Automotive Tire Retail Market Trends
To find out 5-7 key trends in the automotive tire retail market along with the drivers of these trends and examples of companies that are front runners in capitalizing on these trends.
Upsurge in Online Retail
- Online retail has proven to be a significant business disruptor forcing change, innovation and growth in the automotive tire market.
- As per reports published by Smithers Rapra, the number of B2C replacement tires purchased online was estimated at nearly 100 million units in 2018, or about 6.5% of the global market.
- The market is expected to rise by an average of almost 19% per year to over 236 million in 2023, when the share will be nearly 13%.
- Consumer behavior and retail trends behind the uptake of e-commerce in tires include price sensitivity, reduced brand loyalty, time sensitivity and an increasing desire for an omni-channel.
- Another driver causing an upsurge in the online retail tire sales is fitment proliferation, or the increasing number of available tire sizes.
Increase in Demand for Replacement Tires or Retreads
- Bolstered by the expected increase in total vehicle miles driven by automobiles in the United States, it is expected that replacement tires or retreads will be required more often.
Increase in Demand for Premium Tire Products
- During the period between 2019 and 2024, consumer preference is expected to shift toward fuel-efficient and high-performance tires.
- This shift in consumer preference is expected to boost the demand for premium tire products in the retail market.
- As these tires command higher retail prices and also require more frequent replacement than normal tires, a higher volume of sales of these products is expected to increase the profit margin and revenue for auto tire retailers.
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