Tire Aftermarket, Tire Replacement Market: A Competing Shift

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Tire Aftermarket, Tire Replacement Market A
Competing Shift A flat tire is among the several
inconveniences vehicle owners aim to avoid.
Whether due to valve system damage or blowout due
to over-inflation, the absence of a proper tire
can severely damage the wheel and trigger tire
replacement. This drawback has instigated several
tire producers to invest in RD to develop
high-performance, fuel-efficient tires, opening
avenues for the global tire aftermarket, tire
replacement market. Additionally, integrating
systems like anti-lock braking systems,
electronic power control, and tire pressure
monitoring systems has upheaved the demand for
tire aftermarket services. Our estimates have
gathered that the global market is set to gain
revenue worth 93.38 billion by 2028, rising at a
CAGR of 4.43 during the forecast years 2022-2028.

• Developments in Aftermarket Services
• Wait, did you say airless tires? Instead of air,
  tires are now integrated with a network of spokes
  that keeps the wheels rigid while giving them a
  see-through appearance. Each year, around 20 of
  tires are trashed due to puncture or uneven wear,
  stimulating manufacturers like Michelin to launch
  UPTIS airless automobile tire design that results
  in lower raw material and waste consumption. In
  this regard, the company has teamed up with GM to
  introduce UPTIS by 2024.

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• Besides, the tires ability to bear high weight
  and absorb shocks is anticipated to support the
  growth of the 16-18-inch rim size category.
  Numerous players have opted for this size since
  it offers additional grip, braking performance,
  and ride comfort, a major driving force for the
  tire aftermarket, tire replacement market.
• The Green Initiative With the average crude oil
  price rising from 39.68 in 2020 to 97.64 in
  2022 and the rising carbon footprint, the demand
  for energy-efficient tires has boosted the tire
  replacement market. Besides, advances in tire
  energy efficiency can decrease global fuel
  consumption by around 5 in passenger vehicles,
  per the International Council on Clean
  Transportation. This has led low rolling
  resistance tires to gain immense traction among
  consumers to lower their total carbon footprint.
• Considering this trend, in January 2023, Goodyear
  revealed a demonstration tire made of 90
  sustainable materials, including carbon black and
  soybean oil. While it stated the need for further
  collaboration to bring 90 sustainable tires into
  the market, the company plans to sell them with
  70 sustainable material in 2023. Our analysis
  indicates that the radial tire type captures the
  highest share in the market as it has lower
  rolling resistance, achieving greater fuel
  efficiency.
• Labeling Culture Labeling has emerged as a
  viable solution to differentiate products from
  packaging to tires. However, governments are
  striving to implement standards to eliminate
  redundant performance classes from the scale. For
  instance, the label design will be changed in the
  US with snow and ice grip symbols. The European
  Commission also introduced Euro 7 standards for
  particle emission from tires and brakes to ensure
  cleaner vehicular movement and air quality across
  the region.
• Other than this, the Indian government mandated
  new standards in 2021 to enhance fuel efficiency
  and braking impact on wet roads. Earlier in 2022,
  Michelin became the first tire brand to receive a
  4-star rating by the Bureau of Energy Efficiency,
  India, under the new star labeling program. Such
  steps by government bodies to promote
  sustainability are set to be a growth enabler for
  the Asia-Pacific tire aftermarket, tire
  replacement market.
• Electric Vehicle Revving Up the Ride
• Over the course of a decade, electric vehicle
  sales soared to reach around 7 million units in
  2021. Fueled by the falling costs of lithium-ion
  batteries, the rising EV sales have
  revolutionized the automotive industry and the
  tire sector. Furthermore, since the additional
  weight of batteries in EVs lead to enhanced
  stiffness, the demand for cutting-edge tires has
  accelerated. As a result, companies like
  Bridgestone have unveiled ENLITEN Technology that
  decreases tire rolling resistance by 30 and
  weight by 20 to expand EV driving range and
  reduce environmental impact. Therefore, the EV
  industry is attractive for expanding the tire
  aftermarket, tire replacement market.

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FAQs Q1) What are the types of tires in the
aftermarket, tire replacement market? There are
two major types of tires, namely, radial and
bias, in the tire aftermarket, tire replacement
market. Q2) Which region will witness the
fastest growth during the forecast
period? Asia-Pacific tire aftermarket, tire
replacement is anticipated to witness the fastest
growth, attaining a CAGR of 5.09 during the
forecast period 2022-2028.