Passenger Car Tire Retail Market Trends and Forecast
The future of the global passenger car tire retail market looks promising with opportunities in the sedan and SUV markets. The global passenger car tire retail market is expected to grow with a CAGR of 7.0% from 2024 to 2030. The major drivers for this market are increasing vehicle ownership and demand for passenger cars worldwide, technological advancements in tire manufacturing, and growing awareness of safety and environmental concerns.
• Lucintel forecasts that independent tire dealer is expected to witness the highest growth over the forecast period.
• Within this market, sedan is expected to witness the higher growth.
• APAC is expected to witness highest growth over the forecast period.
United States – Goodyear announces plans to expand its retail footprint, targeting increased market share in passenger car tires. The government sets targets to improve road safety through awareness campaigns and tire maintenance initiatives, encouraging consumers to replace tires regularly for optimal performance.
Germany – Continental launches innovative eco-friendly tires for passenger cars, aiming to meet increasing demand for sustainable mobility solutions. The government offers subsidies for tire retailers investing in green technologies and sustainable practices to reduce environmental impact.
China – Michelin collaborates with e-commerce platforms to enhance online tire retail experiences, targeting tech-savvy consumers. The government implements regulations to ensure the quality and safety standards of passenger car tires, boosting consumer confidence and trust in the market.
India – Apollo Tyres introduces budget-friendly tire options for passenger cars, catering to price-sensitive consumers. The government sets targets to improve road infrastructure and safety, encouraging tire retailers to educate consumers on the importance of quality tires for safe driving.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Passenger Car Tire Retail by Segment
The study includes a forecast for the global passenger car tire retail by type, application, and region.
Passenger Car Tire Retail Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Independent Tire Dealers
• Warehouse Clubs
• Auto Dealerships
• Tire Company-Owned Stores
• Miscellaneous Outlets
Passenger Car Tire Retail Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Sedan
• SUV
• Others
Passenger Car Tire Retail Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Passenger Car Tire Retail Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies passenger car tire retail companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the passenger car tire retail companies profiled in this report include-
• Reinalt-Thomas
• Walmart
• Mavis Tire
• Les Schwab
• Monro
• Belle Tire
• Best-One Tire
Recent Development in the Passenger Car Tire Retail Market
Goodyear: Launches a new line of all-season passenger car tires with enhanced durability and performance, catering to diverse driving conditions and consumer preferences.
Continental: Introduces "EcoPlus" eco-friendly tires for passenger cars, featuring improved fuel efficiency and reduced environmental impact, aligning with consumer demand for sustainable mobility solutions.
Michelin: Expands its online retail presence through partnerships with e-commerce platforms, offering a seamless shopping experience for consumers purchasing passenger car tires online.
Apollo Tyres: Launches a cost-effective range of passenger car tires targeting budget-conscious consumers, providing quality options at competitive prices in the market.
Features of the Global Passenger Car Tire Retail Market
Market Size Estimates: Passenger car tire retail market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Passenger car tire retail market size by type, application, and region in terms of value ($B).
Regional Analysis: Passenger car tire retail market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the passenger car tire retail market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the passenger car tire retail market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for passenger car tire retail market?
Answer: The global passenger car tire retail market is expected to grow with a CAGR of 7.0% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the passenger car tire retail market?
Answer: The major drivers for this market are increasing vehicle ownership and demand for passenger cars worldwide, technological advancements in tire manufacturing and growing awareness of safety and environmental concerns.
Q3. What are the major segments for passenger car tire retail market?
Answer: The future of the passenger car tire retail market looks promising with opportunities in the sedan and SUV markets.
Q4. Who are the key passenger car tire retail market companies?
Answer: Some of the key passenger car tire retail companies are as follows:
• Reinalt-Thomas
• Walmart
• Mavis Tire
• Les Schwab
• Monro
• Belle Tire
• Best-One Tire
Q5. Which passenger car tire retail market segment will be the largest in future?
Answer: Lucintel forecasts that independent tire dealer is expected to witness the highest growth over the forecast period.
Q6. In passenger car tire retail market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the passenger car tire retail market by type (independent tire dealers, warehouse clubs, auto dealerships, tire company-owned stores, and miscellaneous outlets), application (sedan, SUV, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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