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Global TPMS market could be worth >$13 billion by 2032

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The global Tyre Pressure Monitoring System (TPMS) market was worth $6-8 billion in 2023 a figure that could double by 2032, according to the latest reports published by two market research firms.

The worldwide TPMS market reached a value of US$5.87 billion in 2023, according to Research and Markets. Furthermore, the market is projected to grow at a compound annual growth rate (CAGR) of 9.4 per cent between 2024 and 2032 to reach a value of $13.2 billion by 2032.

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Related news:

  1. DriveRightData offering tyre-connected car parc data
  2. Global truck TPMS market to grow 10% by 2021
  3. NIRA Dynamics expands its cloud solutions
  4. Global TBR market to reach $152.4 billion by 2027
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Will European truck tyre market shares follow the UK experience?

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15 years after our first market share survey of its kind, and almost 10 years after we identified that “the UK truck tyre market is a five-horse race”, this month we’ve taken another look at the figures and spoken to sources close to the leading players in order to provide an up-to-date snapshot of what is going on in the UK truck tyre replacement market (see pages 14 to 31 of the September magazine).

Tyres & Accessories logoThis article is an example of the editorial comment that introduces every edition of Tyres & Accessories magazine. Not a subscriber? No problem, click here to become one.

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Related news:

  1. Tyre demand declining 15 to 26 per cent in 2020
  2. Wheels of change?
  3. Continental: UK car tyre market stable, getting larger and AFV fitments growing
  4. Looking up? Why there’s more room for tyre demand improvements
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ADAS testing market is expected to hit $202.7 billion by 2033

The global advanced driver assistance system (ADAS) testing equipment market is projected to attain a valuation of US$56.4 billion in 2023 and is expected to accumulate over $202.7 billion by 2033, trailing a compound annual growth rate (CAGR) of 13.6 per cent from 2023 to 2033.

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Related news:

  1. Why sensorisation means ADAS and ADAS means calibration equipment
  2. CAM: OTC upgrades UK truck tyre data
  3. Connected cars: Market worth 1.8 billion euros in 2020, ADAS accounts for a third
  4. Repairify establishing training institute
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High-performance SUV tyres an increasingly all-season proposition

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Nissan

The years since 2020 have brought with them more than their fair share of upheaval. However, throughout that period the growth in importance of SUV and 4×4 tyre sales has continued basically unabashed. With that in mind Tyres & Accessories asked the market research specialists at GfK for their view on the latest headline trends in the UK market. However, while this article zeroes in on the UK market, the UK market position as an established leader in the wider European market take-up of SUVs – and therefore SUV tyres – means the trends identified are also relevant across the continental tyre markets.

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Related news:

  1. 4×4 and SUV tyre sales down 12 per cent
  2. Some all-season 4×4 tyre sales growing despite lockdown
  3. The increasingly high-value UK tyre replacement market
  4. 4×4 tyre sales down 6%
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Higher rim size car tyre sales rising in UK’s stratified recovery – GfK

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Pirelli

Challenging trading conditions persist in the UK thanks to various interlocking crises, though 2022’s replacement tyre market demonstrates the way some segments resisted the strong headwinds better than others. While overall tyre sales (units) were basically flat versus 2021, any anticipated surging recovery from a pandemic induced nadir was, broadly speaking, put off for another year. Contrastingly, the value of the overall market surged, though this effect was more due to inflation and increasing prices than a switch towards higher-value products. Having said this, the picture painted by analyst GfK’s data, based on the company’s “panelmarket” of tyre retail sell-out sources from January to December, is also one of stratification.

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Related news:

  1. All-season tyre growth, especially for premium brands – GfK
  2. Long-term trend shows winter tyres receding, all-season rising in UK
  3. Polarised brand tier growth in UK van tyre market
  4. Covid year a catalyst for UK light vehicle tyre market trends
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CV output figures up 92.9 per cent, but industry worried about rising costs

SMMT

In the commercial vehicle (CV) sector, production rose 92.9 per cent to 6,132 units, according to the latest SMMT figures, marking the best August since 2012 and the eighth consecutive month of growth. Overseas demand was up 78.4 per cent, while production for UK operators more than doubled year-on-year, rising 119.3 per cent. Year-to-date CV output is up 50.3 per cent at 64,828 units in the best year-to-date since 2012.

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Related news:

  1. SMMT: Automotive industry on Brexit “red alert”
  2. UK car production fell 37% in March 2020 – SMMT
  3. SMMT reveals Brexit contingency package
  4. UK new car sales fell 44.4% in March due to coronavirus
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Global aftermarket set to grow 13% in 2022, UK and EU also up

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Artem Podrez; Pexels

Halfords Autocentres’ recent expansion into the top-table of tyre retail is indicative of a wider move towards mechanical work in tyre-orientated garages. Now, many fast fits generate somewhere around 50 per cent of their income from non-tyre business.

According to the latest SMMT data, the UK aftermarket turns over an annual £21.1 billion – making it the ninth largest in the world. And what’s more there are said to be north of 40,000 points of sale in the UK, which means the wider tyre business’s recent shift towards more mechanical work means that aftermarket space is as competitive as ever. Still, the ongoing outlook is good and the aforementioned growth figures are increasing at the same rate as the UK’s growing car parc. As a result, SMMT projections suggest the UK aftermarket sector’s value is set to rise to £28 billion by 2022.

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Related news:

  1. Tyre dominance in overall aftermarket beginning to diminish
  2. Will new battery production capacity replace car production in the UK?
  3. New Vehicle Registrations Show Continued Growth
  4. UK Q1 car production up
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Electric cars to be 33% of worldwide sales by 2031

Electric vehicles are expected to account for more than 33 per cent of new car sales worldwide by 2031, according to new research compiled by GlobalData.

Electric vehicle (EV) sales have reached record numbers in recent years, with annual sales projected to increase ten-fold in the next 15 years, especially in China and Europe, due to favourable policies and auto manufacturer commitments, according to GlobalData.

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Related news:

  1. Global light vehicle market continues recovery
  2. Michelin predicts significant slowdown in car and truck tyre demand
  3. 21 million more electric vehicles expected worldwide by 2030
  4. Goodyear OE on Tesla Cyber Truck?
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Is Britain really the 4th largest PCR tyre market in Europe?

ETRMA

The overall trends illustrated by the most recent ETRMA tyre market data are undoubtedly useful to all parties, however some of the figures will raise eyebrows. For example, According to ETRMA’s full-year 2021 passenger car tyre data, Great Britain is the fourth-largest passenger car tyre market some way behind third-placed Italy. And is Turkey really Europe’s leading truck tyre business?

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Related news:

  1. ETRMA tyre sales up 2-3 per cent
  2. ETRMA: Tyre sales down slightly
  3. ETRMA: increased car demand lifted European premium tyre markets
  4. Tyre demand declining 15 to 26 per cent in 2020
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Replacement tyre demand remains strong – ETRMA

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The latest European Tyre and Rubber Manufacturers’ Association (ETRMA) data suggest 2021 was “a positive year of recovery for the industry”, especially in the replacement sector. The biggest drop was in the Original Equipment (OE) consumer tyres segment (down 8 per cent) mainly due to the ongoing new vehicle chip shortage.

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Related news:

  1. Tyre unit sales stabilised amongst ETRMA members during Q3 2014
  2. Tyre demand declining 15 to 26 per cent in 2020
  3. MOTs worth £177 million a year in UK tyre sales
  4. European OE tyre sales down -18 to -23% in 2020 – ETRMA
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4×4 and SUV tyre sales down 12 per cent

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Dariusz Sankowski; Pixabay

For the last few years Sports Utility Vehicle (SUV) take-up has continued apace. Indeed, according to the latest UK vehicle registrations figures, cars that can be described as SUVs now occupy a significant portion of new vehicle market share. Indeed, the Nissan Qashqai crossover was the third most popular purchase in February 2021, according to the Society for Motor Manufacturers and Traders (SMMT). And the Volvo XC40 as well as the Volkswagen T-Roc and Tiguan also figure in the top 10. Of course, all these vehicles need tyres so there is every chance that the recent trend towards SUV tyre replacement sales is also going to continue over the next few years. But what about last year? With these trends in mind, the month’s SUV tyre feature takes a closer look the best products on the market beginning with a detailed look at the latest market data produced in association with GfK.

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Related news:

  1. The increasingly high-value UK tyre replacement market
  2. 4×4 tyre sales down 6%
  3. Some all-season 4×4 tyre sales growing despite lockdown
  4. SUV tyres continue to drive 4×4 tyre sales growth
/by

Global retreaded tyre sales to hit $8.8 billion in 2021

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C Technical; Pexels

Global retreaded tyre sales are expected to reach US$ 8.8 billion in 2021, according to research produced by ESOMAR-certified market research and consulting firm Future Market Insights. According to the new report entitled “Retread Tires Market”, the increase in average miles driven and growing vehicle parc will drive the tyre aftermarket, subsequently fuelling the demand for retreaded tyres.

Check out the Retreading Special supplement that ships with the March, June and September issues of Tyres & Accessories, which you can also read here as an e-paper, for more like this. Not yet a subscriber? No problem. You can change that here.

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Related news:

  1. Tire Industry Project published ELT report
  2. ETRMA data: Imports growing as retreading decline continues
  3. Global TBR market to reach $152.4 billion by 2027
  4. Why sensorisation means ADAS and ADAS means calibration equipment
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European OE tyre sales down -18 to -23% in 2020 – ETRMA

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ETRMA

The European Tyre and Rubber Manufacturers’ Association (ETRMA) published its members’ sales for the year 2020 as well as the last quarter of 2020, reporting that Covid 19 “strong affected” the market. The Original Equipment (OE) segments were said to have been “most strongly affected”, recording reductions of -23 per cent in the consumer tyre business and -18 per cent in truck tyres. That much is logical in light of the widespread closure of vehicle manufacturing under pandemic-related lockdown conditions across Europe during 2020.

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Related news:

  1. Tyre demand declining 15 to 26 per cent in 2020
  2. Looking forward to recovery – be it L, U or V-shaped
  3. Automakers have ‘no alternative but to shutter plants’
  4. Bridgestone EMIA resuming manufacturing
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Tyre sales down, but not as much as feared – GfK

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5 November saw the inaugural virtual Tyre Industry Conference, with Tyres & Accessories bringing the traditional annual conference into the virtual arena due to Covid-19 restrictions. Produced in association with the NTDA and supported by Cam Systems, our expert panel was comprised of James Ward, senior insight manager, GfK; Andrea Manenti, VP north region, Bridgestone; and Pravesh Amtha, sales general manager Consumer UK&I, Goodyear. The wide-ranging 45-minute conversation covered a lot of bases, but the first session, which was designed to focus on the new tyre market’s recent trends and statistics began with a presentation from James Ward.

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Related news:

  1. Four out of five consumers changing tyre shopping behaviour
  2. 2018 UK truck tyre market data overview
  3. 4×4 tyre sales down 6%
  4. Goodyear’s European motorsport renaissance continues despite pandemic challenges
/by

Falken Tire takes pole position in 2020 global social media ranking

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Gerd Altman; Pixabay

As Tyres & Accessories annual global social media ranking enters its seventh edition, this year there is a new winner. Last year’s champion, Pirelli, has fallen two places to third position. At the same time, Sumitomo Rubber Industries’ Falken brand rose an impressive eight positions to take the top spot. And Pirelli wasn’t the only well-known name to downshift, with two other brands taking retrograde steps. At the same time, in a reflection of what has taken place in the UK-only ranking, the top 10 has a new entry, with previously 10th-ranked MRF being overtaken by another large Indian tyremaker.

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Related news:

  1. Michelin tops 2020 UK social media ranking, Davanti enters top 10
  2. Pirelli leading global social media tyre brand 2015
  3. Pirelli regains global social media crown
  4. Michelin takes global social media double
/by

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