According to a report,“Automotive Tire Market Analysis By Type (Radial and Bias), Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles and Two Wheelers) And Segment Forecasts To 2024”, published by Grand View Research, Inc., The global automotive tire market size is expected to reach USD 374.22 billion by 2024.This growth can be attributed to rising disposable income and improvement in the overall lifestyle of consumers. Two wheelers segment is anticipated to grow at CAGR of over 7.5% from 2016-2024. Increasing demand for two-wheelers across the developing countries such as India and China will contribute to the segment growth.
Key Takeaways from the report:
Increasing manufacturing and infrastructure building activities have spurred the sales of light commercial vehicles (LCV). Growing number of LCVs in Europe has led EU regulatory bodies and OEMs to enhance and improve the safety aspects of LCVs. The passenger car segment dominated the industry with over 40% revenue share in 2015 owing to the increasing advancements and innovations such as Plug-in cars.
The tire industry has witnessed a remarkable shift from the traditional to the technically advanced radial products. Radialisation of the truck tire market is anticipated to fuel the demand over the forecast period. In 2012, manufacturers in China produced over 50% of the global radial truck tires industry.
Stringent government guidelines worldwide are expected to regulate the global automotive tire market over the coming years. Asia Pacific dominated the industry contributing to over 40% of the global revenue in 2015. The presence of several prominent automobile manufacturers and ancillaries in the region is expected to generate high demand over the forecast period.
Key industry participants include Bridgestone, Continental, Goodyear, Michelin, Pirelli and Sumitomo. Manufacturers are gradually adopting innovative production techniques to gain a competitive advantage over others. Vendors are now adopting modern supply chain and distribution strategies such as e-commerce and retail chains to reach efficiently the end-user apart from the conventional supply to automobile assemblers and aftermarket industry.
Asia Pacific Automotive Tire Market Revenue by Type, 2014 – 2024 (USD Billion)
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Technological proliferation and the development of the innovative and environment-friendly green tires have opened up broad growth avenues for the industry participants. Moreover, increasing radial tire up gradation activities owing to its benefits such lesser vibrations, reduced fuel consumption and extended tire life due to less heat generated has favorably impacted the industry growth.
However, stringent emission norms by governments and regulatory authorities worldwide are expected to challenge demand. For example, on September 1, 2010, the California Air Resources Board’s (ARB’s) Tire Pressure Regulation was formulated to reduce greenhouse gas emissions from vehicles operating with underneath inflated tires by inflating them to the suggested pressure rating.
Grand View Research has segmented the global automotive tire market on the basis of application, type and region:
Automotive Tire Application Outlook (Revenue, USD Billion, 2014 – 2024)
Automotive Tire Type Outlook (Revenue, USD Billion, 2014 – 2024)
Automotive Tire Regional Outlook (USD Billion, 2014 – 2024)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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