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.
Report Coverage | Details |
---|---|
Study Period | Historical Data: 2017-20 |
Base Year: 2021 | |
Forecast Period: 2022-27 | |
CAGR(2022-27) | 4% |
Region Covered | North America, South America, Middle East & Africa, Asia-Pacific |
Key Companies Profiled | Bridgestone, Continental, Michelin, Yokohama, Goodyear, Pirelli, Nokian Tyres, Hangzhou Zhongce, Sumitomo, Nexen Tire Corporation |
Unit Denominations | USD Million/Billion |
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:
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:
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:
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:
Frequently Asked Questions
A. The Global Summer Tire Market is projected to grow at a CAGR of around 4% during 2022-27.
A. The growing vehicle fleet and rising awareness among people about the benefits of summer tires during the warmer months are projected to drive the Global Summer Tire Market through 2027.
A. Passenger cars are projected to emerge as an area of remunerative opportunities for the leading players in the Global Summer Tire Market over the forecast years.
1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Assumptions
1.4. Market Segmentation
2. Executive Summary
3. Experts Verbatim-What our experts say?
4. Global Summer Tire Market Voice of Customer
4.1. Brand Awareness
4.2. End User Expectations
4.3. Key Factors Impacting Vendor Selection
4.4. Key Issues Encountered
4.5. Vendor’s Receptiveness to Address Key Customer Issues
4.6. Future Requirements
5. Global Summer Tire Market Analysis, 2017- 2027
5.1. Market Size & Analysis
5.1.1. Market Revenue
5.1.2. Units Sold
5.2. Market Share & Analysis
5.2.1. By Type of Vehicles
5.2.1.1. Passenger Cars
5.2.1.2. Light Commercial Vehicles
5.2.1.4. Medium & Heavy Commercial Vehicles
5.2.1.5. Off-the-Road (OTR)
5.2.1.6. Two Wheelers
5.2.1.7. Three Wheelers
5.2.2. By Demand Category
5.2.2.1. OEM
5.2.2.2. Aftermarket
5.2.3. By Sales Channel
5.2.3.1. Dealer/Distributor
5.2.3.2. Online
5.2.3.3. Others
5.2.4. By Price Category
5.2.4.1. Low (Up to USD100)
5.2.4.2. Medium (USD100-USD200)
5.2.4.3. High (Above USD200)
5.2.5. By Rim Diameter
5.2.5.1. Upto 12”
5.2.5.2. 12.1” to 15”
5.2.5.3. 15.1.” to 18”
5.2.5.4. 18.1” to 20”
5.2.5.5. 20.1” to 22.5”
5.2.5.6. 22.6” to 26”
5.2.5.7. 26.1” to 35”
5.2.5.8. 35.1” to 47”
5.2.5.9. Above 47”
5.2.6. By Region
5.2.6.1. North America
5.2.6.2. South America
5.2.6.3. Middle East and Africa
5.2.6.4. Asia-Pacific
5.2.7. By Country
5.2.7.1. United States
5.2.7.2. Brazil
5.2.7.3. Chile
5.2.7.4. Saudi Arabia
5.2.7.5. Bahrain
5.2.7.6. Qatar
5.2.7.7. UAE
5.2.7.8. Kuwait
5.2.7.9. Oman
5.2.7.10. Algeria
5.2.7.11. Egypt
5.2.7.12. Morocco
5.2.7.13. Nigeria
5.2.7.14. Libya
5.2.7.15. South Africa
5.2.7.16. India
5.2.7.17. Australia
5.2.8. By Company
5.2.8.1. Revenue Shares
5.2.8.2. Strategic Factorial Indexing
5.2.8.3. Competitor Placement in MarkNtel Quadrant
6. Global Summer Passenger Car Tire Market Analysis, 2017- 2027
6.1. Market Size & Analysis
6.1.1. Market Revenue
6.2. Market Share & Analysis
6.2.1. By Type of Vehicle
6.2.1.1. Sedan
6.2.1.2. SUV
6.2.1.3. Hatchbacks
6.2.1.4. Others
6.2.2. By Demand Category
6.2.3. By Type of Tire
6.2.4. By Sales Channel
6.2.5. By Price Category
6.2.6. By Rim Diameter
6.2.7. By Region
7. Global Summer Light Commercial Vehicle Tire Market, 2017-2027
7.1. Market Size & Analysis
7.1.1. Market Revenue
7.2. Market Share & Analysis
7.2.1. By Type of Vehicle
7.2.1.1. Light Trucks
7.2.1.2. Light Buses
7.2.1.3. Pick-up Trucks & Vans
7.2.2. By Demand Category
7.2.3. By Type of Tire
7.2.4. By Sales Channel
7.2.5. By Price Category
7.2.6. By Rim Diameter
7.2.7. By Region
8. Global Summer Medium Heavy Commercial Vehicle Tire Market, 2017-2027
8.1. Market Size & Analysis
8.1.1. Market Revenue
8.2. Market Share & Analysis
8.2.1. By Type of Vehicle
8.2.1.1. Trucks
8.2.1.2. Buses
8.2.2. By Demand Category
8.2.3. By Type of Tire
8.2.4. By Sales Channel
8.2.5. By Price Category
8.2.6. By Rim Diameter
8.2.7. By Region
9. Global Summer Two-Wheeler Tire Market, 2017-2027
9.1. Market Size & Analysis
9.1.1. Market Revenue
9.2. Market Share & Analysis
9.2.1. By Type of Vehicle
9.2.1.1. Scooters
9.2.1.2. Mopeds
9.2.1.3. Motorcycles
9.2.2. By Demand Category
9.2.3. By Type of Tire
9.2.4. By Sales Channel
9.2.5. By Price Category
9.2.6. By Rim Diameter
9.2.7. By Region
10. Global Summer OTR Vehicle Tire Market, 2017-2027
10.1. Market Size & Analysis
10.1.1. Market Revenue
10.2. Market Share & Analysis
10.2.1. By Type of Vehicle
10.2.1.1. Earthmoving Equipment
10.2.1.2. Construction & Agricultural Vehicles
10.2.1.3. Material Handling Vehicles
10.2.2. By Demand Category
10.2.3. By Type of Tire
10.2.4. By Sales Channel
10.2.5. By Price Category
10.2.6. By Rim Diameter
10.2.7. By Region
11. Global Summer Three-Wheeler Vehicle Tire Market, 2017-2027
11.1. Market Size & Analysis
11.1.1. Market Revenue
11.2. Market Share & Analysis
11.2.1. By Type of Vehicle
11.2.1.1. Passenger Carrier
11.2.1.2. Load Carrier
11.2.2. By Demand Category
11.2.3. By Type of Tire
11.2.4. By Sales Channel
11.2.5. By Price Category
11.2.6. By Rim Diameter
11.2.7. By Region
12. Global Summer Tire Market Policies, Regulations, Product and Services Standards
13. Global Summer Tire Market Trends & Insights
14. Global Summer Tire Market Dynamics
14.1. Growth Drivers
14.2. Challenges
14.3. Impact Analysis
15. Summer Tire Market Hotspot & Opportunities
16. Summer Tire Market Key Strategic Imperatives for Success & Growth
17. Summer Competition Outlook
17.1. Competition Matrix
17.1.1. Product and Services Portfolio
17.1.2. Brand Specialization
17.1.3. Target Markets
17.1.4. Target End Users
17.1.5. Research & Development
17.1.6. Strategic Alliances
17.1.7. Strategic Initiatives
17.2. Company Profiles (Business Description, Product and Services Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
17.2.1. Bridgestone
17.2.2. Continental
17.2.3. Michelin
17.2.4. Yokohama
17.2.5. Goodyear
17.2.6. Pirelli
17.2.7. Nokian Tyres
17.2.8. Hangzhou Zhongce
17.2.9. Sumitomo
17.2.10. Nexen Tire Corporation
18. Disclaimer