DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Tires Market for OE & Replacement by Rim Size, Replacement Market, Aspect Ratio, Section Width, Retreading Market and OHV Tires Market, Application, and Region - Global Forecast to 2021" report to their offering.
The tires market for Original Equipment (OE) is projected to grow at a CAGR of 5.48% during the forecast period, and is projected to reach USD 30.26 Billion by 2021.
The key factors driving the tires OE market are stringent fuel economy norms leading to the demand for low rolling resistance tires, demand for high-performance tires with aspect ratio. The 13-15 rim size segment is the largest segment in the tires replacement market, in terms of value.
This rim size is usually used in passenger cars with GVWR. Light Commercial Vehicle (LCV) segment is the fastest-growing market in tires retreading globally. Retreaded tires give the same mileage as compared to new replacement tires, at 30%-50% less cost, and are supplied with same warranties as that of new tires. For light commercial vehicle, the manufacturing of a single tire consumes, on an average, 26.4 liters of oil. However, retreading of the same tire consumes only 9 liters of oil, which is almost 34% of the new manufacturing process. On the other hand, according to Retread Tire Association, for pickup trucks, new set of four tires cost almost double to that of retreaded tires.
A few of the leading tire manufacturers have entered the tire retreading business. For instance, the Goodyear Tire and Rubber Company (U.S.) has more than 1,700 tire retreading and service centers around the globe for commercial trucks. Hence, to cut down the cost, the trend of tire retreading in LCV is increasing gradually.
- Increasing Average Life of Vehicles and Average Annual Miles Travelled By Light Duty Vehicles
- Focus on Decreasing Rolling Resistance for Better Fuel Economy
- Increase in Demand for High Performance & Low Profile Tires
- Increasing Global Sales of Construction & Mining Equipment's
- Unorganized/Independent Replacement Market With Major Hold of Chinese Tire Suppliers
- Economic Cost of Chinese Tires: Responsible Factors
- Fluctuating Raw Material Prices
- Demand for Eco-Friendly Tires Owing to Stringent Regulations
- Tire Retreading for Light Duty Vehicles
- Increasing Number of Mandatory Tests to Be Performed Before Commercial Use of Tires
- Tire Rating/Labelling and Inflation Programs
- Tire Standards
- Tire Labelling/Rating
- Tire Inflation Programs
- Bridgestone Corporation
- Continental AG
- Cooper Tire & Rubber Company
- Hankook Tire
- Pirelli & C. S.P.A
- Sumitomo Rubber Industries, Ltd.
- The Goodyear Tire & Rubber Company
- Toyo Tire & Rubber Co. Ltd.
- Yokohama Rubber Co. Ltd.
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