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The U.S. automotive tire accessories market is projected to be worth USD 8.33 billion by 2033, growing at a CAGR of 5.2%
NEWARK, Del., USA, August 29, 2023 /EINPresswire.com/ — Future Market Insights (FMI) predicts that the global automotive tire accessories market is expected to reach $75.5 billion by 2033, growing at a CAGR of 5.7% Compound Annual Growth Rate (CAGR) during the forecast period. Automotive tire accessories such as tire chains and tire pressure gauges can help increase the efficiency of industrial processes by ensuring equipment is operating at optimum levels.
By reducing the risk of equipment failure and increasing efficiency, auto tire fittings can help save money by reducing repairs and downtime. Increased demand from urbanization is driving up the prices of auto tire accessories such as tire inflators, TPMS, tire repair kits, and tire covers. Businesses and automakers are increasing the demand for these accessories as they understand how important these accessories are to enhance vehicle efficiency and safety. Furthermore, due to the negative health effects of air pollution, there is a growing demand for tire accessories that encourage eco-friendly and efficient driving.
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The auto tire accessories market is also facing certain challenges. High initial costs and maintenance costs are significant barriers for new companies to enter the industry. These factors raise end-user concerns about total cost of ownership. Furthermore, the market is also facing competition from alternative solutions that offer similar advantages at lower prices.
Countless opportunities are driving the automotive tire accessories market. As economic expansion creates the need for air pollution control measures, there is a need for accessories that increase vehicle efficiency and reduce emissions. Auto tire fittings can help increase workplace safety by reducing the risk of accidents and equipment failure by ensuring that equipment is operating at optimal levels.
Industry players can also capitalize on the expanding market potential by embracing technological advancements. The development of hybrid tire accessories that combine multiple functions increases performance and efficiency. Additionally, digital technologies such as the Internet of Things (IoT) and artificial intelligence (AI) are being used to optimize the operation and maintenance of tire accessories. These technologies help reduce maintenance costs, increase equipment efficiency and reduce downtime.
Key Points of Automobile Tire Aftermarket Market:
The U.S. auto tire accessories market is expected to account for a market share of USD 8.33 billion by 2033, growing at a CAGR of 5.2% during the forecast period.
In China, the auto tire accessories market is expected to reach a market size of USD 6.79 billion, growing at a CAGR of 6.0% from 2022 to 2033.
The Japanese auto tire accessories market is expected to reach USD 781.2 million by 2033, at a CAGR of 5.9%.
The passenger vehicle segment is expected to hold the largest market share in the automotive tire accessories industry during the forecast period.
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How competitive is the auto tire accessories market?
In the automotive tire accessories market, competition among numerous manufacturers for market dominance is fierce. Bridgestone Corporation, Michelin Group, Continental AG, The Goodyear Tire & Rubber Company along with Pirelli and CSpA are some of the key players in this market.
These large companies invest heavily in research and development to bring unique cutting-edge products to the market. In order to meet the changing needs of customers, they focus on improving the efficiency, toughness and price of tire accessories. To meet various customer needs, they have also enhanced their distribution network and diversified their product lines.
Leading players also use mergers and acquisitions to strengthen their market positions and broaden their product lines. These tactical choices help them gain a competitive advantage, diversify their portfolios, and enter new markets.
The automotive tire accessories market is expanding significantly, especially in developing countries. Major players are actively growing their presence in these markets by establishing regional manufacturing facilities and strengthening distribution networks. In order to meet the unique requirements and price sensitivity of customers in these fields, they also focus on providing affordable solutions.
Segmentation Analysis of Automobile Tire Accessories Market
By product type:
tire inflator
Tire Pressure Monitoring System (TPMS)
tire repair kit
tire cover
tire pressure gauge
tire chains
Wheel covers
cap
By vehicle type:
passenger car
commercial vehicles
By distribution channel:
Original Equipment Manufacturer (OEM)
Aftermarket
By region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
south asia
middle east and africa
A
About the Automotive Sector of Future Market Insights (FMI)
The Automotive segment of Future Market Insights (FMI) research offers novel approaches and innovative perspectives for analyzing the Automotive market. Comprehensive coverage of capital, portable, process, construction, industrial and specialty machinery across the manufacturing sector, along with a unique analysis of installed base, consumables, replacement and USP function application matrices make us a pioneer in the industry.
Explore Future Market Insights Automotive Landscape with Broad Coverage:
European Automotive Tire Market Share: Expected to reach USD 68.4 billion by 2023. In the next ten years (2023-2033), European car tire sales will grow at a compound annual growth rate of around 4.8%.
Automatic Tire Inflation Systems Market Size: Expected to grow from USD 2.2 billion in 2023 to over USD 3.6 billion in 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR Accredited, Stevie Award-winning market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the dominant factors driving market demand. It reveals the opportunities favorable to the growth of various segments based on source, application, sales channel and end use over the next 10 years.
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