Global Summer Tires Market Overview:
Summer tires are commonly installed on cars. Summer tires have a large market potential because to their widespread use in both passenger and commercial vehicles. The summer tyre industry is being boosted by a rise in passenger car sales in developing countries due to greater consumer affordability. Summer tires are widely used over the world, and winter tires are only used in nations where winter tires are required during the winter months. Summer tires are therefore in high demand among OEMs and the aftermarket worldwide. The aftermarket demand for summer tires has risen as customer awareness of vehicle maintenance and tyre replacement has increased. Globally, the average age of vehicles is rising, as is the amount of average yearly kilometres travelled.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Historical Period | 2017-2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Michelin (France), Goodyear Tire & Rubber Company (United States), Pirelli (Italy), Continental AG (Germany), Bridgestone Corporation (Japan), Yokohoma Rubber Company (Japan), Apollo Tyres (India), Hankook Tire (South Korea), Dunlop Tyres (United States), Toyo Tires (Japan) and CEAT (India) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Growth Drivers
- Rise in Sales of Passenger Vehicles Owing To Increased Consumer Affordability in Developing Countries is driving the Market Growth
- Increase in Consumer Awareness about Maintenance of Vehicle and Periodic Replacement of Tires has propelled the Aftermarket Demand for Summer Tires
Roadblocks
- High Cost of Tubeless Summer Tires
- Fluctuations in Supply and Demand Share due to Enforcement of Stringent Lockdown Measures
Opportunities
- Rise in Average Age of Vehicles and Increase in Number of Average Annual Miles
- Increasing Opportunities for Emerging Economies such as South America
Challenges
- Volatile Prices of Raw Materials Expected to hamper the Growth of the Market
- Growing Adoption of Retreading Tires is expected to hinder the Market Growth
Competitive Landscape:
The demand for summer tire is increasing with each passing day. The businesses in this industry facing major competition with leading players of the market that includes Michelin, Goodyear Tire & Rubber Company, Pirelli and others. Many international as well as regional providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such as technological development, resource utilization to enhance their market position. The market leaders demonstrate a market-defining vision of how summer tire can help top-line business executives achieve their business objectives. Leaders have the ability to execute against that vision through both products and services. They have demonstrated solid business results in the form of revenue and earnings.
Some of the key players profiled in the report are Michelin (France), Goodyear Tire & Rubber Company (United States), Pirelli (Italy), Continental AG (Germany), Bridgestone Corporation (Japan), Yokohoma Rubber Company (Japan), Apollo Tyres (India), Hankook Tire (South Korea), Dunlop Tyres (United States), Toyo Tires (Japan) and CEAT (India). Additionally, following companies can also be profiled that are part of our coverage like Tigar Tyres (Serbia) and General Tire (United States). Analyst at AMA Research see Japan Vendors to retain maximum share of Global Summer Tires market by 2027. Considering Market by Rim Size, the sub-segment i.e. 13 to 15 Inches will boost the Summer Tires market. Considering Market by Sales Channel, the sub-segment i.e. OEM will boost the Summer Tires market.
Latest Market Insights:
In June 2021 Goodyear Tire & Rubber Company had announced that it has completed its acquisition of Cooper Tire & Rubber Company. The acquisition brings together two top tyre firms with complementary product portfolios, services, and capabilities to become a stronger global tyre leader located in the United States. The combined company will provide greater value options across the board. The acquisition solidifies Goodyear's leadership position in the United States while also bolstering its presence in other North American markets. The combination virtually doubles Goodyear's presence in China and expands the number of contacts with Chinese automakers, while expanding Cooper replacement tyre distribution through Goodyear's 2,500 branded retail stores.
In January 2022 Michelin had announced the launch of MICHELIN Primacy 4+ summer tire. MICHELIN EverGrip technology, which cleverly mixes two layers of rubber to counterbalance tread depth loss and so continuing to better evacuate water when worn, is responsible for this performance. These new MICHELIN summer tyres are designed to meet the needs of both sports car enthusiasts and daily drivers. Long-lasting and high-performing, they can be used for longer periods of time and so help to reduce environmental effect.
What Can be Explored with the Summer Tires Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Summer Tires Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Summer 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 Summer 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 Summer 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.
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.