 23rd week of 2021. The labels will be more visible and clearer to customers after new requirements regarding its display and the removal of unnecessary performance classes from the scale are fulfilled.

The label's design will be modified, and snow and ice grip icons will be added. Retreaded tires are subject to the same regulations as other tires. Provisions for adding parameters on mileage and abrasion and requirements for retreaded tires will apply after the availability of a suitable testing method to measure the performance of such tires. This is expected to help reduce microplastics getting into the environment due to tire abrasion, which propels the growth of the automotive tire aftermarket market.

Impact of COVID-19 Pandemic on Global Automotive Tire Aftermarket Market

The US witnessed the most severe impact of the COVID-19 outbreak in 2020. The enactment of lockdowns and travel restrictions, shutdown of production facilities, and the shortage of employees have adversely affected the performances of automotive manufacturers in North America. The health and economic crisis led to major disruptions in the automotive tire industry, negatively impacting everything from supply chain and manufacturing to product sales. The COVID-19 pandemic has, directly and indirectly, hindered the industry's short-term and long-term growth strategies.

Also, automakers are rethinking their financial priorities due to the serious economic impact of the pandemic. Due to the decline in vehicle production and technological upgrading activities, they are choosing to divert funds and resources toward alternative revenue streams. However, progress in vaccination programs and the reopening of businesses and factories would stimulate the demand for cars, thereby boosting the demand for automotive tires for enhanced safety.

The global Automotive Tire Aftermarket Market is segmented on the basis of tire type, distribution channel, rim size, and geography. On the basis of type, the global Automotive Tire Aftermarket market is divided into radial and bias. In 2020, Radial type segment expected to hold significant share in the global Automotive Tire Aftermarket market. On the basis of distribution channel, the global Automotive Tire Aftermarket market is bifurcated into OES and IAM. In 2020, OES distribution channel segment expected to hold significant share in the global Automotive Tire Aftermarket.

On the basis of Rim Size, the global Automotive Tire Aftermarket is bifurcated into 13- 15, 16-18, 19-21, and More than 21. In 2020, 13- 15 Rim Size segment expected to hold significant share in the global Automotive Tire Aftermarket market. Geographically, the Automotive Tire Aftermarket Market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for a significant share in the global Automotive Tire Aftermarket market.

Reasons to Buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive tire aftermarket market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the global automotive tire aftermarket market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

  • Rising Demand for Fuel-Efficient Tires
  • Stringent Government Regulations Regarding Tire Labelling

Restraints

  • Inconsistent Raw Material Prices

Opportunities

  • Surge in Adoption of Electric Vehicles

Future Trends

  • Growing Demand for Green Tires in Fleets

Companies Mentioned

  • Apoll- Tires Ltd
  • Continental AG
  • Pirelli and C. S.P.A.
  • Sumitom- Rubber Industries, Ltd.
  • The Goodyear Tire and Rubber Company
  • Yokohama Rubber Co. Ltd
  • Zhongce Rubber Group Co. Ltd.
  • Nexen Tire America Inc
  • Bridgestone Corporation
  • Michelin

For more information about this report visit https://www.researchandmarkets.com/r/dc067p

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