During the pandemic, it felt like Automobiles would succumb to the restrictions and lockdowns and that people would no longer invest in passenger cars. In fact, witnessing them running at the same old pace was no less than a dream. However, have you noticed that there has been an explosion in privately owned vehicles on roads? Yes, for the last two years, contrary to popular opinion, people have invested more in passenger cars, two-wheelers, and many more. The instance apparently hints at the unquestionable presence of automobiles in the coming years. With a rising affinity for luxury and smoother on-road experience, automobile makers are willing to invest heavily in modern tools & accessories that improve the overall consumer experience, and the tire surely tops the list. The tire, as an industry, has expanded substantially and is likely to attain considerable growth in the coming years, says Markntel Advisors. In its recent report published on the official website, the research firm is affirmative that Global Tire Market would grow at a CAGR of around 3.85% between 2022-27.
Regulatory Landscape: A Much-Needed Push or Uncalled-For Intervention?
To facilitate users and assist them in making an informed choice while buying tires based on their driving needs & climatic conditions, the ETRMA drafted the tire-labeling regulation. The regulation primarily deals with providing information about safety, fuel efficiency, & noise of the vehicle by describing the tires, wet grip, rolling resistance, & external rolling noise, cites the European Tire & Rubber Manufacturer Association.
The advent of UN Regulation harmonizing strict identification and snow performance of studded tires for buses, cars, and trucks in 2022 has called for more season-specific tires. On top of it, the vehicle meeting the minimum performance criteria would leverage a unique mark. The initiative seeks to ensure road safety & simplify the legislative situation in European countries, enabling the manufacturers the opportunity to extend their portfolio.
Following the footsteps of the West, India seeks to categorize tires based on different seasonal requirements. For this, the Union government recently announced new standards for tires across the country to look after the rolling sound, rolling resistance, & wet grip, and are specific to passenger cars, along with both light and heavy commercial vehicles.
Unraveling The Recent Ventures, One by One
- November 2022: Atturo Tire has unveiled two new tires at the 2022 SEMA Show in Las Vegas, namely, the Trail Blade X/T SxS and the Trail Blade Boss SxS, for both sport and recreational UTVs.
- October 2022: Hercules Tire & Rubber Company has launched the Roadtour Connect PCV, a premium, all-season touring tire. The best part is, fitments and sizes cover a broad range of passenger and crossover vehicles, including many hybrid vehicle platforms. In the same month, Firestone Tire and Rubber Company, one of the pioneers in the production of tires, is set to launch its second pneumatic center in Soliman Tunis, Tunisia, in association with TotalEnergies, a multinational integrated energy, and petroleum company.
- September 2022: Bridgestone India has revealed its next-generation STURDO tires, exhibiting a 29% longer life span for the passenger vehicle segment. With a unique tread compound, these tires improve ride quality on uneven roads.
- Last year, Goodyear presented a new ElectricDrive all-season tire accompanying two new sizes of the ultra-high-performance (UHP) ElectricDrive GT tire. The latest tire predominantly targets crossover utility vehicles & commuter touring sedans, equipped with a load index exhibiting higher potential in enduring the heavier weight associated with EVs. Even better, its asymmetric tread pattern makes it more versatile and all-weather compatible. On top of it, the brand is looking forward to further expansion with the initial release of the Goodyear ElectricDrive GT, available in size 255/45R19 104W XL.
- Again, Michelin revealed its latest Agribib 2, TrailXbib, and Spraybib CFO agricultural tires. With a self-cleaning hinge enabling maximum tensing power in wet conditions and downsized tire stubble, the Agribib 2 offers up to 18% higher load-carrying capacity. Equipped with central tire inflation system (CTIS), the Spraybib CFO makes a finer choice for lower-pressure usage, attaining improved flotation and traction.
Long Story Short
Taking everything into account, we know that the repercussions of Covid -19 were massive, especially in the context of the automobile industry. And tire, being an essential component of vehicles, was no exception. Although tire production witnessed a temporary halt, the market has regained momentum in almost no time. Thanks to the tire giants like Bridgestone, Michelin, Goodyear, Hercules, and many more, which continuously come up with better, smooth, and electric vehicle-specific tires to cater to diverse needs. With this, we can easily confer that the tire industry is here to stay.