The Global Summer Tire Market is expecting around 4% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The burgeoning adoption of summer tires across regions with warmer temperatures and the increasing public awareness among people about the benefits of using summer tires like better handling on dry & wet roads during summers, less friction & rolling resistance, enhanced fuel efficiency, traction, reduced braking distance, and excellence in cornering, among others, are the prime aspects driving the global market.
Besides, the swiftly escalating vehicle fleet, owing to improving living standards and surging consumer inclination toward private ownership of vehicles, are other prominent factors portraying a rising demand for summer tires worldwide, further states the research report, “Global Summer Tire Market Analysis, 2022.”
Growing Passenger Car Fleet to Contribute Significantly to the Market Expansion for Summer Tires
Passenger cars are expecting the largest share in the Global Summer Tires Market during 2022-27. It attributes to the growing vehicle sales due to a swift public interest in owning private cars for local commutation, i.e., resulting in increased production of summer tires for passenger cars globally.
Besides, as passenger car owners are becoming more aware of the significance of keeping tires in the best shape to ensure the utmost safety, tire repairs & replacements are becoming more frequent than ever and, in turn, augmenting the market growth.
Furthermore, as fuel prices are hiking rapidly, more & more customers are adopting fuel-efficient solutions and instigating the need for summer tires owing to their extensive benefits, thereby driving the market for summer tires for passenger cars.
With Extensive Automotive & Tire Sectors, Asia-Pacific to Acquire the Largest Market Share
With the ever-expanding automotive & tire industries, the leading tire manufacturers are actively working on establishing their manufacturing facilities across different countries in Asia-Pacific. The rapidly increasing vehicle fleet for passenger cars & two-wheelers, especially in China & India, is a crucial aspect portraying a swiftly rising demand for summer tires across the region. Moreover, as several regional countries have warmer temperatures, the popularity of summer tires is elevating swiftly, which indicates that Asia-Pacific is all set to grab the largest share in the Summer Tires Market during 2022-27.
The leading competitors in the Global Summer Tire Market include Bridgestone, Continental, Michelin, Yokohama, Goodyear, Pirelli, Nokian Tyres, Hangzhou Zhongce, Sumitomo, Nexen Tire Corporation.
Key Questions Answered in the Research Report: