Global passenger tire market share based on material can be segmented into natural and synthetic rubber. The increasing demand for natural rubber can be credited to the reduced carbon footprint along with lower costs associated with the development of such tires. The synthetic rubber accounts for a considerable share owing to the higher costs associated with the petroleum products.
Advancements in technologies along with continuous investments by tire manufacturers to minimize the tire weight and complexity are providing a positive outlook for the passenger tire market share expansion. The rising preference for airless tires owing to benefits offered including lower maintenance, superior durability, and ability to travel across diversified terrain conditions accentuates the industry demand. However, the higher costs associated with the acquisition of such tires are hampering the business share over the study timeframe.
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Passenger Tire Market size is poised to register significant CAGR during the forecast years due to rising preference for personal mobility solutions. Automobile manufacturers focus on providing tires for their vehicles by maintaining optimum grip levels, fuel economy, along with minimum maintenance requirements. The availability of a wide range of tires with different sizes and tire tread patterns across multiple variants further accelerates the passenger tire market size.
Based on distribution channel, the passenger tire market share is categorized into OEM and aftermarket. OEMs will account for a significant share in the market share on account of rising vehicle production across the globe. OEMs offer a wide range of tires of varying sizes for a diversified range of vehicle models including hatchbacks, sedans, SUVs, MUVs, and crossovers. The aftermarket segment will witness considerable growth on account of the requirement for tire repairs and replacements.
Asia Pacific will account for a significant share in the passenger tire market share. This can be credited to the rising automobile sales across the region owing to improving disposable income and rising preference for personal mobility solutions. Moreover, the presence of multiple automobile manufacturers across the region with their production facilities along with the availability of low-cost labor, raw materials, and favorable government policies further accentuates the regional demand.
Few of the prominent players operating in the passenger tire market share include Michelin, Pirelli, Goodyear Tire & Rubber Company, Continental, and Bridgestone. Industry players are continuously investing in R&D and developing advanced new tires for expanding their market share
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Strategic partnerships and joint ventures are some of the major strategies adopted by industry players for improving their business share and cater to a wide customer base. For instance, in 2018, The Goodyear Tire & Rubber Company and Bridgestone Americas, Inc. formed a joint venture named TireHub, LLC for providing U.S. tire retailers and dealers with a wide range of passenger vehicle tires. The notable players operating in the passenger tire market share include CEAT Ltd., Apollo Tyres, Birla Tyres, Hankook Tire, and Nokian Tyres among others.
Industry players are continuously investing in R&D for developing advanced tires suitable for diversified terrain and climatic conditions. For instance, in 2014, Nokian Tyres showcased its non-studded winter tires, with the capability of bringing out the studs with the usage of a switch. This improves the grip levels significantly and further, the studs are easily retracted back, while not in use, thereby improving vehicle efficiency.
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