Automotive Tire Replacement Market Market Overview
Automotive Tire Replacement Market was valued at USD 90 Billion in 2022 and is projected to reach USD 130 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
Market Size and Opportunity Analysis for Global Automotive Tire Replacement Market
The global automotive tire replacement market has experienced significant growth, reaching a market value of approximately $150 billion in 2023. This robust market expansion is driven by the increasing number of vehicles on the road and the rising emphasis on vehicle safety and maintenance. The tire replacement sector is witnessing a surge in demand due to factors such as aging vehicle fleets, advancements in tire technology, and the growing trend of regular vehicle maintenance. Furthermore, the expansion of automotive markets in developing regions is contributing to the market’s upward trajectory, creating lucrative opportunities for industry stakeholders.
Looking ahead, the global automotive tire replacement market is projected to grow at a compound annual growth rate (CAGR) of around 4.5% over the next five years. This growth is attributed to the increasing awareness among consumers about tire safety and the benefits of timely tire replacement. Additionally, innovations in tire materials and designs, coupled with the rise of online tire sales platforms, are expected to drive further market expansion. As a result, the automotive tire replacement market presents substantial opportunities for investment and growth in the coming years.
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Who are the largest Global manufacturers in the Automotive Tire Replacement Market?
By Tire Type
- Passenger Car Tires
- Light Truck Tires
- Heavy Truck Tires
- Two-Wheeler Tires
- Commercial Vehicle Tires
By Distribution Channel
- Online Retail
- Dedicated Tire Shops
- Automotive Dealerships
- Supermarkets and Hypermarkets
- Wholesale Distributors
By Tire Design
- All-Season Tires
- Winter Tires
- Performance Tires
- Off-Road Tires
- Run-Flat Tires
By Sales Channel
- Retail Sales
- Wholesale Sales
- Franchised Dealers
- Direct-to-Consumer (D2C)
- B2B Sales
By Material Composition
- Natural Rubber
- Synthetic Rubber
- Textiles
- Metal
- Other Materials
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Segmentation of Automotive Tire Replacement Market-
Which regions are leading the Global Automotive Tire Replacement Market?
- Global (United States, Global and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Detailed TOC of Global Automotive Tire Replacement Market Research Report, 2024-2031
1. Introduction of the Global Automotive Tire Replacement Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Research
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. Global Automotive Tire Replacement Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. Global Automotive Tire Replacement Market, By Type
6. Global Automotive Tire Replacement Market, By Application
7. Global Automotive Tire Replacement Market, By Geography
- Global
- Europe
- Asia Pacific
- Rest of the World
8. Global Automotive Tire Replacement Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
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