Dublin, Jan. 16, 2023 (GLOBE NEWSWIRE) -- The "Global Tire Aftermarket, Tire Replacement Market 2022-2028" report has been added to ResearchAndMarkets.com's offering.
MARKET OUTLOOK
As per the publisher's research report, the global tire aftermarket, tire replacement market is expected to advance with a CAGR of 4.43% during the forecast period 2022-2028.
The market's growth is promoted by factors such as rising demand for fuel-efficient tires coupled with mandatory tire labeling norms. Additionally, the growing adoption of electric vehicles is anticipated to create opportunities for the tire aftermarket, tire replacement market.
On the contrary, the uncertainty in the cost of raw materials is a key challenge affecting the global market's expansion.
REGIONAL OUTLOOK
The global tire aftermarket, tire replacement market includes North America, Asia-Pacific, Latin America, Europe, and the Middle East and Africa regions.
The Asia-Pacific is estimated to emerge as the fastest-growing region in the tire aftermarket, tire replacement market. Countries such as Thailand, Indonesia, Vietnam, and Malaysia account for nearly 80% of the global rubber output. This creates a profitable base for tire manufacturers in the region. Moreover, the growing demand for automobiles has elevated the demand for automotive components in India, China, and Japan. This further increases the need for tire replacement services, opening new avenues for the studied market.
COMPETITIVE OUTLOOK
The notable companies thriving in the tire aftermarket, tire replacement market are Michelin, Bridgestone Corporation, Continental AG, Goodyear Tires, Pirelli & C SpA, Sumitomo Rubber Industries Ltd, Toyo Tires, The Yokohama Rubber Co Ltd, Apollo Tyres, MRF, CEAT Limited, Nexen Tire Corporation, Hankook Tire & Technology Co Ltd, JK Tyre, and Maxxis.
Apollo Tyres is involved in the manufacturing and selling of tires, tubes, and flaps. It provides tires for passenger cars, sports utility vehicles, multi-utility vehicles, light trucks, truck-bus, bicycles, and off-highway tires. Moreover, the company offers retreading material and alloy wheels. It serves clients through a wide network of exclusive and multi-product outlets. Apollo has operations across multiple countries, with headquarters located in India.
Key Topics Covered:
1. Global Tire Aftermarket, Tire Replacement Market - Summary
2. Industry Outlook
2.1. Key Insights
2.1.1. Growing Inclination Toward the Development of Airless Tires
2.1.2. Tire Customization and Personalization Accelerate Market Expansion
2.2. Impact of Covid-19 on the Tire Aftermarket, Tire Replacement Market
2.3. Porter's Five Forces Analysis
2.3.1. Threat of New Entrants
2.3.2. Threat of Substitutes
2.3.3. Bargaining Power of Buyers
2.3.4. Bargaining Power of Suppliers
2.3.5. Threat of Competitive Rivalry
2.4. Market Attractiveness Index
2.5. Vendor Scorecard
2.6. Key Market Strategies
2.6.1. Mergers & Acquisitions
2.6.2. Product Launches
2.6.3. Partnerships
2.6.4. Investments and Divestment
2.7. Market Drivers
2.7.1. Spike in Demand for Fuel-Efficient Tires
2.7.2. Mandatory Tire Labeling Norms
2.8. Market Challenge
2.8.1. Uncertainty in the Pricing of Automotive Raw Materials
2.9. Market Opportunity
2.9.1. Electric Vehicle Tire Replacement is a Lucrative Segment
3. Global Tire Aftermarket, Tire Replacement Market - by Tire Type
3.1. Radial Tire
3.2. Bias Tire
4. Global Tire Aftermarket, Tire Replacement Market - by Rim Size
4.1. 13- 15 Inches
4.2. 16 -18 Inches
4.3. 19-21 Inches
4.4. More Than 21 Inches
5. Global Tire Aftermarket, Tire Replacement Market - by Distribution Channel
5.1. Original Equipment Supplier (Oes)
5.2. Independent Aftermarket (Iam)
6. Global Tire Aftermarket, Tire Replacement Market - Regional Outlook
7. Competitive Landscape
8. Research Methodology & Scope
Companies Mentioned
- Michelin
- Bridgestone Corporation
- Continental AG
- Goodyear Tires
- Pirelli & C Spa
- Sumitomo Rubber Industries Ltd
- Toyo Tires
- the Yokohama Rubber Co Ltd
- Apollo Tyres
- Mrf
- Ceat Limited
- Nexen Tire Corporation
- Hankook Tire & Technology Co Ltd
- Jk Tyre
- Maxxis
For more information about this report visit https://www.researchandmarkets.com/r/n3azfy
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