Global Passenger Vehicle Replacement Tire Market 2016-2020
Advances in tire technology continued with the advent of new and existing companies. Present day tire vendors manufacture tires to suit the needs of multiple automobile classes and hence, the market is segmented in terms of application and technology. There are specific tires for definite weather conditions, including all-season, winter, and summer tires. There is a broad spectrum of both global and local tire vendors present in the tire market. This makes it very competitive.
Technavio’s analysts forecast the global passenger vehicle replacement tire market to grow at a CAGR of 7.24% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global passenger vehicle replacement tire market for 2016-2020. To calculate the market size, the report considers a top down approach.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Passenger Vehicle Replacement Tire Market 2016-2020
Technavio recognizes the following companies as the key players in the global passenger vehicle replacement tire market: Bridgestone, Goodyear, Michelin, and Firestone.
Other Prominent Vendors in the market are: Yokohama, Hankook, Dunlop, and Cooper Tire and Rubber Company.
Commenting on the report, an analyst from Technavio’s team said: “Taxi cabs are not a modern concept as they have been in use in many countries since the beginning of 19th century, like the famous London black cabs, New York yellow cabs, and Uber to name a few. They are a convenient alternative to commute without the need of driving a personal vehicle or using public transport. In the last decade, the automotive industry witnessed a trend of almost every household having two cars instead of one. But with the advent and popularity of new modes of vehicle ownership, such as car sharing and pooling, people are happy with one vehicle and prefer to use taxi instead of a second car.”
According to the report, the growth of the automotive industry (especially in passenger cars and commercial vehicles) is also powered by financing flexibility options, which increase consumer-spending confidence and sales. In countries like India and China (where 75%-80% of new vehicle purchases are based on car loans), car financing is a major driver aiding market expansion.
Further, the report states that the global passenger vehicle tire market is witnessing a continuous trend toward large diameter, lower profile tires. This has impacted tire costs. It has also affected replacement tire parameters and manufacturer product offerings. For example, the success of Euro-style vans, especially in the past couple of years, has exceeded the total sales of traditional body-on-frame vans. Hence, it is evident that fleets that moved on to new-generation cargo vans will see higher tire prices, which is driven by new euro-metric and unique tire sizes. More euro-metric tire sizes, which are rated P or T in the load range prefix, are being introduced. Therefore, replacing these tires can be a challenge due to their limited availability and significantly higher price.
Bridgestone, Goodyear, Michelin, Firestone, Yokohama, Hankook, Dunlop, and Cooper Tire Rubber Company.
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