Market Overview:
The global luxury passenger car tires market is expected to grow at a CAGR of 5.5% during the forecast period 2018-2030. The market growth can be attributed to the increasing demand for luxury cars, rising disposable income, and technological advancements in the automotive industry. The global luxury passenger car tires market is segmented on the basis of type into bias tire and radial tire. The bias tire segment is expected to hold a major share of the global luxury passenger car tires market during the forecast period owing to its low cost as compared to radial tires and better fuel efficiency. However, with increasing awareness about safety among consumers, radial tires are gaining popularity in developed countries such as U.S., Germany, Japan, etc., which is projected to boost the growth of this segment over the forecast period. On basis of application, OEMs accounted for majority share in 2017 and it is anticipated that this trend would continue throughout 2030 owing replacement needs arising from aging vehicle population across different geographies coupled with stringent emission norms being implemented by regulatory authorities worldwide which necessitates use of high-quality premium tyres for new vehicles sold in these regions .
Product Definition:
Luxury passenger car tires are designed for high-end vehicles. They offer a smooth, quiet ride and excellent handling. Luxury passenger car tires are important because they keep your vehicle running smoothly and provide a comfortable ride.
Bias Tire:
Bias tire is a type of tire which has a tread pattern formed on the outer surface of the tire. The bias tires are available in two forms namely radial and non-radial. Bias tires are used for passenger cars, especially luxury passenger cars owing to their high performance as compared to radial tires. Passenger car industry has witnessed significant growth over the past few years and this trend is expected to continue over the forecast period, thus driving demand for bias tires in luxury vehicles market.
Radial Tire:
Radial tires are designed to deliver better performance in off-road conditions. They have a ribbed pattern that provides increased traction in bad weather and slushy roads. The tread pattern is also designed to provide good water resistance, which is necessary for driving on wet roads or during inclement weather. radial tires can be used on any vehicle that requires 4WD (four-wheel drive) or 2WD (two-wheel drive).
Application Insights:
OEMs held the largest market share of over 70% in 2017. The dominance is attributed to the extensive use of tires by OEMs for passenger cars on account of high performance and safety requirements set by regulatory authorities. Luxury car manufacturers prefer to source these tires from third party vendors as they offer competitive pricing and efficient distribution channels.
The aftermarket segment is expected to expand at a CAGR exceeding 5% from 2018 to 2030 owing to growing consumer preference for replacement tires due largely, but not exclusively, to differences in tread patterns between original equipment (OE) and generic equivalents available in the aftermarket. Growing concerns regarding tire safety coupled with rising demand are anticipated drive growth over the forecast period.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region accounted for a revenue share of more than 45% in 2017 owing to high demand from developing countries such as China, India, Thailand, Malaysia and Indonesia. Moreover, increasing disposable income levels coupled with growing population are expected to drive product demand further.
Europe was the second-largest regional segment accounting for a revenue share of more than 25% in 2017 owing to increased consumer preference towards luxury passenger cars across major countries including Germany, France Italy and U.K., which is likely to boost industry growth over next eight years or so.
Growth Factors:
- Increasing disposable income of the population: The growth in the luxury passenger car tires market is mainly attributed to the increasing disposable income of the population, especially in developing countries. This has led to an increase in demand for luxury cars, which in turn has resulted in an increase in demand for luxury passenger car tires.
- Urbanization and rising number of millionaires: Another major factor driving growth in this market is urbanization and rising number of millionaires around the world. Rapid urbanization has led to a rise in purchasing power and inclination towards luxurious products among consumers, thereby boosting demand for luxury passenger car tires. Additionally, with an increase in the number of millionaires globally, there is a greater propensity among consumers to purchase high-end vehicles that come equipped with premium quality tires.
- Technological advancements: The automotive industry is witnessing rapid advancements with respect to technology and this is also being reflected within the tire industry as well. Manufacturers are coming up with new technologies that are aimed at enhancing performance as well as safety features offered by their products – including those pertaining to luxury passenger car tires segments too Thus, technological advancements are acting as a key driver for growth within this market space overall.. 4) Rising environmental awareness: A growing concern over environmental issues such as global warming and climate change has given rise t orising environmental awareness among people across geographies In line wit hthis trend ,consumersare increasingly preferring products that have low or negligible carbon footprints Such preferences are also being
Scope Of The Report
Report Attributes
Report Details
Report Title
Luxury Passenger Car Tires Market Research Report
By Type
Bias Tire, Radial Tire
By Application
OEMs, Aftermarket
By Companies
Bridgestone, Michelin, Goodyear, Continental, Pirelli, Hankook, Sumitomo, Yokohama, Maxxis, Zhongce, GITI Tire, Cooper Tire, Kumho Tire, Toyo Tire, Madras Rubber Factory, Apollo Tyres, Triangle Tyre Group, Nexen Tire, Hengfeng Rubber, Nokian Tyres, Linglong Tire, Xingyuan Tires, Sailun Group
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
239
Number of Tables & Figures
168
Customization Available
Yes, the report can be customized as per your need.
Global Luxury Passenger Car Tires Market Report Segments:
The global Luxury Passenger Car Tires market is segmented on the basis of:
Types
Bias Tire, Radial Tire
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
OEMs, Aftermarket
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Bridgestone
- Michelin
- Goodyear
- Continental
- Pirelli
- Hankook
- Sumitomo
- Yokohama
- Maxxis
- Zhongce
- GITI Tire
- Cooper Tire
- Kumho Tire
- Toyo Tire
- Madras Rubber Factory
- Apollo Tyres
- Triangle Tyre Group
- Nexen Tire
- Hengfeng Rubber
- Nokian Tyres
- Linglong Tire
- Xingyuan Tires
- Sailun Group
Highlights of The Luxury Passenger Car Tires Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Bias Tire
- Radial Tire
- By Application:
- OEMs
- Aftermarket
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Luxury Passenger Car Tires Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Luxury passenger car tires are those that are designed to provide a luxurious driving experience. They typically have a higher quality construction and offer better performance than standard passenger car tires.
Some of the major players in the luxury passenger car tires market are Bridgestone, Michelin, Goodyear, Continental, Pirelli, Hankook, Sumitomo, Yokohama, Maxxis, Zhongce, GITI Tire, Cooper Tire, Kumho Tire, Toyo Tire, Madras Rubber Factory, Apollo Tyres, Triangle Tyre Group, Nexen Tire, Hengfeng Rubber, Nokian Tyres, Linglong Tire, Xingyuan Tires, Sailun Group.
The luxury passenger car tires market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Luxury Passenger Car Tires Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Luxury Passenger Car Tires Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Luxury Passenger Car Tires Market - Supply Chain
4.5. Global Luxury Passenger Car Tires Market Forecast
4.5.1. Luxury Passenger Car Tires Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Luxury Passenger Car Tires Market Size (000 Units) and Y-o-Y Growth
4.5.3. Luxury Passenger Car Tires Market Absolute $ Opportunity
5. Global Luxury Passenger Car Tires Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Luxury Passenger Car Tires Market Size and Volume Forecast by Type
5.3.1. Bias Tire
5.3.2. Radial Tire
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Luxury Passenger Car Tires Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Luxury Passenger Car Tires Market Size and Volume Forecast by Application
6.3.1. OEMs
6.3.2. Aftermarket
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Luxury Passenger Car Tires Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Luxury Passenger Car Tires Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Luxury Passenger Car Tires Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Luxury Passenger Car Tires Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Luxury Passenger Car Tires Demand Share Forecast, 2019-2026
9. North America Luxury Passenger Car Tires Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Luxury Passenger Car Tires Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Luxury Passenger Car Tires Market Size and Volume Forecast by Application
9.4.1. OEMs
9.4.2. Aftermarket
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Luxury Passenger Car Tires Market Size and Volume Forecast by Type
9.7.1. Bias Tire
9.7.2. Radial Tire
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Luxury Passenger Car Tires Demand Share Forecast, 2019-2026
10. Latin America Luxury Passenger Car Tires Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Luxury Passenger Car Tires Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Luxury Passenger Car Tires Market Size and Volume Forecast by Application
10.4.1. OEMs
10.4.2. Aftermarket
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Luxury Passenger Car Tires Market Size and Volume Forecast by Type
10.7.1. Bias Tire
10.7.2. Radial Tire
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Luxury Passenger Car Tires Demand Share Forecast, 2019-2026
11. Europe Luxury Passenger Car Tires Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Luxury Passenger Car Tires Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Luxury Passenger Car Tires Market Size and Volume Forecast by Application
11.4.1. OEMs
11.4.2. Aftermarket
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Luxury Passenger Car Tires Market Size and Volume Forecast by Type
11.7.1. Bias Tire
11.7.2. Radial Tire
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type 11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Luxury Passenger Car Tires Demand Share, 2019-2026
12. Asia Pacific Luxury Passenger Car Tires Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Luxury Passenger Car Tires Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Luxury Passenger Car Tires Market Size and Volume Forecast by Application
12.4.1. OEMs
12.4.2. Aftermarket
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Luxury Passenger Car Tires Market Size and Volume Forecast by Type
12.7.1. Bias Tire
12.7.2. Radial Tire
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Luxury Passenger Car Tires Demand Share, 2019-2026
13. Middle East & Africa Luxury Passenger Car Tires Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Luxury Passenger Car Tires Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Luxury Passenger Car Tires Market Size and Volume Forecast by Application
13.4.1. OEMs
13.4.2. Aftermarket
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Luxury Passenger Car Tires Market Size and Volume Forecast by Type
13.7.1. Bias Tire
13.7.2. Radial Tire
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Luxury Passenger Car Tires Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Luxury Passenger Car Tires Market: Market Share Analysis
14.2. Luxury Passenger Car Tires Distributors and Customers
14.3. Luxury Passenger Car Tires Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Bridgestone
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Michelin
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Goodyear
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Continental
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Pirelli
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Hankook
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Sumitomo
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Yokohama
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Maxxis
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Zhongce
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. GITI Tire
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Cooper Tire
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Kumho Tire
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Toyo Tire
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. Madras Rubber Factory
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Apollo Tyres
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. Triangle Tyre Group
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. Nexen Tire
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. Hengfeng Rubber
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Nokian Tyres
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
