Northbrook, IL -- (SBWIRE) -- 02/15/2021 -- The Automotive Tires Market is projected to grow at a CAGR of 1.8% to reach a market size of USD 113.1 billion by 2025 from 101.7 billion in 2019.

The growth in automobile ownership per capita and the shifting demand of customers towards the use of low rolling resistance tires and increase in average miles driven by the vehicle will boost the future growth of the tires market.

Retreading of tires has always been a popular concept with heavy commercial vehicles, but with time the potential benefits of using it for light commercial vehicles have been noticed. In a light-duty vehicle, single tire manufacturing consumes on an average 26 litres of oil, however retreading of the same tire consumes only 9 litres of oil which is almost 34% of the new manufacturing process. On the other hand, according to Retread Tire Association, for large SUVs, a new set of four tires cost around USD 1,000. Almost 50% of the cost is saved by adopting retreading for light-duty vehicles. Thus retreading suppliers are now focusing on light-duty vehicle retreading along with certain tire manufacturers entering into the retreading business, such as The Goodyear Tire & Rubber Company (U.S.) which has more than 1,700 tire retreading and service centres for commercial vehicles.

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This aspect ratio has maximum penetration in the heavy trucks and buses segment. In heavy trucks, tires with higher aspect ratio give better protection to the cargo and in buses, these tires offer a more comfortable ride and protection from road potholes. Around the globe, around 80%-90% of the heavy commercial vehicle are equipped with >70 aspect ratio tires and the replacement cost of these tires is also high as compared to other aspect ratio tire. Hence, with the growing demand for trucks & buses in the next few years, the demand for tires with aspect ratio >70 is projected to hold lion's share.

Demand for low profile tires is increasing, and they have a more extensive section width than section height. More full section width gives increased vehicle stability, lighter weight, ability to handle increased payload weight, and improved fuel economy. In passenger cars segment, usually premium cars have section width >230 mm, for instance, in North America GM group Cadillac, FCA Dodge Challenger, Tata Range Rover Sport, BMW 5 series, Audi Q5 and other models have >230 mm section width tires. Premium cars are observed to be the segment with maximum tire replacement cycles. Around 85%-90% of heavy commercial vehicles have section width >230 mm.

Asia-Pacific has emerged as a hub for automotive production as manufacturers such as BMW AG (Germany) and Volkswagen Group (Germany) have already set up manufacturing units in this region. The factors such as low production costs, availability of economic labour, lenient emission and safety norms, and government initiatives for FDIs have led the significant investment in the Asia Pacific. Additionally, Asia-Oceania is a hub of considerable tire manufacturers such as Bridgestone Corporation (Japan), Kumho Tire Co. (South Korea), Toyo Tire & Rubber Co., Ltd. (Japan), The Yokohama Rubber Co., Ltd. (Japan), Sumitomo Rubber Industries Ltd. (Japan), Hankook Tires (South Korea) and other Tier-1 suppliers. The factors mentioned above are likely to drive the tires OE market in the Asia Pacific region

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Key questions addressed by the report:

1. How the OE and Aftermarket demand varies by region and vehicle type?
2. What would be the demand for tire rim size by vehicle type and region?
3. How will tires retreading market shape up in the future?
4. What are the current and future tire material trends in the market?
5. How the penetration of season tires varies by region (summer, winter, and all-season)?
6. Which are the key players in the global tire market?