Bridgestone Reveals Four Trends To Look Out For In The Tyre Industry in 2024

Following intense changes in recent years, especially after the COVID-19 pandemic, the tyre industry is all set to be transformed even more in 2024 and beyond.

• The car market in Europe still has a long way to go to adjust to the after-effects of the COVID-19 pandemic.
• The focus on making electric vehicles will only grow in 2024, given their wider acceptance than before.
• OEMs are looking for ways to simplify the challenges to intensify sustainability in product and production processes.
• Newer brands are having a harder time than expected.

One of the key original equipment market (OEM) partners for automakers and a big name in the tyre industry, Bridgestone has come up with a few insights about the tyre industry, which will be impacting the way it works in 2024. Apart from Bridgestone, these four trends will also impact the overall OEM industry in the automobile market in general.

The first trend is related to the struggles of the European car market in adjusting to the after-effects of COVID-19, which are expected to continue in 2024. The European car market has already faced challenges like semiconductor shortages, inflation spikes and increases in fuel and production costs after the COVID-19 pandemic. While 2023 saw a double-digit recovery, OEM demand continues to be 20 per cent lower than they were before the COVID-19 outbreak.

The second trend is about the focus of OEMs on making EV-specific products. The European car market has witnessed 14 per cent of overall vehicle registrations as battery-powered electric vehicles, surpassing the sales of diesel vehicles. Given the regulatory requirement for zero emissions vehicles by 2035 in the European Union in hindsight, the OEMs in the automotive industry are working on technologies for faster EV adoption in full swing.

The third trend is related to the sustainability of the OEMs, which will intensify even further this year. One of the most important pillars in the OEM business, sustainability will witness a keener focus with OEMs simplifying the challenges coming in the way, such as increasing the volume of recyclable and renewable materials used in the production of tyres. The OEMs will be focusing more on knowing the source of these sustainable materials and guaranteeing their quality.

The fourth and final trend to look out for is the struggles and challenges faced by the newcomers. Contrary to the expectations set for new players against the traditional ones in the automotive market five years ago, due to the assumption of easier development of EVs compared to ICE vehicles, the newer brands had a hard time in 2023. The newer brands have struggled with large-scale productions and sourcing of capital required for the development of new-age electric vehicles, and unfortunately, these struggles will continue in 2024.

According to Bridgestone, all these challenges and trends are commonly faced by OEMs across Europe and are influential enough to shape the progress of the automotive market in the years to come. 

Looking for new Bridgestone Car Tyres? Find a dealer near you