Summer Tire Market Growth, Competitors Analysis and Business Opportunities 2020-2027

Summer Tire Market: Introduction

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

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

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Global Summer Tire Market: Research Scope

Global Summer Tire Market, by Vehicle Type

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle

Global Summer Tire Market, by Tire Type

Radial
Bias

Global Summer Tire Market, by Rim Size

12’’-17’’
18’’-21’’
>22’’

Global Summer Tire Market, by Sales Channel

OEM
Aftermarket

Global Summer Tire Market, by Region

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Spain
Nordic
Rest of Europe

Asia Pacific

China
Japan
India
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

Customer Experience Maps
Insights and Tools based on data-driven research
Actionable Results to meet all the business priorities
Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

North America
Asia Pacific
Europe
Latin America
The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?