Press Release Description

Burgeoning Sales for Summer Tires with the Introduction of Automated Technologies

Evolving climatic conditions due to prolonged summer in the equatorial and southern hemisphere of earth have been the key growth driver for summer tires. The prolonged summer in Middle East & Africa, certain areas of Latin America and Asia Pacific have been inducing the demand for summer tires. In addition, growing demand from racing or sports cars have been further catalyzing the sales of summer tires.

According to the MarkNtel Advisors’ research report, the CAGR of Global Summer Tire Market Analysis, 2020”, is expected to be around 4% during 2020-25.

Leading Players Attributed to Lead the Summer Tire Market

In 2019, companies such as Bridgestone, Michelin, Goodyear and Yokohama tires grabbed the largest market share and were the prominent players in the market. According to the MarkNtel Advisors the major other leading players are Bridgestone, Continental, Michelin, Yokohama, Goodyear, Pirelli, Hangzhou Zhongce, Sumitomo, among others. 

Based on the rim sizes, with the continuous improvement in automobile technology, the demand for various tire rims is also undergoing a paradigm shift. The automobile manufacturers exporting to Saudi Arabia, UAE, Qatar, Kuwait, Nigeria, etc., have been moving towards introducing larger rim size as the demand from end user for better vehicle designs, performance has also been transforming. Demand for rim sizes of around 15” to 17” is on the rise amid growth in the sales of SUVs in these regions. Moreover, the traction towards Sedan with greater rim size is also mounting, revealed by MarkNtel Advisors’ in their research report, “Summer Tire Market Analysis, 2020”.

Tubeless and Inner Tube Tires Augment the Demand for Summer Tires

Based on types of tire, these are divided into tubeless and inner tube that influence the growth demand during 2020-25. With the introduction of latest technology transformation and modernization in the tire industry to sustain the demand for passenger cars such as SUVs and Sedans, commercial vehicles and other vehicles are inclined to witness a growth in the demand for tubeless and inner tube tire.

“Global Summer Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Summer Tire market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.

Industry Segmentation:

1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheeler)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Studded and Non-Studded)
4. By Sales Channel (Dealer/Distributor, Online and Others)
5. By Price Category (Low (Up to USD100), Medium (USD100-USD200), High (Above USD200))
6. By Rim Diameter (Up to 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
7. By Region (North and South America, Europe, middle East and Africa and Asia-Pacific)
8. By Company (Bridgestone, Continental, Michelin, Yokohama, Goodyear, Pirelli, Nokian Tires, Hangzhou Zhongce, Sumitomo,etc.)

Key questions answered in the study:

1. What are the current and future trends of the Summer tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Summer tire market industry?
6. What are the customer orientation, purchase behavior, and expectations from Summer tire suppliers across various regions?