Greater urbanization causing longer commute times, a need for last-mile connectivity, and higher disposable incomes in developing economies are responsible for growth in the automotive tires market. The vehicle average life span has gone up manifold resulting in a large used car market. Automotive tires must be replaced frequently, allowing the automotive tire market to flourish in the assessment period.
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Automobile Purchases Postponed as COVID-19 Makes Work From Home the New Normal
The automotive industry has seen immense disruption recently with the advent of electric vehicles and stricter emission norms such as the Clean Air Act and CAFÉ. The industry typically demonstrates cyclical growth and recession patterns. Since 2020, demand has collapsed on account of COVID-19 as employees either worked from home or were laid off. Automobile purchases were pushed to the backburner and deferred indefinitely. There were also significant disruptions in the supply chain and the flaws of the Just in Time production strategy were made obvious. These challenges still need to be addressed in the automotive tires market.
Aim to Lower Rolling Resistance for Fuel- efficient Tires in Automotive Tires Market
Automakers have made superior aerodynamics, high-performing engines, and advanced safety systems their top-most priority. There are huge sums invested in R&D to manufacture better automotive tires. Carmakers strive to reduce the weight, size, and rolling resistance of automotive tires to conform to tougher fuel-efficiency norms. Lower resistance tires are especially sought after as they contain filler and butadiene parts that go a long way in maximizing fuel efficiency.
Chinese Makers Shredding Poor Quality Image to Enter Europe Automotive Tire Market
The APAC region is critical for the long-term prosperity of key stakeholders in the automotive tires market. Companies such as BMW, GM, Toyota, and Ford have manufacturing units in China and India to take advantage of favourable policies, low cost of labour, and a large domestic market. Therefore, it makes sense for tire manufacturers to follow carmakers and establish a base of operations there. The high price sensitivity of APAC consumers makes it tricky for western companies such as Pirelli and Bridgestone Corporation to aggressively expand as they focus on quality over cost. They are advised to enter into local alliances to grow their market share in the APAC automotive tires market. APAC dominates natural rubber production with Thailand, Indonesia, and Malaysia being the three largest producers respectively. Chinese companies have steadily improved their reputation and entered not only the MEA but also Europe automotive tire market.
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Experimentation with Different Materials Essential in the Automotive Tire Market
Companies are relying on experimentation with various raw materials to differentiate themselves in the automotive tires market. Sustainability and reliability with a minimal dip in performance is the mantra to remember. A few companies profiled in the report on the automotive tires market are Apollo Tyres Ltd, Bridgestone Corporation, CEAT Ltd, China National Tire & Rubber Co, Ltd, Continental AG, Cooper Tire & Rubber Company, Giti Tire, Hangzhou Zhongce Rubber Co, Ltd, Hankook Tire, JK Tyre & Industries Ltd, Kumho Tire Co, Inc, MICHELIN, Nexen Tire Corporation, Nokian Tyres plc, Pirelli & C SpA, Qingdao Fullrun Tyre Corp.
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