(MENAFN- GlobeNewsWire - Nasdaq) The four-wheeler tires market is evolving with a surge in aftermarket sales driven by consumer demand for customization, enhanced performance, and innovation. Technological advancements like smart tires, eco-friendly options, and the rise of online sales platforms are reshaping the market landscape, catering to an expanding global automotive fleet.

New Delhi, Sept. 03, 2024 (GLOBE NEWSWIRE) -- The global Four-wheeler tires market was valued at US$ 187.5 billion in 2023 and is projected to reach US$ 365.5 billion by 2032 at a CAGR of 7.7% during the forecast period 2024–2032.

Global vehicle sales have a direct correlation with four-wheeler tire demand. In 2023, the automotive market saw the sale of approximately 92.4 million vehicles worldwide. This surge includes the remarkable growth in the electric vehicle (EV) sector, with 14.2 million EVs sold globally, highlighting the need for specialized tires. The demand for OEM tires is substantial, with manufacturers needing to equip each new vehicle, whether it's an internal combustion engine vehicle or an EV. Notably, the Asia-Pacific region accounts for over 46 million of these vehicle sales, with China leading the charge with 30 million units, underlining the region's substantial contribution to tire demand.

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• Replacement and Aftermarket Influence

The replacement and aftermarket sectors are critical in sustaining Four-wheeler tires market growth. In 2023, the global tire replacement market reached $100 billion, driven by the increasing average vehicle age, which now exceeds 12 years in markets like the United States. This longevity necessitates frequent tire replacements, with the average vehicle requiring new tires every 60,000 to 75,000 kilometers. The U.S. alone saw 300 million replacement tires sold in the past year. Additionally, the trend towards online tire sales has gained momentum, with e-commerce accounting for 15% of aftermarket tire sales globally. This shift not only makes tire purchasing more accessible but also expands the variety of choices available to consumers.

• Economic and Technological Factors

Economic factors and technological advances play pivotal roles in four-wheeler tires market growth. The global economy's recovery has spurred consumer spending on automotive maintenance, with the average consumer spending $400 annually on tire-related purchases. Meanwhile, technological innovations have led to the production of 350 million eco-friendly tires annually, catering to environmentally conscious consumers and regulatory standards. The growing popularity of SUVs, which now comprise 45% of global vehicle sales, has increased demand for larger and more durable tires. Furthermore, tire manufacturers are investing heavily in research and development, spending an estimated $1 billion annually to innovate and improve tire performance, particularly for the burgeoning EV market. These factors collectively ensure a steady and evolving demand for four-wheeler tires.

Key Findings in Four-Wheeler Tires Market

Market Forecast (2032)	US$ 365.5 billion
CAGR	7.7%
Largest Region (2023)	Asia Pacific (44.9%)
By Tire Type	Radial (68.1%)
By Operation Type	Drive (47.0%)
By Application	Passenger Cars (40.5%)
By Weight	<50 Kg (64.6%)
By Distribution Channel	Aftermarket (66.2%)
Top Trends	Adoption of smart tires with sensors for real-time performance monitoring. Rising demand for eco-friendly tires made from sustainable and recycled materials. Increasing popularity of all-terrain tires for diverse driving conditions worldwide.
Top Drivers	Increasing vehicle production and sales boosting tire demand worldwide significantly. Growing preference for fuel-efficient tires to reduce overall vehicle emissions. Expanding middle-class population with rising disposable income driving market growth.
Top Challenges	Fluctuating raw material prices impacting tire manufacturing costs and profitability. Strict environmental regulations imposing constraints on manufacturing processes and materials. Intense market competition leading to pressure on pricing and innovation.

Aftermarket Sales is Attracting More than 66% Revenue of Four-wheeler Tires Market

The global market for four-wheeler tires has been significantly influenced by the surge in aftermarket sales, which have surpassed original equipment manufacturer (OEM) sales. The United States alone accounts for $27 billion of this aftermarket value. These figures are reflective of consumer behavior that increasingly prioritizes customization and performance enhancements, driving demand for aftermarket options. Additionally, the average lifespan of a tire has increased to 50,000 miles, encouraging consumers to explore aftermarket options that offer longer durability and performance benefits. The trend is further bolstered by the rise in global vehicle production, which reached 92 million units, and the concurrent growth in the global automotive fleet, now surpassing 1.4 billion vehicles, as these factors increase the potential customer base for aftermarket products.

The aftermarket's prominence in the four-wheeler tires market is also driven by technological advancements and environmental considerations. For instance, the development of smart tires equipped with sensors has become a significant trend, with 8 million units sold worldwide. The shift towards eco-friendly tires, with sales reaching 15 million units, is another factor reshaping the market. Europe, a leader in sustainable practices, has embraced this trend with 5 million eco-friendly tires sold. The increasing adoption of electric vehicles, which has reached 14.2 million units globally, also plays a crucial role as it necessitates specialized tires that cater to unique performance and efficiency requirements. Moreover, online tire sales have hit 25 million units, reflecting the growing preference for digital shopping experiences. In response to these dynamics, key players in the market are investing heavily in research and development, with a cumulative expenditure of $2.5 billion, to innovate and capture the expanding aftermarket opportunity.

China and India are Knight in Shining Armor in Asia Pacific Four-Wheeler Tires Market, Contribute Over 70% Market Revenue

China and India are pivotal forces in the Asia Pacific four-wheeler tire market, driven by their massive automotive industries and burgeoning consumer bases. China's automotive sector remains the largest globally, with over 30 million vehicles produced annually. This substantial production capacity directly influences tire demand, fueling continuous growth in the market. The country's focus on electric vehicles is significant, with over 6 million electric cars sold in 2023, necessitating specialized tire technologies. The Chinese government's initiatives to boost domestic production and export of tires have led to an influx of investments, with over $3 billion dedicated to tire manufacturing advancements in 2023. Major Chinese tire companies have expanded their reach by exporting to more than 150 countries, further solidifying their global presence. Additionally, China's production of natural rubber reached around 800,000 metric tons last year, ensuring a steady supply for domestic tire manufacturing.

India complements this dynamic of the four-wheeler tires market with its rapidly growing automotive market, projected to produce over 4 million vehicles in 2023. The Indian market's expansion is driven by increasing urbanization and a rising middle class with greater purchasing power. In 2023, over 3.8 million passenger vehicles were sold, reflecting robust domestic demand. The Indian government's push for electric mobility, with over 1 million electric vehicles on the road, is also shaping the tire market landscape. India's tire industry is bolstered by a strong local manufacturing base, with several companies investing over $1 billion in new technologies and production facilities. The country also benefits from a vast natural rubber supply, producing approximately 750,000 metric tons annually. This combination of factors makes India a key player in the region, with its tire exports reaching more than 100 countries in 2023, contributing significantly to the Asia Pacific's dominance in the global tire market.

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Michelin, Bridgestone, Goodyear Control More than 38% Revenue Share Four-Wheeler Tires Market

Michelin, Bridgestone, and Goodyear have dominated the four-wheeler tire market due to their commitment to innovation, extensive global presence, and strong brand reputation. These companies have consistently invested in research and development to produce high-quality, durable, and performance-oriented tires that meet diverse consumer needs. Michelin, for instance, has been known for its advancements in fuel-efficient tires and sustainability initiatives, catering to the growing demand for eco-friendly products. Bridgestone has focused on technological innovations such as airless tires and integrating smart tire technology, enhancing safety, and performance. Goodyear, with its rich history and experience, leverages its extensive distribution network and partnerships with automotive manufacturers to maintain its market position.

Their ability to control a significant four-wheeler tires market share is also attributed to strategic acquisitions and expansions. As of 2023, Michelin has continued to expand its market presence by acquiring smaller companies and investing in new production facilities, thereby increasing its manufacturing capabilities. Bridgestone, on the other hand, has strategically invested in digital solutions and services, positioning itself as a leader in the fleet management sector. Goodyear has focused on strengthening its market share through strategic partnerships and collaborations, as well as optimizing its supply chain to enhance efficiency and customer service. These strategies have enabled them to maintain a competitive edge and adapt to changing market dynamics.

In terms of market share, Michelin, Bridgestone, and Goodyear collectively hold a significant portion of the four-wheeler tires market, with Michelin leading at around 15%, followed by Bridgestone, and Goodyear at approximately 14.67% and 8.2%, respectively. Their sales growth has been bolstered by a recovery in the automotive market post-pandemic, with a notable increase in demand for replacement tires. Additionally, their focus on digital transformation and sustainability initiatives has attracted environmentally conscious consumers, contributing to steady revenue growth. These companies continue to adapt to market trends, ensuring their dominance in the tire industry remains unchallenged.

Global Four-Wheeler Tires Market Key Players

• Aeolus Tyres
• Bridgestone
• Cheng Shin Rubber
• Continental
• Cooper tire
• Double Coin
• Giti Tire
• Goodyear
• Hankook
• KUMHO TIRE
• Linglong Tire
• Michelin
• Pirelli
• Sumitomo Rubber
• Toyo Tires
• Triangle Tire Group
• Xingyuan group
• YOKOHAMA
• ZC Rubber
• Other Players

Key Market Segmentation:

By Tire Type

• Radial
• Bias

By Operation Type

• Steer
• Drive
• Trailer

By Application

• Passenger Cars
• Light Trucks
• Truck
• Bus
  • Off-Road Vehicles
  • Recreational Off-Highway Vehicles (ROV)
  • Utility Task Vehicles (UTV)
  • All-Terrain Vehicles (ATV)

By Weight

• < 50 Kg
• 50 - 80 Kg
• 81 - 100 Kg
• 101 - 150 Kg
• >150Kg

By Distribution Channel

• OEMs
• Aftermarket
  • Brand Stores
  • Independent Tire dealers
  • Retail Tire Chains

By Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

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