The global light vehicle OE tyres market is anticipated to grow at a significant CAGR of 4.9% during the forecast period (2022-2028). The light vehicle OE tire market is expected to rise due to increased production and sales of passenger and light commercial vehicles across the globe. Since OE tyres and cars are designed to work together, continuing to utilize original equipment will retain the manufacturer’s intended driving performance. The commercial vehicle industry in developing countries is likely to experience a rapid shift in market share from bias to radial tyres. The automotive tire replacement market is predicted to increase significantly over the forecast period, owing to the increasing number of miles driven per year by vehicles and the resulting wear and tear.
Over the projection period, passenger cars are expected to dominate the market. Passenger automobile sales are directly influenced by economic conditions, including changes in purchasing power parity, exchange rates, and government policy. Fuel prices and transportation infrastructure are also important factors that impact passenger car demand.
Advances in tire manufacturing technologies, such as the use of nanotechnology, aim to reduce the rate of tire wear and tear. The employment of such innovative manufacturing processes makes the tyres more durable, increases their performance, and improves the vehicle’s comfort. Nanotechnology is used in the production of both high-performance and conventional tyres. As a result, the tyres are more heat resistant and can operate in a wider range of temperatures.
Neoprene is a rubber chemical that is mixed into the tire tread rubber blend to improve performance and durability. On dry tracks, a slick racing tire with minimal tread is also employed because it provides the least traction while delivering the most considerable grip. Another advancement in the tire manufacturing process is the lower-tech advancement in the tire, which might have a greater impact on the market.
Some major players in the market include Apollo Tyres Ltd., Bridgestone Corp., Continental India Pvt. Ltd., CST International, and Michelin SCA, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market.
Apollo Tyres Ltd. supplies its Amazer 4G OE Tires to Hyundai Motor India. These radial tyres have use of 100,000 km and a sturdy cavity design that ensures impact resistance and structural longevity on poor roads.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape-
Apollo Tyres Ltd., Bridgestone Corp., Continental India Pvt. Ltd., CST International, Michelin SCA, among others.
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Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
Where is the investment opportunity?
Global Light Vehicle OE Tyres Market Report by Segment
By Type
Radial Tyres
Bias Tyres
By Application
Commercial Vehicle
Passenger Vehicle
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