Tire Repair Market: Introduction
- Increasing year-on-year production and sales of automotive vehicles across the world, led by rising adoption of vehicle for daily commute; innovative transportation and distribution channels; and growing disposable income of consumers are likely to boost the tire repair market. Tire repair refers to the inspection of tires to find irregular or extreme tread wear, snags, cuts, cracks, punctures, bulges, impact damage, and other damages to the tires. Tire repair helps to keep the vehicle safe while driving on road and maintains the fuel consumption and overall performance of the vehicle.
Key Drivers of Tire Repair Market
- The tire industry has witnessed remarkable expansion during the last decade due to a rise in the demand for automotive vehicles and increase in manufacturing alliances and collaborations in the tire business, which in turn propels the tire repair market. Moreover, increase in preferences for off-road driving among consumers boosts the tire repair market, as off-road driving of cars, motor-bikes, and other vehicles leads to tire wear and damage that requires tire inspections for further rides.
- Rising use of medium and heavy-duty commercial vehicle fleets in the mining and construction industries also drives the tire repair market. These vehicles continuously work to carry heavy loads and their tires needs to be strong and well equipped. Consequently, the tires of these vehicles need to be inspected on a daily basis for tire damage, which is increasing the demand for tire repair. Tire manufacturers are also creating awareness to use safe and high quality automotive tires for comfortable driving experiences, which in turn fuels tire replacement and the tire repair market.
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Challenges in Tire Repair Market
- Rising investment by manufacturers to make high durable and energy-efficient tires that wear slowly and require less maintenance hampers the tire repair market
- The outbreak of COVID-19 pandemic prompted governments to impose lockdowns across the world. Consequently, all tire manufacturing facilities and tire service providers were closed, which widely impacted the tires repair industry. Likewise, the COVID-19 pandemic also negatively impacted the global supply chains that led to a shortage of supply of raw material that is required in the tire repair service center, which further hampered the market. A steady recovery of tire repair is anticipated in the next few months as most of people are vaccinated and offices and tourist spots reopen, which in turn increases the use of automotive vehicles.
Opportunities in Tire Repair Market
- Increasing government initiatives to develop roads and infrastructure of their respective country fuels the adoption of automotive vehicles, which further boosts automotive driving and is likely to propel the tire repair market during the forecast period. Surge in automotive driving increases the chances of tire wear, puncture, and damage, which requires repair. Moreover, use of advanced technology for tire inspection is increasing, which can easily detect tire issues and damages. This is expected to drive the market in the near future. Tire manufacturers or repair service providers have adopted software that can detect tire damage and other automotive problems, which is expected to create a significant opportunity for the tire repair market.
- Increasing sales and production of electric vehicles across the world is also estimated to offer an opportunity for the tire repair market during the forecast period. Moreover, a rise in automotive sports events and Formula One races is also anticipated to propel the tire repair market. Sports cars requires high quality tires, and their tires are well inspected before use in order to perform optimally during any race.
Tire Repair Market in Asia Pacific to Expand Significantly
- Popularity of tire repair is increasing in Asia Pacific, due to high adoption of automotive vehicles, increasing investments in road infrastructure development, and expansion of the auto manufacturing sector. Moreover, automotive manufacturers are producing a large number vehicles to meet the requirement due to low labor cost in Asia Pacific, which is projected to further fuel the tire repair market in the region. Leading automotive manufacturers such as Volkswagen Group and BMW AG have already established their manufacturing facilities in Asia Pacific, which increase automotive production. Furthermore, governments in Asia Pacific are planning to ban BS4 and BS6 IC engines and increasing the production of electric vehicles, which in turn is projected to boost the tire repair market. The market in Europe is also estimated to expand significantly due to a rise in use of luxury cars and increasing passenger car production in the region.
Key Players Operating in Tire Repair Market
The tire repair market is highly consolidated. A few of the key players operating in the global tire repair market are:
- TECH Tire Repair
- Firestone Complete Auto Care
- ITW Global Tire Repair Inc.
- Rema Tip Top AG
- Bridgestone Select – Auto Tyre
- Goodyear Autocare
- Big O Tires, LLC
Global Tire Repair Market: Research Scope
Global Tire Repair Market, by Season Tire Type
- Summer Tire
- Winter Tire
- All Season Tire
Global Tire Repair Market, by Tire Rim
- Less than 15
- 15 to 20
- More than 20
Global Tire Repair Market, by Vehicle Type
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Global Tire Repair Market, by Sales Channel
- Component suppliers
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