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The Automotive Tire Aftermarket : Growing by Maintaining

The automotive tire aftermarket is positioned to a great surge over the years presenting profitable business opportunities to the tire replacement and the maintenance and service sectors. As the math goes, by 2031 the market size is estimated to reach $1,84,271.41 with a CAGR of 5.7%. So, the demand for green tires has been increasing in the market resulting in the rise of the demand for the aftercare market of the tires.

Some of the major factors that fueled the automotive tire aftermarket to grow. They are as follows:  

The world has been witnessing an increase in vehicles on the road. Hence, as the number of vehicles increases simultaneously the demand for replacement tires and the different aftercare procedures for the tires increase. This trend has majorly been witnessed in the developing economies.

Presently, vehicles have a longer life span, all thanks to technological advancements. Cars might last a long time, but tires need to be changed and maintained without a doubt. Hence, as the longevity of a car increases, the mileage increases. This leads to a larger demand for the automotive tire aftermarket.

In Asia Pacific there is a major upliftment of this market as there are a lot of developing economies. China and India are the first and third fastest-growing economies respectively and other countries like Vietnam, Malaysia, and Indonesia are also growing and a huge demand for passenger cars has been seen in these areas.

Around the world fuel prices have been increasing time and again. Hence, the demand for fuel-efficient tires. But fuel-efficient tires are known for low resistance. Which directly points to the aftermarket. The tires will require replacement and maintenance as well.

Now is the perfect time to invest in this industry and the automotive tire aftermarket. This would help us remain ahead of the curve by adapting to all the changing technologies.

Author Bio - 

Prathamesh Shinde

Senior Market Research at The Insight Partners