Summer Tire Market Analysis, Sales Revenue, Business Growth and Forecast 2030

 

• Summer tires are standard tire fitments on vehicles. Summer tires have high market potential due to their extensive usage across all types of vehicles such as passenger and commercial.

Key Drivers of Summer Tire Market

• Rise in sales of passenger vehicles owing to increased consumer affordability in developing countries is boosting the summer tire market. Summer tires are extensively utilized worldwide and are replaced by winter tires only in countries where the use of winter tires is mandatory during the winter months. Thus, summer tires witness high demand among OEMs and the aftermarket globally.
• Increase in consumer awareness about maintenance of vehicle and periodic replacement of tires has propelled the aftermarket demand for summer tires. Rise in average age of vehicles and increase in number of average annual miles driven worldwide is driving the summer tire market.

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Radial tire segment to hold leading share of global summer tire market

• The radial tires segment held a dominant share of the summer tire market in 2019 owing to high usage of radial tires in passenger cars. Radial tires are used as standard OE fitments on passenger cars, which contribute to high market share held by the segment, in terms of volume. Consequently, the radial tires segment held a leading share. Moreover, radial tires are being increasingly preferred in heavy commercial vehicles and light commercial vehicles, as they provide better traction and improve the fuel economy of the vehicle.

15’’-17’’ rim size segment to hold leading share of global summer tire market

• Majority of passenger vehicles are fitted with tires of rim size 15’’-17’’ and hence, this segment holds a majority share of the global summer tire market. The 18’’-21’’ segment is expected to expand at a high growth rate owing to an increase in preference for large wheels in SUVs, fueling the demand for 18’’ tires.

Asia Pacific to hold significant share of global summer tire market

• Asia Pacific held a leading share of the global summer tire market in 2019 owing to high sales of summer tires in China, India, Japan, and South Korea. China and India have emerged as leading destinations, worldwide, for auto manufacturing. Consequently, demand for summer tires is considerably high among OEMs in the region.
• The market in Latin America is anticipated to expand at a high growth rate during the period due to an increase in vehicle production in Brazil and Mexico. Expansion of automakers in the region has propelled the demand for summer tires in the region.

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Key Players Operating in Summer Tire Market

The global summer tire market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the global summer tire market are:

• MICHELIN
• The Goodyear Tire & Rubber Company
• China National Tire & Rubber Corporation
• Sumitomoto Rubber Industries Inc.
• Pirelli & C. S.p.A.
• Continental AG
• Bridgestone Corporation
• Yokohoma Rubber Company