Global Spare Tires Market Overview:
A spare tire is an additional tire carried in a motor vehicle as a replacement for one that goes flat, a blowout, or other emergencies. Increasing incidences of tire failures due to tire ageing is one of the major factor driving the growth of the market.
Growth Drivers
- Raising Awareness of Safety & Security among the Drivers
- Increasing Incidences of Tire Failures Due to Tire Aging
- The Exponential Growth in Commercial Vehicles
Roadblocks
- The Availability of Spare Tires Such as Tire Inflator Kits, Run Flats, and Self-Sealing Tires
Opportunities
- Technological Advancements in Spare Tires
- Growing Demand from Passenger Vehicles
Competitive Landscape:
The market is highly competitive owing to the presence of several key vendors within the industry. Some of the foremost players are adopting some organic and inorganic strategies such as a merger, acquisitions, expansion, among others in order to gain leading share within the market. Some of the prominent vendors are focusing on technological advancements in order to cater the products as per the rapidly changing consumer demands.
Some of the key players profiled in the report are Bridgestone (Japan), Michelin (France), Goodyear Tire and Rubber Company (United States), Continental AG (Germany), Pirelli (Italy), Hankook Tire (South Korea), Sumitomo (Japan), Yokohama Rubber Company (Japan), Cheng Shin Rubber (Taiwan) and Zhongce Rubber Group Co., Ltd. (China). Additionally, following companies can also be profiled that are part of our coverage like GITI Tire (Singapore), Cooper Tire & Rubber Company (United States), Kumho Tire (South Korea), Toyo Tire & Rubber Company (Japan), Apollo Tyres (India), Nexen Tire (South Korea), Hengfeng Rubber (China) and Nokian Tyres (Finland). Considering Market by Distribution Channel, the sub-segment i.e. Online will boost the Spare Tires market.
What Can be Explored with the Spare Tires Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Spare Tires Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Spare Tires
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Spare Tires market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Spare Tires market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Spare Tires Manufacturers, Spare Tires Raw Material Suppliers, Spare Tires Traders/Distributors, Spare Tires Importer/Exporter, Regulatory & Government Bodies, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.