The tyre installation market has undergone a change in recent years as more and more clients choose to outsource their tyre installation requirements to outside service providers. This trend is being fueled by a variety of causes, such as the rising demand for passenger automobiles and commercial vehicles, the requirement for prompt and affordable installation services, and the scarcity of qualified tyre installers. The market for tyre installation dealers is also being driven by the rising price of new tyres and the desire to increase the lifespan of current tyres.
Due to the rise in demand for commercial vehicles and passenger cars, the market for tyre installation retailers is expanding. The growing automobile industry is one of the major factors driving the market for tyre replacement dealers. The practice of contracting out tyre installation work is another trend promoting expanding this market.
Retailers of tyre installation are companies that offer residential and commercial customer tyre installation services. These sellers offer a variety of goods, including passenger car tires, commercial vehicle tires, and off-road tires. Furthermore, they provide a range of services like tyre rotation, tyre balance, and tyre mending. Tire mounting and removal on vehicles are referred to as tyre installation. It calls for the appropriate tools and equipment and requires skill. Tyre installation specialists who work with both people and businesses offer their services. These retailers offer a variety of goods, including off-road tyres, passenger car tyres, and tyres for commercial vehicles. Additionally, they provide a range of services like tyre rotation, tyre balance, and tyre repair.
The market for tyre installation merchants is predicted to boost from USD 2.5 billion in 2021 to USD 12.65 billion in 2031, at a CAGR of 5.8%.
This industry is expanding as a result of rising consumer demand for cars and trucks as well as increased public awareness of crashworthiness.
The massive prices of tyre installation and indeed the lack of qualified workers are only a couple of the problems preventing the market for shops who specialise in tyre installation from expanding. Additionally, the market expansion is being constrained by the erratic pricing of raw materials and strict governmental regulations. Additionally, the market is anticipated to suffer from the global economic recession. Nonetheless, it is anticipated that the industry will have chances in the future due to the growing demand for electric vehicles and the increased awareness of driver assistance systems.
The market for tyre installation retailers has been significantly impacted by the COVID-19
outbreak. The epidemic has had a severe influence on automobile manufacturing and sales. Additionally, the tyre installation and repair businesses have closed as a result of the lockdown ordered by various governments around the world, which has had a detrimental effect on the market. The market is anticipated to rebound in 2021, though, as the pandemic's effects on the automotive sector begin to fade
The Wholesale Type emerged as the Most Booming Segment
Due to the increasing demand for tyres from both passenger cars and commercial vehicles, including buses and trucks, the wholesale segment is anticipated to increase at the greatest CAGR over the projected period. Due to the existence of numerous merchants who specialise in tyre installation, the wholesale segment is also anticipated to increase at a higher CAGR.
The Most Prominent Application Segment is the Commercial Vehicle
Due to the expansion of the logistics sector and rising building activity, the commercial vehicle segment is anticipated to grow more quickly throughout the projection period. The market in this sector is anticipated to increase as a result of the demand for efficient goods transportation. Due to the time and money savings, clients are increasingly embracing the trend of outsourcing tyre installation services.
The Asia Pacific Region to offer Various Financing Opportunities
The factor that is propelling market expansion is the rising awareness of automotive safety in the area. The plethora of tyre installation dealers in the region will also likely lead to
significant growth in the Asia Pacific.
The Most Lucrative Service was Found to Be the Wheel Balancing Segment
The three service-based market niches are tyre repair, tyre rotation, and wheel balancing. The wheel balancing market sector is estimated to experience the highest CAGR over the forecasted timeframe. Another element that is projected to boost the growth of this market is the rising public awareness of automobile safety.
Tires Plus, Discount Tire, Inc., American Tire Distributors Holdings Inc, Firestone Complete Auto Care, Discount Tire, Inc., Big O Tires LLC, Inc., Monro Muffler Brake Inc., Belle Tire Distributor, Pep Boys Manny Moe & Jack, Les Schwab Tire Centers, Inc., and Midas Muffler Brake & Tire are the major players in the global tyre installation retailers market. To broaden their geographic reach and increase their market share, these organisations have been concentrating on a variety of initiatives, including mergers & acquisitions, partnerships & collaborations, and new product releases.
Recent Developments in the Tire Installation Retailers Market
• Michelin and GM declared their partnership to create a new tyre for the planned Cadillac Lyriq SUV in March 2021. Through this agreement, Michelin will be able to supply the brand-new electric SUV with its most advanced tyre technology.
• The debut of Continental AG's latest product, ContiTech VarioTube, in North America was scheduled for December 2020. A flexible air spring system that provides a smooth ride and greater safety is the product. It is intended for use in off-road vehicles, commercial vehicles, and passenger cars.
• JK Tyre & Industries Ltd. introduced the JK Tornadorace 2 and JK Tornadorace 2 XL as two new products in October 2020. These goods feature greater safety and high-performance design. They can be used in many kinds of cars and come in a number of sizes.
• The launch of Pirelli & C. SpA's new product, P Zero All Season Plus, in North America is scheduled for September 2020. The product delivers better performance and grip and is made to be used in all kinds of cars. It comes in a range of sizes and is appropriate for use in all types of weather.
Tire Installation Retailers Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 12.65 billion|
|Growth Rate||CAGR of 5.8 % during 2022-2031|
|Segment Covered||by Type, By Application, by Service, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Tires Plus, Discount Tire, Inc., American Tire Distributors Holdings Inc, Firestone Complete Auto Care, Discount Tire, Inc., Big O Tires LLC, Inc., Monro Muffler Brake Inc., Belle Tire Distributor, Pep Boys Manny Moe & Jack, Les Schwab Tire Centers, Inc., and Midas Muffler Brake & Tire|
Key Segments of the Global Tire Installation Retailers Market
Type Overview, 2021-2031 (USD Billion)
Application Overview, 2021-2031 (USD Billion)
• Passenger Car
• Commercial Vehicle
Service Overview, 2021-2031 (USD Billion)
• Wheel Balancing
• Tire Rotation
• Tire Repair
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
• South Africa