New York, April 26, 2022 (GLOBE NEWSWIRE) — announces the release of the report “Automotive Tire Aftermarket Forecast to 2028 – Impact of COVID-19 and Global Analysis by Tire Type, Distribution Channel and rim size” –

For many reasons, electric vehicles require specific tires. According to the vehicle manufacturer, its tire should weigh more than internal combustion cars and transmit more torque to the road when driving from a stop.

Tire noise is more noticeable in electric cars than in internal combustion vehicles due to their near-silent powertrains, mostly masked by engine noise. by measurements, even at speeds at which a combustion engine propulsion system would usually interfere with the measurement results.

The rolling resistance index provided by the European Union tire label was used as the main criteria for selecting potential tires for electric vehicles. The second selection criterion represented the tire label index for wet grip, whereas a lower index implies a shorter braking distance.

For example, Pirelli, an Italian tire manufacturer, announced a new high load index (HL) tire that will debut on the upcoming Lucid Air sedan. This HL tire was designed specifically for electric cars and SUVs to support the heavier weight of batteries while maintaining low rolling resistance. This will provide lucrative opportunities for the growth of the automotive tire aftermarket over the forecast period.

Governments of various countries enforce several strict regulations for vehicles and vehicle manufacturers. As a result, tire manufacturers have adopted environmentally friendly raw materials without compromising on lighter tires, which significantly reduces vehicle weight, thus providing better fuel efficiency and lower consumption.

The major players in the automotive tire aftermarket are constantly working on various technologies. For example, in 2019, Sumitomo Rubber Industries, Ltd. and Kansai University have developed a new technology to generate electrical energy from the rotation of a tire. The tire uses the build-up of static electricity, also known as friction charging, to generate energy from the rotation of the tires. In 2020, Goodyear developed a self-generating design to extend tire life, making them more adaptable to multiple conditions. The Goodyear reCharge tire concept uses a tread that can be recharged using liquid-filled capsules. The tread compound is made of organic material and reinforced with fibers based on spider silk. Hence, the growing demand for green tires will propel the growth of the automotive tire aftermarket.

After the lettering on the sidewall, each tire bears a Department of Transportation (DOT) number. The last four digits indicate the week and year the tires were manufactured. for example, the numbers 2321 indicate that the tires were manufactured in the 23rd week of 2021.

The labels will be more visible and clear to customers once the new requirements for its display and the removal of unnecessary performance classes from the scale are met. The label design will be changed and snow and ice grip icons will be added.

Retreaded tires are subject to the same regulations as other tyres. Provisions for adding parameters on mileage and abrasion and requirements for retreaded tires will apply after the availability of a suitable test method to measure the performance of such tyres.

This is expected to help reduce the penetration of microplastics into the environment due to tire abrasion, and hence drive the growth of the automotive tire aftermarket.

Growing economies and improving production and manufacturing infrastructure, especially in developing countries, have supported the growth of the automotive tire aftermarket. This growth encourages the global automotive tire aftermarket.

After experiencing a significant decline in 2020 due to the COVID-19 pandemic, the automotive tire aftermarket has seen a gradual recovery in consumer demand for trucks and cars since the last quarter of 2020. According to several associations and organizations in the automotive industry, the automotive industry sector recorded a production loss of around 20-25% and a loss of more than 30% in sales in 2020.

Automotive tire aftermarket manufacturers have seen significant shake-ups in 2020 due to the decline in automotive manufacturing. Auto sales in Europe and the United States are expected to rebound to pre-COVID-19 levels by 2023, while China’s rebound continues to gather pace, with the potential to approach 30 million new vehicles by 2025.

APOLLO TIRES LTD; Continental AG; PIRELLI AND CSPA; Sumitomo Rubber Industries, Ltd. ; THE GOODYEAR TIRE AND RUBBER COMPANY; YOKOHAMA RUBBER CO., LTD; ZHONGCE RUBBER GROUP CO. LTD. ; NEXEN TIRE AMERICA INC; BRIDGESTONE COMPANY; and MICHELIN are a few key companies operating in the automotive tire aftermarket. The report includes secondary research work on other companies that hold a significant share of the automotive tire aftermarket.

The overall automotive tire secondary market size has been derived using primary and secondary sources. To begin the research process, extensive secondary research was conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves to get an overview and forecast for the automotive tire aftermarket with respect to all segments pertaining to the region. Additionally, several primary interviews were conducted with participants and industry commentators to validate the data and gain more analytical insights. in the automotive tire aftermarket.

Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers and national sales managers, as well as external consultants such as evaluation, research analysts and key opinion leaders, specializing in the automotive tire aftermarket.
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