The global car tire market is anticipated to grow at a considerable CAGR of 2.2% during the forecast period (2023-2029). The growing focus on fuel economy, rising demand for convenience, and high maintenance or replacement costs of conventional tires are driving the growth of the car tires market. Another factor that is contributing to the growth of the industry is the adoption of cutting-edge manufacturing technology by OEMs to offer product differentiation through sustainability, durability, and affordability. The demand for retreaded tires is increasing at a significant rate. The retreading of tires helps reduce the operating cost significantly in the aftermarket as it prevents the complete replacement of tires and is, thereby, a cost-effective option.
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The automotive high-performance car tires market is expected to witness high growth during the forecast period. The growth is driven by numerous factors, such as the increasing inclination of people toward sports car racing and extreme terrain rallies. OEMs use these events as a platform to market their products and increase brand visibility. The increasing disposable income of customers living in emerging economies is leading to a growth in demand for higher-capacity vehicles such as SUVs and crossover vehicles. Rapid infrastructure development in emerging economies, especially India and China, has caused a growth in sales of commercial vehicles and construction vehicles. The replacement and aftermarket tire market presents a huge opportunity for vehicle manufacturers to generate revenue. Customers are choosing high-performance tires over traditional rubber tires because rubber tires are subjected to wear and tear easily. For instance, in March 2021, Apollo Tires introduced Apterra Cross tires for the compact SUV segment in India. The Apterra Cross tires are an outcome of the company’s research to understand the exact usage patterns of CSUV. The new range of tires is being launched in India, with plans to introduce it in the ASEAN and SAARC markets later.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Car Tire Market Report Segment
By Tire Type
- Winter Tires
- Summer Tires
- Others
By Application
- On-the-Road
- Off-the-Road
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By End-User
- OEM
- Aftermarket
Global Car Tire Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
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