According to our latest market study on "Automotive Tire Aftermarket Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Tire Type, Distribution Channel, and Rim Size," the market is expected to grow from US$ 105,869.22 million in 2021 to US$ 159,497.33 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2020 to 2028.
The sidewall of every tire contains a DOT number, and following the lettering is a four-digit code indicating the week and year of manufacturing. For instance, the numbers 2321 would indicate that the tire was manufactured in the 23rd week of 2021. The visibility and clarity of the labels will be improved once new requirements regarding their display are met, and unnecessary performance classes are removed from the scale. The label's design will also be updated to include icons for snow and ice grip. Retreaded tires are subject to the same regulations as other tires, and provisions for adding parameters on mileage and abrasion will be implemented once a suitable testing method is available to measure their performance. These measures are expected to help reduce the amount of microplastics released into the environment due to tire abrasion, ultimately driving growth in the automotive tire aftermarket market.
Impact of COVID-19 Pandemic on Global Automotive Tire Aftermarket Market
The automotive industry in North America, particularly the US, experienced a severe blow from the COVID-19 outbreak in 2020. The restrictions on movement and lockdowns, closure of production facilities, and a shortage of labor have adversely affected the industry's performance. The pandemic has disrupted the automotive tire industry's supply chain, manufacturing, and sales. Consequently, the short-term and long-term growth strategies of the industry have been negatively impacted, leading to a diversion of funds and resources towards alternative revenue streams. Despite these challenges, progress in vaccination programs and the gradual reopening of businesses and factories are expected to increase the demand for cars, thereby boosting the demand for automotive tires for enhanced safety.
Key Findings of Study
The global market for aftermarket automotive tires is categorized based on tire type, distribution channel, rim size, and geography. The tire type segment is divided into radial and bias, with the radial type expected to hold a significant share in the market in 2020. The distribution channel segment is bifurcated into OES and IAM, with OES expected to hold a significant share in the market in 2020. The rim size segment is further classified into 13-15, 16-18, 19-21, and more than 21, with the 13-15 rim size segment expected to hold a significant share in the market in 2020. Geographically, the automotive tire aftermarket market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with Asia Pacific accounting for a significant share in the global market in 2020.
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