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TIRE RETAIL MARKET REPORT OVERVIEW
The global Tire Retail Market size was USD 125.28 billion in 2023 and the market is projected to touch USD 161.5 billion by 2032, exhibiting a CAGR of 2.5% during the forecast period.
Tire retail encompasses the sale of exhausts to end consumers. This market comprises a varied range of products, excluding tires for several types of automobiles such as passenger cars, motorbikes, trucks, buses, and specialty vehicles like off-road and farming machinery. The tire retail market embraces both physical retail outlets. The shift towards online shopping has expressively obstructed the tire retail market. Customers are progressively buying tires online due to the accessibility, obtainability of an extensive range of options, and economical pricing. This trend is boosting more retailers to establish an online presence, mounting the market reach. Governments wide-reaching are executing strict guidelines concerning vehicle and tire safety, prominent to mandatory tire substitutions and advancements.
Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies need to stay updated with varying market trends and develop products that meet rising consumer needs. Companies coming up with advanced technological solutions for firming their positions.
COVID-19 Impact: Pandemic Hampered The Market Due To Unexpected Disruption In The Sector
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
COVID- 19 pandemic has tremendously affected the complete world. It caused many unexpected disruption and affected the industry. COVID- 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
LATEST TRENDS
"Use Of Innovative Products To Boost The Market Growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
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TIRE RETAIL MARKET SEGMENTATION
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By Type Analysis
According to type, the market can be segmented into independent tire dealers, warehouse clubs, auto dealerships, tire company-owned stores, miscellaneous outlets
Independent tire dealers will capture the maximum market share through forecast period.
Independent tire dealers: Independent tire suppliers frequently carry a wide-ranging range of tire brands and sorts, providing to several consumer needs.
Warehouse clubs: Warehouse clubs are huge retail stores that trade products in wholesale, often needing a membership.
Auto dealerships: Auto dealerships sell tires as part of their vehicle service and upkeep offerings.
Tire company-owned stores: These are retail outlets possessed and functioned by tire makers.
Miscellaneous outlets: This sector comprises numerous other retail outlets that sell tires.
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By Application Analysis
According to application, the market can be segmented into passenger car, commercial vehicle
Tire retail market players cover segment as passenger car will dominate the market share during forecast period.
Passenger car: This sector covers an extensive range of tire categories, comprising all-season, performance, and biodegradable tires.
Commercial vehicle: Commercial vehicle tires are manufactured for sturdiness, load-bearing ability, and long-distance performance.
DRIVING FACTORS
"Increasing Automotive Sales To Boost The Market Growth"
The automotive industry is growing worldwide with substantial progression. As more automobiles are sold, the demand for tires upsurges directly enhancing the tire retail market. This progression is fuelled by factors such as monetary growth, development, and a growing number of middle-class customers.
"Technological Advancement and Innovation To Upsurge The Market"
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the tire retail market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Retailers posing these inventive products can fascinate a more tech-savvy consumer base, thus motivating market development.
RESTRAINING FACTOR
"Fluctuating Raw Material Prices To Hamper The Market Growth"
The tire industry severely depends on raw materials like gum, steel, and chemicals, whose costs can be instable. Variations in these costs can lead to augmented making costs which may be handed on to customers, possibly reducing demand and impacting retail sales.
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TIRE RETAIL MARKET REGIONAL INSIGHTS
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East and Africa.
"North America to Dominate the Region Due To High Implementation Of Innovative Technology"
North America is further expected to witness growth in the tire retail market share. The region is dominating the market due to high implementation of innovative technology. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
KEY INDUSTRY PLAYERS
"Key Players Focus On Partnerships To Gain Competitive Advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger. The collective efforts of these major players expressively impact the competitive landscape and future path of the market.
List Of Market Players Profiled
- Walmart (China)
- Mavis Tire (China)
- Monro Inc (Japan)
- Belle Tire (Netherlands)
- Pomp’s Tire Service (China)
INDUSTRIAL DEVELOPMENT
June 2024: Walmart recognized Mad Engine Global with its 2023 Customer Excellence Award for Fashion. The honor was announced at the annual Walmart Supplier Growth Forum.
REPORT COVERAGE
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 125280 Million in 2023 |
Market Size Value By |
US$ 161576 Million by 2032 |
Growth Rate |
CAGR of 2.5% from 2023 to 2032 |
Forecast Period |
2032 |
Base Year |
2023 |
Historical Data Available |
2019-2022 |
Regional Scope |
Global |
Segments Covered |
Type and Application |
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What value is the tire retail market expected to touch by 2032?
The tire retail market is expected to reach USD 161.5 billion by 2032.
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What CAGR is the tire retail market expected to exhibit by 2032?
The tire retail market is expected to exhibit a CAGR of 2.5% by 2032.
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What are the driving factors of the Market?
Increasing automotive sales & technological development and advancement are expected to deliver profitable opportunities for the market.
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What are the tire retail market segments?
The key market segmentation that you should be aware of, which include, Based on type the tire retail market is classified as independent tire dealers, warehouse clubs, auto dealerships, tire company-owned stores, miscellaneous outlets. Based on application the tire retail market is classified as passenger car, commercial vehicle.
