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(USGovernment-News.Com, April 30, 2019 ) The global automotive tire market is expected to grow from US$ 233.15 Bn in 2017 to US$ 306.44 Bn by 2025 at a CAGR of 3.8% between 2018 and 2025.
Some of the major factors contributing to the growth of the automotive tire market include increased production of both commercial and passenger vehicles. Fuel costs are also increasing and due to this demand for better fuel efficient technology integrations into cars is also rising to ensure cost savings. Demand for better technologies such as the use of sensors, ATIS is rising which is another major factor boosting the growth of automotive tire market. The Asia Pacific is expected to be the region which will experience ample of opportunities for the manufacturers and providers of automotive tires. The Asia Pacific has several developing economies which are leading the automotive tire market growth in various sectors, including manufacturing, construction, technology, and others.
Key Benefits: • To provide detailed information regarding the major factors (drivers, restraints, opportunities, challenges, and trends) influencing the growth of the global Identity and Access Management Market • To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific, and the Rest of the World (Latin America and the Middle East & Africa)
Company Profiles Bridgestone Corporation Continental AG The Goodyear Tire & Rubber Company Michelin Pirelli & C. S.P.A Dunlop India Limited Yokohama Rubber Co. Ltd. Apollo Tires Ltd. MRF Tires Hankook Tire
Middle East & Arica is projected to expand with the highest CAGR over the forecast period The growth of automotive tire market in the Middle East & Africa region is high compared to the other regions. Growing urbanization and rising income of individuals in this region are resulting in an enhanced and better standard of living which is projected to lead the automotive tire market and related accessories, and parts. In addition to this, increasing disposable income in the African countries, sales of automobiles has increased which further provides ample opportunities for the growth of the automotive tire market in these regions.
Nowadays, consumers using bias tire fitted vehicles has started using radial tires by replacing their bias tires. This replacement is further responsible for creating a substantial replacement market for the radial tires. These tires provide higher fuel efficiency and cause less vibration in passenger and commercial vehicles which also plays a significant role in the adoption of radial tires over bias tires. These type of tires extend the lifespan of the tire, and therefore manufacturers install radial tires to increase its revenue. The radial tire segment will fuel the growth of automotive tire market.
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.
GLOBAL AUTOMOTIVE TIRE- MARKET SEGMENTATION By Tire Type Bias Radial
By Vehicle Type Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicle
By Distribution Channel OEMs Aftermarket
By Geography North America U.S. Canada Mexico Europe France Germany Italy Spain UK Rest of Europe Asia Pacific (APAC) China India Japan Rest of APAC Middle East and Africa (MEA) South Africa Rest of MEA South America (SAM) Brazil Rest of SAM
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