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The Tires Market for Original Equipment (OE) is driven by factors such as increasing demand for low rolling resistance tires, better fuel economy, demand for high performance and low-profile tires, technological advancements such as smart tires, eco-friendly tires, and others, End-Of-Life Vehicle (ELV) regulations and other factors. The tires OE market size was valued at USD 23.18 Billion in 2016, and is projected to grow at a CAGR of 5.48% during the forecast period. The base year considered for the study is 2015, and the forecast period is 2016 to 2021.Download Sample Copy OF Tires Market Research Report
Objectives of the Study:
• To define, describe, and project the tires market for original equipment (OE) on the basis of country, vehicle type and rim size (13”-15”, 16”-18”,19”-21” and 22”-26”)
• To define, describe, and project the tires replacement market in terms of section width (230 mm), aspect ratio (35-55, 60-70, 75-85) and rim size. The tire retreading market has been studied at regional level
• The tires market for off-highway equipment has been studied at regional level, by application (construction equipment and agricultural tractors)
• To analyze and forecast the market size, in terms of volume (million units) and value (USD billion), of the tires market
• To identify the market dynamics and analyze their impact on the tires market
• To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants
“Increasing demand for low rolling resistance tires driving the tires OE (Original Equipment) market”
The tires OE market is projected to grow at a CAGR of5.48%from 2016 to 2021, to reach a market size of USD 30.26 billion by 2021. Rolling resistance of tires affects the fuel economy of a vehicle. According to Continental Corporation, 16% of the total fuel consumption of a vehicle is attributed to rolling resistance. Thus, decreasing the rolling resistance will lead to significant amount of fuel saving. According to Exxon Mobil Chemical analysis, a 10% decrease in the rolling resistance can lead to 1-2% increase in the fuel economy of passenger cars and light trucks. This will further lead to 2-4% increase in the miles per gallon (mpg) of a vehicle. Thus, the demand for low rolling resistance tires is increasing. However, the market growth is restrained by factors such as fluctuating raw material prices of natural rubber and synthetic rubber.
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“Section width of >230 mm is the fastest growing segment in the tires replacement market”
Demand for low-profile tires is increasing, as they have wider section width than section height. Wider section width gives increased vehicle stability, lighter weight, ability to handle increased payload weight, and improved fuel economy. In the passenger cars segment, premium cars usually 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 segment is estimated to have the maximum tire replacement cycles. Around 85-90% of heavy commercial vehicles have section width >230 mm around the globe. For instance, in Germany, Mercedes-Benz Actors 2542, MAN TGS 41.480, MAN TGX 18.480, Mercedes-Benz At ego 1223 and others have section width more than 300 mm. The per unit cost of these tire sizes is also high as compared to the tires with section width 230 mm section width is more.
“Construction equipment constitutes the largest off-highway tires OE market globally”
The construction equipment includes articulated dump truck, backhoe loaders, motor grader, motor scraper and others. The construction industry has witnessed a boom over the decades, and the global sales of construction equipment, as per MarketsandMarkets analysis, is projected to grow at a CAGR of 3.75% during the forecast period. This growth can be majorly attributed to housing, and a substantial shift of rural population to urban areas. The 2008 recession in the construction industry had a serious impact on the design and construction workforce. Post-recession, there has been significant improvement in the construction sector. With growing population and standard of living, people are migrating towards urban areas, leading to a rise in the expenditure on housing. According to the McGraw Hill Construction-Dodge report, the residential housing has increased by 20% in 2015 as compared to 2014. Commercial building construction, which includes factories, manufacturing facilities, hospitals, schools, colleges and others, has also witnessed a growth of 10-12% in 2015 compared to 2014. Hence, the increasing demand for construction equipment such as dump truck, loaders, scraper and others is driving the off-highway tires market.
“Asia-Oceania: Largest tires market in Original Equipment (OE)”
The Asia-Oceania region leads the tires market, owing to increasing vehicle production in countries such as China and India. The vehicle production in these countries is projected to grow at>6.0% CAGR over the period of next five years. This has led to the increased demand for tires in this region. To meet this demand, many 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), and Hankook Tires (South Korea) have set up their manufacturing plants in the region. Thus, owing to the presence of leading Tier-1 manufacturers and OEMs, the Asia-Oceania region is the largest tires market, globally.
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Breakdown of Primaries :
The study contains insights provided by various industry experts, ranging from tire raw material suppliers to tire manufacturers.
The break-up of the primaries is as follows:
• By Company Type–Tier-1 - 67%, Tier-2 - 17%, and others (include associations) -16%
• By Designation - D level - 33%, C level – 67%
• By Region - North America - 17%, Asia-Pacific - 50%, RoW - 33%
The report provides detailed profiles of the following companies:
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire & Rubber Company
• Michelin
• Pirelli & C. S.p.A
• Sumitomo Rubber Industries, Ltd.
• Hankook Tire
• Yokohama Rubber Co. Ltd.
• Cooper Tire & Rubber Company
• Toyo Tire & Rubber Co. Ltd.
Contact Info:
Name: Ritesh Tiwari
Email: Send Email
Organization: ReportsnReports
Address: 2nd floor, metropole, Next to inox theatre, Bund garden road, Pune-411001
Phone: + 1 888 391 5441
Website: http://www.rnrmarketresearch.com/tires-market-for-oe-replacement-by-rim-size-13-1516-1819-2122-26-inch-replacement-market-aspect-ratio-35-55-60-70-75-85-section-width-200200-230230-mm-retreading-market-and-ohv-tires-market-app-st-to-2021-market-report.html
Release ID: 180397
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