(USGovernment-News.Com, April 17, 2019 ) Latest market study on “Automotive Tire Market to 2025 by Tire Type (Bias and Radial); Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle); and Distribution Channel (OEMs and Aftermarket) - Global Analysis and Forecast”, the automotive tire market is estimated to reach US$ 306.44 Bn by 2025 from US$ 233.15 Bn in 2017. The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
Top Leading key players are 1. Bridgestone Corporation 2. Continental AG 3. The Goodyear Tire & Rubber Company 4. Michelin 5. Pirelli & C. S.P.A 6. Dunlop India Limited 7. Yokohama Rubber Co. Ltd. 8. Apollo Tires Ltd. 9. MRF Tires 10. Hankook Tire
Pertaining to the fact of acceleration manufacturing, construction, logistics, mining, education, and hospitality among others plays a significant role in the growth of automotive industry. These industries are driven by increasing population which is further expected to boost the demand for automotive and related accessories. With a rise in disposable income, and standard of living, demand for automotive has substantially raised which has increased the production of automotive.
Strategic Insights Market initiative was observed as the most adopted strategy in global automotive tire market. Few of the recent strategies by some of the players in automotive tire market landscape are listed below-
2018: Bridgestone announce the expansion of its production unit in Japan- Bloomington, Ill., plant. This new plant will manufactures multiple sizes tires as well as patterns in 29, 33 and 35-inch OTR tires.
2018: Michelin carried two types of tires i.e., hard and medium rubber tires in the Rally of Turkey. The MICHELIN LTX Force H4 tire and the MICHELIN LTX Force M6 tire.
2018: Pirelli announced its collaboration with Ferrari, with this collaboration Pirelli manufactured bespoke P Zero (21-inch diameter tires) for the Ferrari Monza SP1 and SP2, to meet the requirement for the car's development.
The global automotive tire market is segmented on the basis of vehicle type which is fragmented into passenger cars, light commercial, and heavy commercial vehicles. The passenger car is leading the market for automotive tire followed by heavy commercial vehicle and light commercial vehicle. In a current scenario, passenger cars is having a high market share owing to the fact of high usage among the individuals and other users. However, light and heavy commercial vehicles is growing at a highest CAGR and is anticipated to dominate the market by 2025. In addition to this, with an increase in the disposable income, demand for passenger cars is rising due to which passenger car holds a dominant position in the market.
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