#Automotive Components Market

[shiza0022]

Automotive Components Market 2024 Competitive Landscape, Industry Analysis, Segmentation And Forecast To 2034

Automotive Components Market provides strategy of mergers and executions to enhance their Market share and product assortment. The main goal of Global Automotive Components Market report is to provide a clear picture and a better understanding of the market. Additionally, it also covers the overall market situation along with future lookout around the world. The report evaluated key market features, including revenue, capacity, capacity utilization rate, price, production, production rate, CAGR, consumption, import/export, supply/demand, cost, market share, and gross margin. In addition, This Report study offers a comprehensive study of the key market dynamics and their latest trends, along with applicable market segments and sub-segments.

The Automotive Components Market report profiles the successive companies, which includes: - Continental Robert Bosch ZF Friedrichshafen Delphi Denso Magna International Benteler Automobiltechnik

A specific study of competitive landscape of the global Automotive Components Market has granted, providing insights into the corporate profiles, financial standing, recent developments, mergers and acquisitions, and therefore the SWOT analysis. This analysis report will provide a transparent program to reader’s concern regarding the general market situation to further choose on this market projects.

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This report studies the global Automotive Components Market status and forecast, categorizes the global Automotive Components Market size (value & volume), revenue (Million USD), product price by manufacturers, type, application, and region. Automotive Components Market Report by Material, Application and Geography with Global Forecast to 2030 is a connoisseur and far-reaching research provide details associated with world’s major provincial economic situations, Concentrating on the principle districts (North America, South America Europe, and Asia-Pacific) and the crucial nations (United States, Germany, United Kingdom, Japan, South Korea, and China).

Reports Intellect analysts are currently working analyzing and incorporating their insights on the effect of COVID-19 across diverse industry verticals. These insights are quite promising for various businesses and industries to cope up with this unprecedented downturn and take effective strategic decisions to thrive and proliferate in the ever competitive business ecosystem. By Types: Engine Parts Drive Transmission & Steering Parts Body & Chassis Electrical Parts Suspension & Braking Parts    

By Applications: OEM Aftermarket

Market Segment by Regions, regional analysis covers North America Europe Asia-Pacific South America Middle East and Africa

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Reasons why you should buy this report

·  Understand the Present and future of the Automotive Components Market in both Established and emerging markets. 

·  The report assists in realigning the business strategies by accentuate the Automotive Components business priorities.

·  The report throws light on the segment expected to dominate the Automotive Components industry and market.

·  Forecasts the regions expected to perceive ascension.

·  The newest developments within the Automotive Components industry and details of the industry leaders alongside their market share and methods.

·  Saves time on the entry level research as the report contains principal data concerning about growth, size, leading players and segments of the industry.

·  Save and cut time carrying out entry-level research by characterizing the growth, size, leading players and segments within the global Market.

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[techsciresearch]

Saudi Arabia Automotive Components Market to Grow at CAGR of 5.37% by 2027

Growing fleet size of automobiles and increasing replacement demand of components to fuel Saudi Arabia Automotive Components Market through 2027

According to TechSci Research report, “Saudi Arabia Automotive Components Market –By Region, Competition Forecast and Opportunities, 2027”, Saudi Arabia automotive components market is anticipated to reach USD 6,621.35 million at a CAGR of 5.37% by 2027 because of increasing passenger car fleet size and a shift toward customization of vehicles as per needs. The automotive components market consists of the following components: brake system, air intake system, auto body parts, body electricals, air condition system, cooling system, driveshaft & axle, engine electrical system, exhaust system, fuel system, interior, steering system, suspension system, transmission and engine mechanical system. Demand for automotive components has increased in Saudi Arabia over the years as more people customize their vehicles to better suit their everyday demands and comfort. Additionally, the logistic industry's increasing reliance on technologies like warehousing and transportation management systems results in rise in commercial vehicles sales, along with the popularity of vehicle customization among Saudi Arabian car owners, has increased demand for automotive components in the nation. The lifting of the prohibition on women driving is expected to increase the demand for new car sales, as there are estimated to be more than 3 million female drivers in the country. Moreover, it will increase automotive components demand in the market. Additionally, Saudi Arabia is investing in warehouse management and transportation management systems which is expected to increase demand for commercial vehicles, and which will further increase the import of commercial components into the market. Furthermore, the growing number of vehicles in use has increased the average number of kilometres driven per vehicle. As a result, due to the harsh climatic conditions, vehicle components, such as air filters and oil filters, are frequently changed.

The demand for automotive component market is going to be high in upcoming years and is expected to grow at a CAGR 5.37% through 2027 in terms of value. However, due to a lack of manufacturing facilities in the country automotive components market majorly depends on imports from other countries such as the US, China, Japan, and European region which restricted its growth in 2020-2021.

Browse more than 18 market data Figures spread through 70 Pages and an in-depth TOC on "Saudi Arabia Automotive Components Market"

https://www.techsciresearch.com/report/saudi-arabia-automotive-components-market/13014.html

Saudi Arabia automotive components market can be segmented based on market size & forecast, by vehicle type, by part type, by channel, by region, and by competition. Based on vehicle type, passenger car segment has a higher market share than commercial vehicle due to large fleet size and the trend is likely to continue through 2027. On the basis of part type body electricals segment is leading the market followed by brake system, air condition system, auto body parts. Together they capture more than 55% of market share in 2021.

Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Toyota Boshoku Corporation, Magna International Inc., Valeo, Hyundai Mobis, Mazda Motor Corporation, Faurecia SE, Lear Corporation are the key players in the market which holds majority of the market share.

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“Many companies are investing in their distribution network for fast and easy supply of automotive components along with customization of vehicle which results in growth of Saudi Arabia Automotive Components Market.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Automotive Components Market By Market Size & Forecast (By value),By Market Share & Forecast (By Vehicle Type (Passenger car, Commercial Vehicle), By Part Type (Brake System, Air Intake System, Auto Body Parts, Body Electricals, Air Condition System, Cooling System, Driveshaft & Axle, Engine Electrical System, Exhaust System, Fuel System, Interior, Steering System, Suspension System, Transmission, Engine Mechanical System), By Channel (DIFM (Do it for Me), OE (Delegating)), By Region (Northern and Central Region, Eastern Region, Western Region, Southern Region) Competition, Forecast & Opportunities, 2027” has evaluated the future growth potential of Saudi Arabia Automotive Components Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia automotive components market.

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[viratsteelspecial-blog]

Virat Special Steels Pvt Ltd., is one of #India’s top Tool Steel, Die Steel suppliers, and Mould Steel Stuckists. 

This company provides special steel of every kind in sizes and shapes (#flat, #round, or #bars) per customer requirements. Based in Gurgaon (Haryana) India . #SpecialSteels #ViratSpecialSteels #MakeinIndia #India #Gurgaon Virat Special Steels offer “Make In INDIA” products at competitive prices, better quality, and prompt servicing to increase & improve CPC (Cost Per Component) for their domestic customers.

As importers, Virat Special Steels fulfill any and all niche steel alloy that customers may require.

As one of India’s leading special steel suppliers, Virat Special Steels can supply the following grades of steel practically off-the-shelf.

- For  Forging - For  Pressure Die Casting - For  Extrusion - For  Automotive - For  Plastic Moulding - For  Components

The above are cut to up to 2500mm - 1100mm as per customer requirement.

Learn more: http://viratsteels.com

Any further queries feel free to contact us : Email: info@viratsteels.com or Call: +91 98140 21775

[cmisayali]

Automotive Interior Component Market is Estimated to Witness High Growth Owing to Increase in Passenger Vehicle Production

The automotive interior component market comprises interior parts and accessories for seating, door panels, instrument panels, flooring solutions used to enhance comfort and safety in vehicles. These components are manufactured using high strength, durable and lightweight materials to meet rugged operational requirements. Growing consumer demand for premium interiors with enhanced aesthetic appeal and comfort features is driving automotive OEMs to adopt innovative interior designs and technologies.

The Global automotive interior component market is estimated to be valued at US$ 164.64 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 To 2031. Key Takeaways Key players operating in the automotive interior component market are Johnson Control, Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Faurecia SA, Continental AG, Magna International, Delphi, Adient plc., Robert Bosch GmbH, Yanfeng (China), Lear Corporation, Antolin, Polydesign Systems, and Machino Plastics Limited. These players are focusing on new product development, partnerships, and expansions to gain higher share in the market. There is a high opportunity for manufacturers of eco-friendly and lightweight materials as automakers are under pressure to reduce vehicle weight and carbon footprint. 3D printing technology and development of smart surfaces with integrated electronics also present significant growth opportunities. The Global Automotive Interior Market Demand is witnessing increasing globalization with major players expanding their presence in Asia Pacific and Middle East & Africa. Regional customers demand localized manufacturing, which is enabling supply-chain optimization and competitive pricing. China, India and Mexico are emerging as top automobile manufacturing hubs attracting investments by global automotive interior parts suppliers. Market Drivers The global automotive interior component market is witnessing high growth owing to increase in passenger vehicle production over the years. As per projections, global passenger vehicle sales are expected to surpass 100 million units by 2026. This rising vehicle demand across developed and developing nations is driving need for interior parts and accessories among OEMs. Innovation in autonomous, connected and electric vehicles is also presenting opportunities for design and technology advancements in automotive interior components market.

PEST Analysis

Political: The automotive industry is subject to stringent government regulations regarding vehicle safety and emissions standards. New rules imposed by regulatory bodies can impact design and production of interior components.

Economic: Rising disposable incomes and growing automobile sales are fueling demand for upgraded interiors with advanced features. However, economic slowdowns may negatively impact consumer spending on non-essential automotive upgrades.

Social: Growing consumer inclination toward luxury, comfort and infotainment is driving innovation in areas like seats, audio-visual displays and panoramic sunroofs. Technology-savvy customers expect digitally enabled dashboards and connectivity options in vehicles.

Technological: Developments in materials, digitization and connectivity are reshaping automotive cabins. Lightweight composites, smart textiles and customizable digital dashboards are being integrated. Integrated voice assistance, mobile app controls and advanced driver-assistance features are becoming standard. Geographical Regions of Concentration

In terms of value, The Automotive Interior Component Market Regional is concentrated in Asia Pacific and Europe. Asia Pacific currently holds the largest share, supported by the strong presence of automotive manufacturing hubs and rising vehicle production in China, India, Japan, South Korea and other developing nations. Majority of global automobile manufacturers have established supplier networks and manufacturing facilities in the region to cater to increasing domestic demand. Fastest Growing Region North America region is poised to witness the fastest growth in the automotive interior component market over the forecast period. This can be attributed to recovery of the automobile sector from recession, rising vehicle parc and preference for technologically advanced features among consumers. Automakers are focusing on implementing connectivity, customized infotainment and digital dashboards to enhance driver experience in this region.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

[creativeera]

Electric Vehicle Relay Market is Estimated to Witness High Growth Owing to Rising Adoption of Electric Vehicles

The electric vehicle relay market has been gaining significant traction over the past few years owing to the rising adoption of electric vehicles across the globe. Electric vehicle relays play a vital role in the overall functioning of electric vehicles by controlling various electrical systems and loads within the vehicle. Relays help in protecting circuits and offer greater operational efficiency. They find widespread use in charging systems, battery management systems, powertrain systems and other auxiliary functions within electric vehicles. The growing demand for eco-friendly vehicles coupled with stringent emission norms imposed by regulatory bodies around the world has propelled the sales of electric vehicles in recent years. This, in turn, has stimulated the demand for electric vehicle relays significantly. The global electric vehicle relay market is estimated to be valued at USD 12.09 Bn in 2024 and is expected to reach USD 30.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.1% from 2024 to 2031.

Key Takeaways Key players operating in the electric vehicle relay market are AEC (American Electronic Components, Inc.), Continental AG, Denso Corporation, Eaton Corporation, Fujitsu Limited, Hella GmbH & Co. KGaA, Hyundai Mobis, Infineon Technologies AG, Littelfuse Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Robert Bosch GmbH, Schneider Electric SE, TE Connectivity Ltd., and Valeo SA. Key opportunities in the Electric Vehicle Relay Market Growth include development of new products with advanced features suited for autonomous electric vehicles and focus on expanding presence in emerging nations in Asia Pacific and Latin America. Major electric vehicle manufacturers are focusing on expanding their global footprint by setting up manufacturing plants across different regions. For instance, Tesla is setting up a new electric vehicle gigafactory in Berlin, Germany. Similarly, SAIC Motor Corporation and Volkswagen are also expanding their electric vehicle production capacities globally which will drive the demand for electric vehicle relays. Market drivers The rapid surge in electric vehicle sales across the world has been a major driver for the electric vehicle relay market. Stringent regulations aimed at curbing vehicular emissions and policies promoting electric vehicle adoption by governments worldwide have accelerated the sales of Electric Vehicle Relay Market Size and Trends substantially over the past few years. According to the International Energy Agency (IEA), the global stock of electric passenger vehicles reached 10 million in 2020, growing by 43% from 2019. This rapid rise in electric vehicle deployment is expected to drive the demand for electric vehicle relays significantly over the coming years.

PEST Analysis Political: Government regulations and subsidies are influencing the electric vehicle relay market growth. Many countries are supporting the adoption of electric vehicles to reduce carbon emissions from fuel-powered vehicles through various incentives and regulations. Economic: Lower operating costs of electric vehicles compared to fuel vehicles is driving consumers to opt for electric vehicles. Additionally, fluctuations in oil prices are also impacting the demand for electric vehicles. Social: Increasing awareness about environmental pollution and focus on sustainable transportation are positively impacting the sales of electric vehicles. Consumers are willing to pay more for electric vehicles due to their low carbon footprint. Technological: Advancements in relay technologies, such as improvements in communication protocols and power electronics, are enhancing the performance of electric vehicle relays. Electronic relays are replacing mechanical relays in vehicles to reduce complexity and enable controlled switching of large loads with quick response times. Geographical regions where market in terms of value is concentrated Asia Pacific dominated the electric vehicle relay market share in terms of value in 2024 due to the high production and sales of electric vehicles in China. China is the largest manufacturer as well as consumer of electric vehicles globally, which drives the relay market in the country. The fastest growing region for the electric vehicle relay market Europe is expected to witness the highest growth in the electric vehicle relay market during the forecast period. This is attributed to the stringent emission regulations and rising fuel costs in the region which are compelling automakers as well as customers to shift towards electric vehicles for transportation. The presence of major automobile companies and their focus on developing electric vehicles will further support the market growth in Europe.

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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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[torresbernal]

From the Heart of the Conflict: The Strike at Linamar's Gómez Palacio Plant and Its Global Implications

In the heart of Gómez Palacio, Durango, a labor crisis at the Linamar plant threatens to trigger global repercussions. This facility, crucial to the global automotive supply chain, faces a strike that could mark a significant economic turning point. As Malcolm Gladwell describes in his “tipping point” theory, small events can have disproportionately large global consequences. Conflict…

[tritonmarketresearchamey]

Electric DC Motors: Which Type dominates the Market?

The adoption of 4.0 technologies, such as the Industrial Internet of Things (IIoT), logistics automation, and robotics, is constantly rising. This has increased the use of electric DC motors across various industry segments such as industrial machinery, automotive, aerospace, transportation, HVAC equipment, and household appliances. According to our experts, the global electric DC motor market is anticipated to surge at a CAGR of 8.86% throughout the forecasting period 2022-2028.

Manufacturers across industries are constantly expanding their product lines with the integration of technological upgrades. For instance, automotive players are shifting toward electric mobility as the electric vehicle market is estimated to have a potential growth rate of xx% in the coming years. As a result, the sales of brushless DC motors will gain traction, owing to 80-90% higher efficiency than conventional motors.

Brushless Motors: The Dominate Type

According to our estimates, brushless DC motors lead the type segment and is expected to maintain its stronghold throughout the forecast period. It is driven due to various advantages such as higher efficiency & performance and lower susceptibility to mechanical wear. Additionally, a high power-to-weight ratio, high efficiency, practically instantaneous control of speed (RPM) & torque, high speed, and low maintenance are other aspects supplementing the studied growth trend.

Some examples of industry-wise applications of brushless DC motors in various industries are-

Brushless DC motors (BLDC) are found in various hybrid vehicles, electric vehicles, and personal transporters. They are highly preferred in long-term continuous duty cycles. Therefore, BLDC motors are widely used for traction inverters for ePowertrain.

In industrial robots, brushless DC motors can be used as actuators to move mechanical joints for tool positioning in welding, painting, and assembly applications. Robotic applications favor BLDC motors due to their dependability, power density, small size, and simplicity of maintenance.

Future Prospects

The global industrial production landscape has changed dramatically. Data digitization, machine automation, and asset connectivity is potentially evolving technical infrastructures. Furthermore, several businesses use industrial automation components to compete in today’s fast-paced commercial environment. These factors are expected to contribute to the studied market during the forecast period. On the other hand, the rising demand for energy-efficient electric DC motors in industrial machinery used in mining, manufacturing, power generation, and utility sectors is projected to influence several opportunities for the global electric DC motor market.

 

FAQ

Q1) How is the global electric DC motor market segmented in terms of application?

Based on the application segment, the market is divided into industrial machinery, HVAC Equipment, aerospace and defense, automotive and transportation, household appliance, and other applications.

Q2) What are the factors hampering the global electric DC motor market?

The global electric DC motor market is expected to witness critical challenges, such as the lack of quality control for electric DC motors caused by an unorganized market segment offering low costs for entering the local market to compete with multinational suppliers.

[medicaldevicesindustrynews]

The Automotive Elastomer Market is Led by the APAC Region

The automotive elastomers market was USD 34.6 billion in 2023, and it will power at a compound annual growth rate of 5.7% by the end of this decade, to touch a value of USD 50.6 billion in 2030. The industry is mainly boosted by the growing requirement for novel cars and growing per-capita income. Also, governments’ strict standards and guidelines to reduce pollution levels, surge mileage, and…

[automotive-components]

Dive into the thriving landscape of India's auto parts industry, witnessing a remarkable 32.8% growth. From cutting-edge innovations to sustainable practices, discover the forces propelling it to $200B.

[futuretonext]

The Global Automotive Brake Components Market is expected to grow at around 6% CAGR during the forecast period, i.e., 2023-28. Most of the market growth would be propelled by the ever-increased demand for passenger & commercial vehicles worldwide owing to improving disposable incomes of people and rising construction activities, respectively. Besides, stringent vehicle safety standards set by governments, the mounting consumer interest in luxury vehicles, and the growing demand for disc brakes in commercial vehicles are other prominent aspects projected to drive the market in the coming years.

[electronalytics]

Printed Circuit Boards (PCBs) Market Analysis, Key Players, Share Dynamic Demand and Consumption to 2032

The printed circuit boards (PCBs) market refers to the industry involved in the design, production, and sale of PCBs, which are essential components in electronic devices. PCBs provide a platform for interconnecting and supporting various electronic components, such as integrated circuits (ICs), resistors, capacitors, and connectors.

printed circuit board market size is expected to increase USD 3.60 billion by 2032 and Growth Rate from 2023  CAGR of 3.9% Forecast Period 2023 To 2032

Here are some key points about the PCBs market:

Market Size and Growth: The PCBs market has experienced significant growth in recent years. Factors driving this growth include the increasing demand for consumer electronics, telecommunications equipment, automotive electronics, industrial automation, and healthcare devices. The proliferation of smart devices, Internet of Things (IoT) applications, and advancements in technologies like 5G and artificial intelligence also contribute to the expanding PCBs market.

Types of PCBs: PCBs come in different types, including single-sided, double-sided, multi-layered, rigid, flexible, and rigid-flex PCBs. Each type has its specific applications and advantages. For instance, flexible PCBs are used in wearable devices and applications where flexibility and compactness are essential, while multi-layered PCBs are commonly found in complex electronic systems like smartphones and computers.

Manufacturing Process: PCB manufacturing involves several steps, including design, substrate selection, copper etching, solder mask application, and component assembly. The industry has seen advancements in manufacturing techniques such as surface-mount technology (SMT) and advanced packaging, enabling smaller and more complex PCB designs.

Market Players: The PCBs market is highly competitive, with numerous manufacturers operating globally. Some of the key players in the industry include Nippon Mektron Ltd., Unimicron Technology Corp., Zhen Ding Technology Holding Limited, Tripod Technology Corporation, Samsung Electro-Mechanics Co., Ltd., and TTM Technologies, Inc. These companies offer a wide range of PCB products and services to cater to different industries and customer requirements.

Regional Market: Asia-Pacific dominates the global PCBs market, primarily due to the presence of major electronics manufacturing hubs in countries like China, Japan, South Korea, and Taiwan. These countries are known for their strong electronics industry, which drives the demand for PCBs. North America and Europe also contribute significantly to the market due to their established electronics and automotive sectors.

Emerging Trends: The PCBs market is influenced by several emerging trends. These include the miniaturization of electronic devices, the adoption of advanced materials and technologies for higher performance and reliability, the shift towards environmentally friendly and lead-free PCBs, and the growing demand for high-speed and high-frequency PCBs to support advanced applications.

It's worth noting that the PCBs market is subject to various factors, including technological advancements, regulatory requirements, supply chain dynamics, and customer demand. To obtain the most accurate and up-to-date information on the market, it's advisable to refer to industry reports, market research studies, and publications specific to the PCBs market.

I recommend referring to our Stringent datalytics firm, industry publications, and websites that specialize in providing market reports. These sources often offer comprehensive analysis, market trends, growth forecasts, competitive landscape, and other valuable insights into the humidity sensors market.

By visiting our website or contacting us directly, you can explore the availability of specific reports related to the humidity sensors market. These reports often require a purchase or subscription, but we provide comprehensive and in-depth information that can be valuable for businesses, investors, and individuals interested in the market.

Remember to look for recent reports to ensure you have the most current and relevant information.

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Market Segmentations: Global Printed Circuit Boards (PCBs) Market: By Company • AT&S • Nippon Mektron • Unimicron • Samsung • Dynamic Electronics • Daeduck Electronics • CMK Corporation • Nan Ya PCB Co. • TTM Technologies • Shenzhen Kinwong Electronic Global Printed Circuit Boards (PCBs) Market: By Type • Single-sided • Double-sided • Multi-layer Global Printed Circuit Boards (PCBs) Market: By Application • Consumer Electronics • Aerospace and Defense • Automotive • Healthcare • Others Global Printed Circuit Boards (PCBs) Market: Regional Analysis All the regional segmentation has been studied based on recent and future trends, and the market is forecasted throughout the prediction period. The countries covered in the regional analysis of the Global Printed Circuit Boards (PCBs) market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Russia, Italy, Spain, Turkey, Netherlands, Switzerland, Belgium, and Rest of Europe in Europe, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, China, Japan, India, South Korea, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), and Argentina, Brazil, and Rest of South America as part of South America.

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Reasons to Purchase Printed Circuit Boards (PCBs) Market Report:

• To obtain insights into industry trends and dynamics, including market size, growth rates, and important factors and difficulties. This study offers insightful information on these topics.

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• To make well-informed business decisions: These research reports give companies data-driven insights that they may use to plan their strategy, develop new products, and devise marketing and advertising plans.

In general, market research studies offer companies and organization’s useful data that can aid in making decisions and maintaining competitiveness in their industry. They can offer a strong basis for decision-making, strategy development, and business planning.

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[tritonmarketresearchamey]

Tire Aftermarket, Tire Replacement Market: A Competing Shift

A flat tire is among the several inconveniences vehicle owners aim to avoid. Whether due to valve system damage or blowout due to over-inflation, the absence of a proper tire can severely damage the wheel and trigger tire replacement. This drawback has instigated several tire producers to invest in R&D to develop high-performance, fuel-efficient tires, opening avenues for the global tire aftermarket, tire replacement market.

Additionally, integrating systems like anti-lock braking systems, electronic power control, and tire pressure monitoring systems has upheaved the demand for tire aftermarket services. Our estimates have gathered that the global market is set to gain revenue worth $93.38 billion by 2028, rising at a CAGR of 4.43% during the forecast years 2022-2028.

Developments in Aftermarket Services

Wait, did you say airless tires? Instead of air, tires are now integrated with a network of spokes that keeps the wheels rigid while giving them a see-through appearance. Each year, around 20% of tires are trashed due to puncture or uneven wear, stimulating manufacturers like Michelin to launch UPTIS airless automobile tire design that results in lower raw material and waste consumption. In this regard, the company has teamed up with GM to introduce UPTIS by 2024.

Besides, the tires’ ability to bear high weight and absorb shocks is anticipated to support the growth of the 16-18-inch rim size category. Numerous players have opted for this size since it offers additional grip, braking performance, and ride comfort, a major driving force for the tire aftermarket, tire replacement market.

The Green Initiative: With the average crude oil price rising from $39.68 in 2020 to $97.64 in 2022 and the rising carbon footprint, the demand for energy-efficient tires has boosted the tire replacement market. Besides, advances in tire energy efficiency can decrease global fuel consumption by around 5% in passenger vehicles, per the International Council on Clean Transportation. This has led low rolling resistance tires to gain immense traction among consumers to lower their total carbon footprint.

Considering this trend, in January 2023, Goodyear revealed a demonstration tire made of 90% sustainable materials, including carbon black and soybean oil. While it stated the need for further collaboration to bring 90% sustainable tires into the market, the company plans to sell them with 70% sustainable material in 2023. Our analysis indicates that the radial tire type captures the highest share in the market as it has lower rolling resistance, achieving greater fuel efficiency.

Labeling Culture: Labeling has emerged as a viable solution to differentiate products from packaging to tires. However, governments are striving to implement standards to eliminate redundant performance classes from the scale. For instance, the label design will be changed in the US with snow and ice grip symbols. The European Commission also introduced Euro 7 standards for particle emission from tires and brakes to ensure cleaner vehicular movement and air quality across the region.

Other than this, the Indian government mandated new standards in 2021 to enhance fuel efficiency and braking impact on wet roads. Earlier in 2022, Michelin became the first tire brand to receive a 4-star rating by the Bureau of Energy Efficiency, India, under the new star labeling program. Such steps by government bodies to promote sustainability are set to be a growth enabler for the Asia-Pacific tire aftermarket, tire replacement market.

Electric Vehicle: Revving Up the Ride

Over the course of a decade, electric vehicle sales soared to reach around 7 million units in 2021. Fueled by the falling costs of lithium-ion batteries, the rising EV sales have revolutionized the automotive industry and the tire sector. Furthermore, since the additional weight of batteries in EVs lead to enhanced stiffness, the demand for cutting-edge tires has accelerated. As a result, companies like Bridgestone have unveiled ENLITEN Technology that decreases tire rolling resistance by 30% and weight by 20% to expand EV driving range and reduce environmental impact. Therefore, the EV industry is attractive for expanding the tire aftermarket, tire replacement market.

 

FAQs:

Q1) What are the types of tires in the aftermarket, tire replacement market?

There are two major types of tires, namely, radial and bias, in the tire aftermarket, tire replacement market.

Q2) Which region will witness the fastest growth during the forecast period?

Asia-Pacific tire aftermarket, tire replacement is anticipated to witness the fastest growth, attaining a CAGR of 5.09% during the forecast period 2022-2028.