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Tires Market for OE & Replacement Worth 30.26 Billion USD by 2021


News provided by

MarketsandMarkets

20 Mar, 2017, 09:30 GMT

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PUNE, India, March 20, 2017 /PRNewswire/ --

The report "Tires Market for OE & Replacement by Rim Size (13-15,16-18,19-21,22-26 inch), Replacement Market, Aspect Ratio (35-55, 60-70, 75-85), Section Width (<200,200-230,>230 mm), Retreading Market and OHV Tires Market, Application, and Region - Global Forecast to 2021", published by MarketsandMarkets, The Tires Market for Original Equipment (OE) is projected to grow at a CAGR of 5.48% from 2016 to 2021, to reach a market size of USD 30.26 Billion by 2021. The OE market is primarily driven by the demand for improved fuel economy, low rolling resistance tires, eco-friendly and smart tires, and other factors.     

     (Logo: http://photos.prnewswire.com/prnh/20160303/792302 )

Browse 120 market data tables and 71 figures spread through 234 pages and in-depth TOC on "Tires Market - Global Forecast to 2021"
http://www.marketsandmarkets.com/Market-Reports/automotive-tire-market-40166492.html

Early buyers will receive 10% customization on this report. 

"Passenger cars to be the largest vehicle type in the Tires Market for OE and replacement" 

Passenger cars are expected to dominate the Tires Market for OE and replacement. According to OICA, the passenger car sales around the globe increased from 55.6 million units in 2010 to 66.3 million units in 2015. According to the same publication, the passenger car sales was ~73% of the total vehicle sales in 2015. With increase in sales and increased average life of passenger cars, the passenger car parc has also risen over the period of time. Based on another report from OICA, the passenger car parc has risen from 776 million units in 2010 to 907 million units in 2014-2015. This rise in sales and parc of passenger cars has influenced the demand for tires in OE as well as in replacement market. However, factors such as increased average replacement life of tires with advancement in technologies, and unawareness, or unwillingness to replace the tires have been creating a minor influence on the tire replacement market.

Download PDF Brochure: http://www.marketsandmarkets.com/pdfdownload.asp?id=40166492

"Light commercial vehicles to be the fastest growing segment in the tires retreading market" 

Light commercial vehicles are estimated to witness the highest growth in the retreading Tires Market. According to the Rubber Manufacturers Association, light truck retread accounted for only 1.67% of the tires aftermarket, in terms of volume. 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 has been noticed. In a light duty vehicle, single tire manufacturing consumes, on an average, 26.4 liters of oil. However, retreading of the same tire consumes only 9 liters of oil, which is almost 34% of the new manufacturing process. On the other hand, according to the Retread Tire Association, the cost for a set of four large SUV tires is 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. Certain tire manufacturers are also entering the retreading business, such as The Goodyear Tire & Rubber Company (U.S.), which has more than 1700 tire retreading and service centers for commercial vehicles.

Make an Inquiry: http://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=40166492

"Asia-Oceania to grow at the highest CAGR during the forecast period for tires OE and replacement market" 

Asia-Oceania is estimated to dominate the Tires Market for OE and replacement. The growth in Asia-Oceania can be attributed to increasing vehicle production in countries such as China, India, Japan, and South Korea. These Asian countries contributed ~46% of the global vehicle production in 2015. The increase in sales of the vehicles is owing to various factors such as increasing per capita income, increased infrastructure spending, attractive FDI from governments, economic production cost, lenient environment regulations and so on. Additionally, the number of vehicles on road is increasing owing to the improving road infrastructure, rising consumer awareness regarding vehicle maintenance and stringent fuel economy norms. This positively effects the replacement market for tires.

The Tires Market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Bridgestone Corporation (Japan), Continental AG (Germany), The Goodyear Tire & Rubber Company (The U.S.), Michelin (France), and Pirelli & C. S.p.A (Italy). There are certain key innovators gaining attention in the Tires Market including CODA Development (Czech Republic), Kumho Tires (South Korea), and Nokian Tyres (Finland).

Browse related reports: 

Automotive Aftermarket for Top 10 Components (Tire, Fluid, Filter, Battery, Brake, Collision Body, Lighting, Spark Plug, Telematics, Bearings), Vehicle Type (Passenger Car and Commercial Vehicle), and Region - Global Trends and Forecast to 2021

http://www.marketsandmarkets.com/Market-Reports/automotive-aftermarket-for-top-10-components-97374439.html

Tire Pressure Monitoring System (TPMS), Lane Departure Warning System (LDWS) Market for Passenger Cars - By Geography - Trends and Forecasts 2014 - 2019

http://www.marketsandmarkets.com/Market-Reports/tire-pressure-monitoring-lane-departure-warning-system-market-13158110.html

About MarketsandMarkets 

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions. 

Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. 

MarketsandMarkets's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Rohan
MarketsandMarkets
701 Pike Street,
Suite 2175, Seattle,
WA 98101, United States
Tel : 1-888-600-6441
Email: sales@marketsandmarkets.com


Visit MarketsandMarkets Blog @ http://mnmblog.org/market-research/automotive-transportation
Connect with us on LinkedIn @ http://www.linkedin.com/company/marketsandmarkets
Website @ http://www.marketsandmarkets.com

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