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Summer Tires Market Overview:
Summer Tires Market size is estimated to reach $28.4 billion by 2030, growing at a CAGR of 5.1% during the forecast period 2023-2030. Increasing demand for automobiles and growing preference for high-performance tires are propelling the Summer Tires Market growth. According to VDA, the German Association for the Automotive Industry , 58 million cars were sold globally in the largest passenger vehicle market in 2022; which explains the recent growth in the Summer Tires Market.
Additionally, technical advancements in tire manufacturing are propelling the growth of the Summer Tires Market to new heights. Advanced tire technologies, such as self-inflating, chip-embedded, multi-chamber, and all-in-one tires, can significantly enhance the convenience of in-vehicle experience for customers. These advanced tires are comprised of various components, often combined in different ways, and are typically designed to be airless, eliminating a significant concern associated with conventional tires - punctures. These factors positively influence the Summer Tires industry outlook during the forecast period.
Market Snapshot:
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Summer Tires Market - Report Coverage:
The “Summer Tires Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Summer Tires Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● The COVID-19 pandemic led to a decline in the demand for summer tires due to reduced automobile usage caused by lockdowns and social distancing measures. The disruption of supply chains resulted in raw material shortages, which increased production costs and prices. The closure of retail stores and service centers further impacted sales. However, as restrictions ease, it is expected that the market will improve as people resume traveling and commuting.
● Ukraine is one of the major producers of natural rubber, which is a key component in tire manufacturing, and disruptions in the supply chain of such raw materials due to the Russia-Ukraine conflict has negatively impacted the Summer Tires Market. The economic sanctions and trade restrictions in the region are further impacting the sales and profits of summer tire manufacturers.
Key Takeaways:
● Fastest Growth of South America Region
Geographically, in the global Summer Tires market share, South America is analyzed to grow with the highest CAGR of 5.7% during the forecast period 2023-2030. South America experiences diverse climates across different regions. Since many countries in South America witness extremely hot summers with dry conditions, there is a growing demand for summer tires that are designed to perform optimally in such a weather, offering better traction and handling on dry roads.
Moreover, the region is witnessing significant infrastructure development, which includes the construction of highways, urban roads and transportation networks. According to a 2022 World Bank Report , Latin America and the Caribbean economies are focusing more on closing the infrastructure gap in the post-pandemic era. With better roads, people are more likely to own vehicles, which would drive the demand for tires, including summer tires.
● Tubeless Tires Segment to Register the Fastest Growth
In the Summer Tires Market analysis, the tubeless tires segment is estimated to grow with the highest CAGR of 5.5% during the forecast period. Tubeless tires offer several advantages over traditional inner tube tires. They are more resistant to punctures as there is no tube to be punctured.
Additionally, in the event of a small puncture, tubeless tires tend to deflate more slowly, providing the driver with more time to safely stop the vehicle. Tubeless tires also provide better heat dissipation, reducing the risk of overheating during hot summer conditions. These advantages make tubeless tires a preferred choice for many consumers.
● OEM Segment is Leading the Market
According to the Summer Tires Market forecast, the OEM sales channel category held the largest market share of 62.1% in 2022. OEMs collaborate closely with automotive manufacturers to develop and supply tires specifically tailored for their vehicles. Summer tires, which are designed for optimal performance in warm weather conditions, are often included as part of the original equipment package when a new vehicle is purchased. This integration ensures that the tires meet the vehicle's specifications and performance requirements, providing a seamless driving experience. As a result, a significant portion of summer tires are sold through OEM channels.
● Increasing Demand for Automobiles
The demand for automobiles is increasing globally due to factors such as population growth, urbanization, and improving economic conditions in developing countries. As more people purchase cars, the demand for tires, including summer tires, is also increasing. Additionally, the rise of ride-sharing services and the popularity of road trips and long drives are contributing to the growing demand for summer tires.
● Growing preference for high-performance tires
Summer tires offer better performance in warm weather conditions compared to all-season tires, making them popular among drivers who prioritize safety and handling. High-performance summer tires offer superior traction, cornering, and braking capabilities, making them a preferred choice for sports cars, luxury vehicles, and other high-performance vehicles. Furthermore, as the number of car enthusiasts and performance-focused drivers increases, the demand for high-performance summer tires is also increasing.
● Increasing Popularity of All-Season Tires to Hamper the Market Growth
The increasing popularity of all-season tires is the biggest challenge hindering the growth of the Summer Tires market, especially in regions with moderate climates. All-season tires are a preferred choice for drivers who do not want to change their tires every season, and they are generally less expensive than summer tires. However, the growing popularity of high-performance vehicles and the increasing demand for safety and handling could help drive the demand for summer tires among performance-focused drivers.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Summer Tires Market. The top 10 companies in this industry are listed below:
- Bridgestone Corporation (Potenza, Turanza)
- The Michelin Group (Pilot Sport, Primacy)
- Goodyear Tire & Rubber Company (Eagle, Assurance)
- Continental AG (ContiSportContact, PremiumContact)
- Pirelli & C. S.p.A. (P Zero, Cinturato)
- Hankook Tire & Technology Co., Ltd. (Ventus, Kinergy)
- Sumitomo Rubber Industries, Ltd. (Falken, Dunlop)
- Yokohama Rubber Co., Ltd. (Advan, AVID)
- Cooper Tire & Rubber Company (Zeon, CS5)
- Toyo Tire & Rubber Co., Ltd. (Proxes, Extensa)
Scope of Report:
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1. Summer Tires Market - Overview
1.1. Definitions and Scope
2. Summer Tires Market - Executive Summary
3. Summer Tires Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Summer Tires Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Summer Tires Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Summer Tires Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Summer Tires Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Summer Tires Market – by Vehicle Type (Market Size – $Million/$Billion)
8.1. Passenger Vehicle
8.2. Light Commercial Vehicle
8.3. Heavy Commercial Vehicle
8.4. Two-Wheeler
9. Summer Tires Market – by Tire Type (Market Size – $Million/$Billion)
9.1. Radial
9.2. Bias
10. Summer Tires Market - by Type (Market Size - $Million/$Billion)
10.1. Inner Tube
10.2. Tubeless
11. Summer Tires Market – by Rim Size (Market Size – $Million/$Billion)
11.1. 12"-17"
11.2. 18"-21"
11.3. >22"
12. Summer Tires Market – by Section Width (Market Size – $Million/$Billion)
12.1. Less Than 200 Millimeter
12.2. 200 to 230 Millimeter
12.3. More Than 230 Millimeter
13. Summer Tires Market – by Aspect Ratio (Market Size – $Million/$Billion)
13.1. Less Than 60
13.2. 60 to 70
13.3. More Than 70
14. Summer Tires Market – by Drive Train (Market Size – $Million/$Billion)
14.1. ICE
14.2. Pure Electric
14.3 Hybrid Electric
15. Summer Tires Market – by Sales (Market Size – $Million/$Billion)
15.1. OEM
15.2. Aftermarket
16. Summer Tires Market – by Geography (Market Size – $Million/$Billion)
16.1. North America
16.1.1. The U.S.
16.1.2. Canada
16.1.3. Mexico
16.2. Europe
16.2.1. UK
16.2.2. Germany
16.2.3. France
16.2.4. Italy
16.2.5. Spain
16.2.6. Russia
16.2.7. Rest of Europe
16.3. Asia-Pacific
16.3.1. China
16.3.2. India
16.3.3. Japan
16.3.4. South Korea
16.3.5. Australia & New Zealand
16.3.6. Rest of Asia-Pacific
16.4. South America
16.4.1. Brazil
16.4.2. Argentina
16.4.3. Chile
16.4.4. Colombia
16.4.5. Rest of South America
16.5. Rest of the World
16.5.1. Middle East
16.5.2. Africa
17. Summer Tires Market – Entropy
18. Summer Tires Market – Industry/Segment Competition Landscape Premium
18.1. Market Share Analysis
18.1.1. Market Share by Product Type – Key Companies
18.1.2. Market Share by Region – Key Companies
18.1.3. Market Share by Country – Key Companies
18.2. Competition Matrix
18.3. Best Practices for Companies
19. Summer Tires Market – Key Company List by Country Premium Premium
20. Summer Tires Market - Company Analysis
20.1. Bridgestone Corporation
20.2. The Michelin Group
20.3. Goodyear Tire & Rubber Company
20.4. Continental AG
20.5. Pirelli & C. S.p.A.
20.6. Hankook Tire & Technology Co., Ltd.
20.7. Sumitomo Rubber Industries, Ltd.
20.8. Yokohama Rubber Co., Ltd.
20.9. Cooper Tire & Rubber Company
20.10. Toyo Tire & Rubber Co., Ltd.
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The Summer Tires Market is projected to grow at 5.1% CAGR during the forecast period 2023-2030.
Global Summer Tires Market size is estimated to be $20 billion in 2023 and is projected to reach $28.4 billion by 2030
The leading players in the Summer Tires Market are Bridgestone Corporation, The Michelin Group, Goodyear Tire & Rubber Company, Continental AG, Pirelli & C. S.p.A. and others.
Increasing demand for eco-friendly and energy-efficient tires, advancements in tire technology, growing adoption of smart tires, increasing popularity of online tire sales and the rise of autonomous vehicles are some of the major Summer Tires Market trends in the industry which will create growth opportunities for the market during the forecast period.
Increasing demand for automobiles, growing preferences for high-performance tires, technological advancements in tire manufacturing, and focus on sustainability are the driving factors of the market.