Automotive Tire Industry Overview
As per the detailed report published by Market Research Future (MRFR), the global automotive tire market is slated to obtain a substantial market valuation at a moderate CAGR during the review period.
Drivers and Restraints
The global market for automotive tire is expected to reach a valuation in excess of USD 262.72 Bn in 2023. The rising number of modern vehicles on the road have resulted in the progress of the market considerably. Several factors such as government-mandated enhancements in emission standards and global competition which have accelerated the development of the durability and reliability of vehicles, have also led to a rise in demand for automotive tires as well. As a result, high-performance tires are observing widespread popularity with original equipment (OE) manufacturers and customers in the tire replacement market. Consequently, the tire manufacturers who are focusing on the OE segment for further expansion of the market and research and development expenditure are also seeing various positive opportunities for growth over the review period. The use of high-performance tires primarily as factory equipment on luxury passenger cars has progressively led to these tires being created for premium sport utility vehicles and in crossover utility vehicles. The sales of these vehicles in correlation with the growing global middle class and their need for mobility and status will continue to develop in the duration of the forecast period. Moreover, the segment of passenger car radial is contributing to a key market portion in the automotive tire market owing to augmented demand from automotive tire manufacturers.
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Owing to an extraordinary technological level of change in countries such as China, Thailand, India, and Indonesia owing to automotive manufacturers setting up bases in these countries owing to the lower cost of labor and easy access to capital, has resulted towards a substantial shift in the market’s growth trajectory. The improved prosperity of the developing nations is leading to bigger sections of the population purchasing vehicles, specifically in India and China contributing to the overall market’s growth.
The significant market players identified by MRFR in the global market are
Michelin Group (France)
Bridgestone Corporation (Japan)
Continental AG (Germany)
The Goodyear Tire & Rubber Company (U.S.)
Toyo Tire & Rubber Co., Ltd (Japan)
Hankook Tire Co., Ltd. (South Korea)
Cooper Tire & Rubber Company (U.S.)
Sumitomo Rubber Industries, Ltd. (Japan)
Rubber Co. Ltd (Japan), and Yokohama
Automotive Tire Market Segmental Analysis
The segmental analysis of the Automotive Tire Industry Market is based on type, section width, end market, vehicle type, and region. Based on the type, the tire market is segmented into bias and radial. Among these, the radial segment is responsible for the major market share and is expected to remain extremely lucrative through the forecast period. On the basis of section width, the tire market has been segmented into<200 Mm, >230mm, & 200-230mm. The <200 Mm segment is accountable for the principal market share and is also poised to develop with a rapidly rising CAGR. Based on the vehicle type, the market segmentation comprises of passenger cars and commercial vehicles. Among these segments, the passenger car segment accounts for the major market share and is expected to have the highest CAGR. This will lead to the growth of the segment in the future. Based on the end markets, the market has been segmented into the aftermarket and OEM. The OEM segment accounts for the biggest market portion and is estimated to have the highest CAGR in the forecast period.
The geographical analysis of the global market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The regional analysis of the tire market observes that the Asia Pacific region is accountable for the major market share in 2017, followed by North America which is slated to develop at a CAGR of 4.66% through the forecast period. The Asia Pacific region has the most significant automotive tire market, as a result of the growth in the automotive industry in developing nations such as China, Japan, and India. The growth in the penetration level of passenger cars and two-wheelers in the region is fueling the demand for tires. increased sales of automobiles in the region can be accrued to issues such as growing per capita income, larger infrastructure spending, initiatives to increase the amount of economic production cost and FDI. The North American region is accredited for the next major market portion in 2017, which is projected to rise at a CAGR of 4.46 percent over the forecast period. In the North America region, automobile producers will observe a rise in the sales of the passenger cars and commercial vehicles. The rise in demand for atest vehicles will allow the growth of the auto tire suppliers significantly. The stable growth in the region will bring higher investments from many market giants owing to strict government regulation, amplified sales of vehicles, and demand for fuel-efficient products. The U.S. is accountable for the major market share of 70.55 percent in 2017, with a market worth of USD 44.87 billion and is slated to develop at the fastest CAGR of 4.60 percent through the forecast period.
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Table Of Content
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.2 Research Objective
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
4 Global Automotive Tire Market, By Type
4.2 Bias/Cross Ply
LIST OF TABLES
Table 1 Global Market, By Type
Table 2 Global Market, By Section Width
Table 3 Global Automotive Tire Market, By End Market
Table 4 Global Automotive Tire Industry, By Application
Table 5 Global Market, By Regions
Table 6 North America Market, By Type
Table 7 North America Market, By Section Width
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