Tire Aftermarket, Tire Replacement Market: A Competing Shift

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Tire Aftermarket, Tire Replacement Market A
Competing Shift A flat tire is among the several
inconveniences vehicle owners aim to avoid.
Whether due to valve system damage or blowout due
to over-inflation, the absence of a proper tire
can severely damage the wheel and trigger tire
replacement. This drawback has instigated several
tire producers to invest in RD to develop
high-performance, fuel-efficient tires,
opening avenues for the global tire
aftermarket, tire replacement market.
Additionally, integrating systems like anti-lock
braking systems, electronic power control, and
tire pressure monitoring systems has upheaved the
demand for tire aftermarket services. Our
estimates have gathered that the global market is
set to gain revenue worth 93.38 billion by 2028,
rising at a CAGR of 4.43 during the forecast
years 2022-2028.

• Developments in Aftermarket Services
• Wait, did you say airless tires? Instead of air,
  tires are now integrated with a network of spokes
  that keeps the wheels rigid while giving them a
  see-through appearance. Each year, around 20 of
  tires are trashed due to puncture or uneven wear,
  stimulating manufacturers like Michelin to
  launch UPTIS airless automobile tire design
  that results in lower raw

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• material and waste consumption. In this regard,
  the company has teamed up with GM to introduce
  UPTIS by 2024.
• Besides, the tires ability to bear high weight
  and absorb shocks is anticipated to support the
  growth of the 16-18-inch rim size category.
  Numerous players have opted for this size since
  it offers additional grip, braking performance,
  and ride comfort, a major driving force for the
  tire aftermarket, tire replacement market.
• The Green Initiative With the average
  crude oil price rising from 39.68 in 2020
  to
• 97.64 in 2022 and the rising carbon footprint,
  the demand for energy-efficient tires has boosted
  the tire replacement market. Besides,
  advances in tire energy efficiency can
  decrease global fuel consumption by
  around 5 in passenger vehicles, per
  the International Council on Clean
  Transportation. This has led low rolling
  resistance tires to gain immense traction among
  consumers to lower their total carbon footprint.
• Considering this trend, in January 2023, Goodyear
  revealed a demonstration tire made of 90
  sustainable materials, including carbon black and
  soybean oil. While it stated the need for further
  collaboration to bring 90 sustainable tires into
  the market, the company plans to sell them with
  70 sustainable material in 2023. Our analysis
  indicates that the radial tire type captures
  the highest share in the market as it has
  lower rolling resistance, achieving greater
  fuel efficiency.
• Labeling Culture Labeling has emerged as a
  viable solution to differentiate products from
  packaging to tires. However, governments are
  striving to implement standards to eliminate
  redundant performance classes from the
  scale. For instance, the label design will
  be changed in the US with snow and ice
  grip symbols. The European Commission also
  introduced Euro 7 standards for particle emission
  from tires and brakes to ensure cleaner vehicular
  movement and air quality across the region.
• Other than this, the Indian government mandated
  new standards in 2021 to enhance fuel efficiency
  and braking impact on wet roads. Earlier in 2022,
  Michelin became the first tire brand to receive a
  4-star rating by the Bureau of Energy Efficiency,
  India, under the new star labeling program. Such
  steps by government bodies to promote
  sustainability are set to be a growth enabler for
  the Asia-Pacific tire aftermarket, tire
  replacement market.

Electric Vehicle Revving Up the Ride Over the
course of a decade, electric vehicle sales soared
to reach around 7 million units in 2021. Fueled
by the falling costs of lithium-ion batteries,
the rising EV sales have revolutionized the
automotive industry and the tire sector.
Furthermore, since the additional weight of
batteries in EVs lead to enhanced stiffness,
the demand for cutting-edge tires has
accelerated. As a result, companies like
Bridgestone have unveiled ENLITEN Technology
that decreases tire rolling resistance by 30
and weight by 20 to expand EV driving range and
reduce environmental
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impact. Therefore, the EV industry is attractive
for expanding the tire aftermarket, tire
replacement market.
FAQs Q1) What are the types of tires in the
aftermarket, tire replacement market? There are
two major types of tires, namely, radial and
bias, in the tire aftermarket, tire replacement
market.
Q2) Which region will witness the fastest growth
during the forecast period? Asia-Pacific tire
aftermarket, tire replacement is anticipated to
witness the fastest growth, attaining a CAGR of
5.09 during the forecast period 2022-2028.