The automotive tire accessories market is set for significant growth in the coming years. Estimated to reach a value of USD 43.4 billion in 2023, the market is projected to surpass USD 75.5 billion by 2033, with a compound annual growth rate (CAGR) of 5.7% over the forecast period. Key factors driving this growth include the rising number of vehicles on the road and increasing awareness around vehicle safety and maintenance. As consumers prioritize tire performance and longevity, the demand for quality tire accessories is expected to continue its upward trajectory.
The global Automotive Tire Accessories Market is poised for substantial growth in the coming decade, projected to expand from 2023 to 2033. Increasing consumer focus on vehicle safety, performance optimization, and tire longevity is driving demand for tire accessories such as tire pressure monitoring systems (TPMS), tire inflators, snow chains, valve caps, and other essentials. With vehicle owners prioritizing the maintenance and enhancement of their tires for optimal performance, the market for automotive tire accessories is experiencing robust momentum.
Additionally, the growth of electric vehicles (EVs) and all-weather driving needs have created a demand for specialized tire accessories designed to improve durability and efficiency. As tire accessories become a critical component for both regular and performance vehicle owners, manufacturers are innovating in areas like digital monitoring, portable inflation devices, and high-performance materials, further fueling market growth.
In-Depth Market Analysis: A Complete Report
Key Takeaways:
- Increasing Demand for Safety and Performance: Automotive tire accessories play a crucial role in improving vehicle safety and performance, fueling demand across diverse markets.
- Specialized Accessories in High Demand: TPMS, tire inflators, snow chains, and high-quality valve caps are among the most sought-after tire accessories due to their contribution to safety and tire longevity.
- Rising Interest in EV-Compatible Accessories: As the EV market expands, there is increased demand for tire accessories that are compatible with the unique needs of electric vehicles.
- Customization and Convenience Trends: Consumers’ desire for customizable and portable tire solutions, including digital tire gauges and inflation systems, is driving new product innovation.
Key Market Drivers:
- Growing Awareness of Tire Maintenance for Safety: With consumers recognizing the importance of tire maintenance for safe driving, demand for accessories like TPMS and tire inflators has surged, especially for daily commuters and long-distance travelers.
- Expansion of Electric Vehicles: The growth in electric vehicle sales has led to demand for specific tire accessories, such as energy-efficient tire inflators and enhanced pressure monitoring systems that support EV performance.
- Weather-Related Driving Needs: Seasonal needs, such as snow chains and all-weather tire accessories, are on the rise as consumers prepare their vehicles for various driving conditions, particularly in regions with harsh winters.
- Technological Advancements in Accessories: Innovations in tire monitoring, portable inflators, and precision tire gauges have improved convenience, driving greater adoption among consumers focused on both safety and ease of use.
Key Players in the Automotive Tire Accessories Industry
- Michelin
- Bridgestone
- Goodyear
- Continental
- Pirelli
- Slime
- Black Jack Tire Repair
- Gorilla Automotive
- Viair Corporation
- Stop & Go International
Key Developments in the Automotive Tire Accessories Market:
- In 2023, Pirelli has been awarded the ‘Supplier of Excellence’ award by Jaguar Land Rover, recognizing the company’s outstanding performance and contributions to the automotive manufacturer. The award is a testament to Pirelli’s commitment to quality and innovation, and its ability to deliver high-quality products and services to its customers. Pirelli’s strong partnership with Jaguar Land Rover and its position as a leading supplier in the automotive industry.
- In 2022, Bridgestone, a prominent player in the automotive tire accessories market, has embarked on a strategic collaboration with Microsoft to accelerate the integration of advanced tire analytics across its global portfolio of connected tires and mobility solutions. This collaboration represents a significant key development in the industry, highlighting the importance of data-driven insights and digital connectivity in the tire accessories sector.
- Continental, a global automotive supplier, has commenced the production of tire pressure monitoring systems (TPMS) at its plant in Bangalore. This development signifies Continental’s commitment to expanding its tire accessories portfolio and meeting the growing demand for TPMS in the automotive industry.
Segmentation Analysis of the Automotive Tire Accessories Market
By Product Type:
- Tire Inflators
- Tire Pressure Monitoring Systems (TPMS)
- Tire Repair Kits
- Tire Covers
- Tire Gauges
- Tire Chains
- Wheel Covers
- Valve Caps
By Vehicle Type:
- Passenger Vehicles
- Commercial Vehicles
By Distribution Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia
- The Middle East & Africa
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