Global Summer Tire Market Research Report: Forecast (2022-27)

Market Definition

Summer tires are designed with finely tuned tread patterns to offer an excellent driving experience during summers. They provide low friction & hence better fuel efficiency, steady cornering, better grip & traction, and responsive steering. Their harder rubber softens in milder temperatures to adapt to both dry & wet road conditions. Besides, summer tires deliver all-around performance during the warmer months as their harder rubber compound can become fragile if the temperature falls below 7° Celsius.

Market Insights

The Global Summer Tire Market is projected to grow at a CAGR of around 4% during the forecast period, i.e., 2022-27. The growth of the market is likely to be driven by the mounting awareness among people about the benefits of summer tires like better responsiveness, improved cornering, reduced braking distance, specialized tread, & harder rubber compound, among others. 

In addition, the improving economic conditions of people & their mounting inclination toward private vehicle ownership are demonstrating a significant rise in the vehicle fleet, i.e., positively influencing the demand for summer tires. 

Besides, the versatility of these tires to work efficiently on dry or wet roads entwined with less friction & better fuel efficiency are other prominent reasons behind the growing popularity of these tires worldwide. Moreover, the excellent grip & efficiency in speed & agility of summer tires are also driving their demand, especially for high-performance, and, in turn, fueling the overall market growth.

Impact of Covid-19 on the Global Summer Tire Market

The automotive & tire sectors worldwide witnessed a catastrophic impact of the Covid-19 pandemic in 2020, which led to several unprecedented challenges for the leading players in the Global Summer Tire Market. The lockdowns & strict movement restrictions imposed by governments of different countries worldwide resulted in the suspension of all business operations associated with the summer tire industry. Due to this, the prominent tire makers worldwide faced massive revenue losses due to a shortage of raw materials, supply chain disruptions, delays in tire delivery & production, & volatile prices amidst the crisis.

Nevertheless, as Covid-19 cases started reducing, the upliftment of restrictions helped tire manufacturers resume their production units to cater to the increasing consumer requirements for summer tires. In addition to this, most tire manufacturers joined the digital transformation to sell their products via e-commerce platforms and offer door-step delivery & installation to their customers, which helped the market to sustain amidst the crisis.

Market Segmentation

Based on Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Medium & Heavy Commercial Vehicles
• Off-the-Road (OTR) Vehicles
• Two Wheelers
• Three Wheelers

Of all vehicle types, Passenger cars are anticipated to dominate the Global Summer Tire Market with the largest share during 2022-27. It owes principally to the swiftly improving economic conditions & changing living standards of the people and their growing inclination toward privately owning passenger vehicles for daily commuting.

Besides, in countries where the temperature is usually warm or more than 7° Celsius, the demand for summer tires in passenger cars is escalating rapidly. As vehicles are becoming more of a necessity than a luxury, the passenger car fleet is increasing swiftly across different corners of the world & directly influencing the summer tire market.

Moreover, growing awareness among people about the benefits of summer tires like their specialized tread, harder rubber compound, and enhanced cornering & braking, among others, is another aspect accelerating the deployment of summer tires in passenger cars and driving the market.

Furthermore, as fuel prices are skyrocketing globally, people are increasingly focusing on bringing fuel efficiency to their vehicles. It is augmenting the frequency of repair & replacement of summer tires for the best mileage and, in turn, propelling the market growth.

Based on Demand Category:

• OEM
• Replacement

Here, the aftermarket summer tires are projected to acquire the largest market share through 2027. It attributes principally to the increasing competition between tire manufacturers, i.e., demonstrating their active efforts in introducing a variety of summer tires in different budgets at numerous replacement centers to meet the varied consumer requirements. Moreover, the extensive presence of multi-brand tire shops that offer notable features, including wheel balancing/alignment, is another crucial aspect contributing to the overall market growth for aftermarket summer tires. 

Regional Landscape

Geographically, the Global Summer Tire Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Amongst all regions globally, Asia-Pacific is expected to dominate the Summer Tires Market with the largest share during 2022-27. It owes to the rising population & its growing interest in private ownership of passenger cars & two-wheelers for easy commute. Since Asia-Pacific has warm temperature levels across most countries, the sales of summer tires are rising rapidly and augmenting the regional market growth.

In addition, growing consumer awareness about the advantages of using summer tires is also infusing their demand across the region. Moreover, as the automotive & tire industries across Asia-Pacific are expanding rapidly, the leading players in the regional market are expecting lucrative prospects to set up their manufacturing facilities & expand reach throughout the region in the coming years.

Furthermore, countries like China & India are prominent locations for manufacturing summer tires owing to the easy availability of raw materials & cheap labor. Hence, the Summer Tire Market is all set to witness remunerative opportunities across Asia-Pacific in the years to come.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Summer Tire Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Summer Tire Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Summer Tire Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the Global Summer Tire Market study?

Frequently Asked Questions