USD 33.72 bn Growth in Automotive Premium Tires Market, North America to be Largest Contributor to Market Growth – Technavio – QNT Press Release


NEW YORK, Sept. 2, 2022 /PRNewswire/ — Premium tires for automobiles are designed and developed to deliver superior performance and safety over conventional tires. Reduced rolling resistance, better road grip, and fuel economy are some major factors considered while designing and developing premium tires.

The automotive premium tires market size is expected to grow by USD 33.72 bn from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 10.58% during the forecast period.

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Automotive Premium Tires Market 2022-2026: Scope

The automotive premium tires market report covers the following areas:

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Automotive Premium Tires Market 2022-2026: Vendor Landscape and Analysis

The automotive premium tires market is fragmented, and the vendors are deploying growth strategies such as expanding their product lines and strengthening their manufacturing capacities to compete in the market. The competition among established players is intense. This is compelling vendors to expand their product lines and strengthen their manufacturing capacities. Market vendors use energy-efficient rubber compounds and materials to enhance the performance of premium tires. Prominent vendors are differentiating themselves in the market and are engaging in M&A to expand their product portfolio for automotive premium tires.

Bridgestone Corp., Continental AG, Hankook Tire and Technology Co. Ltd., Kumho Tire Co. Inc., Michelin North America Inc, NEXEN TIRE Corp., Nokian Tyres Plc, Pirelli Tyre Spa, Shandong Linglong Tyre Co. Ltd., The Goodyear Tire and Rubber Co., Toyo Tire Corp., Yokohama Rubber Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Giti Tire Pte. Ltd., MRF Ltd., Shandong Hengfeng Rubber and Plastic Co. Ltd., Triangle Tyres, and Xingyuan Tires Group are among some of the major market participants.

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Automotive Premium Tires Market 2022-2026: Segmentation
  • End-user
    • Replacement: This segment will be the largest contributor to market growth during the forecast period. Premium tires have a higher replacement frequency from wear and tear than conventional tires, which is driving the growth of this segment.
    • OEM
  • Geography
    • North America: This region will account for 38% of the market’s growth during the forecast period. The growth of this segment will be driven by factors such as higher penetration of TPMS in the automotive market. Moreover, market growth in this region will be faster than the growth of the market in other regions. The US is a key country for the automotive premium tires market in North America.
    • APAC
    • Europe
    • Middle East And Africa
    • South America
Automotive Premium Tires Market 2022-2026: Key Highlights
  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist automotive premium tires market growth during the next five years
  • Estimation of the automotive premium tires market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the automotive premium tires market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of automotive premium tires market vendors
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Automotive Premium Tires Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 10.58%

Market growth 2022-2026

USD 33.72 billion

Market structure

Fragmented

YoY growth (%)

9.75

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