Summer Tires Market - Forecast(2024 - 2030)
Summer Tires Market size is estimated to reach $28.4 billion by 2030, growing at a CAGR of 5.1% during the forecast period 2023-2030. Increasing demand for automobiles and growing preference for high-performance tires are propelling the Summer Tires Market growth. According to VDA, the German Association for the Automotive Industry , 58 million cars were sold globally in the largest passenger vehicle market in 2022; which explains the recent growth in the Summer Tires Market.
Additionally, technical advancements in tire manufacturing are propelling the growth of the Summer Tires Market to new heights. Advanced tire technologies, such as self-inflating, chip-embedded, multi-chamber, and all-in-one tires, can significantly enhance the convenience of in-vehicle experience for customers. These advanced tires are comprised of various components, often combined in different ways, and are typically designed to be airless, eliminating a significant concern associated with conventional tires - punctures. These factors positively influence the Summer Tires industry outlook during the forecast period.
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COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic led to a decline in the demand for summer tires due to reduced automobile usage caused by lockdowns and social distancing measures. The disruption of supply chains resulted in raw material shortages, which increased production costs and prices. The closure of retail stores and service centers further impacted sales. However, as restrictions ease, it is expected that the market will improve as people resume traveling and commuting.
● Ukraine is one of the major producers of natural rubber, which is a key component in tire manufacturing, and disruptions in the supply chain of such raw materials due to the Russia-Ukraine conflict has negatively impacted the Summer Tires Market. The economic sanctions and trade restrictions in the region are further impacting the sales and profits of summer tire manufacturers.
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Key Takeaways:
● Fastest Growth of South America Region
Geographically, in the global Summer Tires market share, South America is analyzed to grow with the highest CAGR of 5.7% during the forecast period 2023-2030. South America experiences diverse climates across different regions. Since many countries in South America witness extremely hot summers with dry conditions, there is a growing demand for summer tires that are designed to perform optimally in such a weather, offering better traction and handling on dry roads.
Moreover, the region is witnessing significant infrastructure development, which includes the construction of highways, urban roads and transportation networks. According to a 2022 World Bank Report , Latin America and the Caribbean economies are focusing more on closing the infrastructure gap in the post-pandemic era. With better roads, people are more likely to own vehicles, which would drive the demand for tires, including summer tires.
● Tubeless Tires Segment to Register the Fastest Growth
In the Summer Tires Market analysis, the tubeless tires segment is estimated to grow with the highest CAGR of 5.5% during the forecast period. Tubeless tires offer several advantages over traditional inner tube tires. They are more resistant to punctures as there is no tube to be punctured.
Additionally, in the event of a small puncture, tubeless tires tend to deflate more slowly, providing the driver with more time to safely stop the vehicle. Tubeless tires also provide better heat dissipation, reducing the risk of overheating during hot summer conditions. These advantages make tubeless tires a preferred choice for many consumers.
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● OEM Segment is Leading the Market
According to the Summer Tires Market forecast, the OEM sales channel category held the largest market share of 62.1% in 2022. OEMs collaborate closely with automotive manufacturers to develop and supply tires specifically tailored for their vehicles. Summer tires, which are designed for optimal performance in warm weather conditions, are often included as part of the original equipment package when a new vehicle is purchased. This integration ensures that the tires meet the vehicle's specifications and performance requirements, providing a seamless driving experience. As a result, a significant portion of summer tires are sold through OEM channels.
● Increasing Demand for Automobiles
The demand for automobiles is increasing globally due to factors such as population growth, urbanization, and improving economic conditions in developing countries. As more people purchase cars, the demand for tires, including summer tires, is also increasing. Additionally, the rise of ride-sharing services and the popularity of road trips and long drives are contributing to the growing demand for summer tires.
● Growing preference for high-performance tires
Summer tires offer better performance in warm weather conditions compared to all-season tires, making them popular among drivers who prioritize safety and handling. High-performance summer tires offer superior traction, cornering, and braking capabilities, making them a preferred choice for sports cars, luxury vehicles, and other high-performance vehicles. Furthermore, as the number of car enthusiasts and performance-focused drivers increases, the demand for high-performance summer tires is also increasing.
● Increasing Popularity of All-Season Tires to Hamper the Market Growth
The increasing popularity of all-season tires is the biggest challenge hindering the growth of the Summer Tires market, especially in regions with moderate climates. All-season tires are a preferred choice for drivers who do not want to change their tires every season, and they are generally less expensive than summer tires. However, the growing popularity of high-performance vehicles and the increasing demand for safety and handling could help drive the demand for summer tires among performance-focused drivers.
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Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Summer Tires Market. The top 10 companies in this industry are listed below:
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