Tire Retail Market Trends and Forecast
The future of the global tire retail market looks promising with opportunities in the passenger car and commercial vehicle markets. The global tire retail market is expected to grow with a CAGR of 4.8% from 2024 to 2030. The major drivers for this market are increasing global vehicle sales, growing demand for eco-friendly & energy-efficient tires, and expansion of vehicle maintenance & repair services.
• Lucintel forecasts that independent tire dealer is expected to witness the highest growth over the forecast period.
• Within this market, passenger car is expected to witness the higher growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Bridgestone announced a target to increase its tire production capacity by 20% by 2025, investing in advanced manufacturing technologies and sustainable practices with support from government incentives.
China: Michelin launched a pilot program for airless tires in partnership with Chinese automakers, aiming to reduce maintenance costs and improve vehicle safety, aligning with ChinaÄX%$%Xs push for innovative automotive solutions.
Germany: Continental AG introduced a new line of eco-friendly tires, targeting a 30% reduction in CO2 emissions per tire by 2030, in compliance with GermanyÄX%$%Xs strict environmental regulations and consumer demand for sustainable products.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Tire Retail by Segment
The study includes a forecast for the global tire retail by type, application, and region.
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
Tire Retail Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Passenger Car
• Commercial Vehicle
• Others
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 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 tire retail companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the tire retail companies profiled in this report include-
• TBC
• Reinalt-Thomas
• Walmart
• Mavis Tire
• Les Schwab
• Southern Tire Mart
• Monro
• Pomp’s Tire Service
• Belle Tire
• Best-One Tire
Recent Development in the Tire Retail Market
Bridgestone: Bridgestone has unveiled its sustainable initiative to develop tires made from renewable materials, aiming to reduce carbon emissions in tire production. This initiative aligns with global sustainability goals and responds to increasing consumer demand for eco-friendly products.
Michelin: Michelin has introduced its airless tire technology, designed to eliminate the risk of punctures and reduce maintenance costs for vehicle owners. This innovation is a significant step towards enhancing safety and convenience in the automotive industry.
Goodyear: Goodyear has launched a new line of smart tires equipped with sensors to monitor tire pressure, temperature, and performance in real-time. This initiative enhances vehicle safety and efficiency, catering to the growing demand for advanced automotive technologies.
Continental: Continental has announced its investment in research and development to produce tires with extended durability and improved fuel efficiency. This effort contributes to reducing environmental impact and meeting stringent regulatory standards in the tire manufacturing sector.
Pirelli: Pirelli has collaborated with leading automotive manufacturers to develop customized tires for electric vehicles, focusing on optimizing performance and range. This initiative supports the transition towards sustainable mobility and addresses the specific needs of electric vehicle owners.
Features of the Global Tire Retail Market
Market Size Estimates: Tire retail market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Tire retail market size by type, application, and region in terms of value ($B).
Regional Analysis: 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 tire retail market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the 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 tire retail market?
Answer: The global tire retail market is expected to grow with a CAGR of 4.8% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the tire retail market?
Answer: The major drivers for this market are increasing global vehicle sales, growing demand for eco-friendly & energy-efficient tires, and expansion of vehicle maintenance & repair services.
Q3. What are the major segments for tire retail market?
Answer: The future of the tire retail market looks promising with opportunities in the passenger car and commercial vehicle markets.
Q4. Who are the key tire retail market companies?
Answer: Some of the key tire retail companies are as follows:
• TBC
• Reinalt-Thomas
• Walmart
• Mavis Tire
• Les Schwab
• Southern Tire Mart
• Monro
• Pomp’s Tire Service
• Belle Tire
• Best-One Tire
Q5. Which 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 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 tire retail market by type (independent tire dealers, warehouse clubs, auto dealerships, tire company-owned stores, and miscellaneous outlets), application (passenger car, commercial vehicle, 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?
For any questions related to Tire Retail Market Market, Tire Retail Market Market Size, Tire Retail Market Market Growth, Tire Retail Market Market Analysis, Tire Retail Market Market Report, Tire Retail Market Market Share, Tire Retail Market Market Trends, Tire Retail Market Market Forecast, Tire Retail Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.