Automotive Tire Market
According to Market Research Future (MRFR), the global automotive tire market is expected to reach a valuation of USD 260 billion from 2017 to 2023 (forecast period). The report illustrates and examines the effects of the outbreak of COVID-19 on the global automotive tire market, including possible opportunities and threats, drivers, and risks.
Automotive tires are pneumatic structures placed on the vehicle's rims to move the vehicle's drive to the ground. The tires are made of natural rubber, synthetic rubber, wire, and fabric.
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Market Dynamics
The burgeoning demand for replacement tires is expected to sustain the growth of the automotive tire industry. Vehicle owners, particularly car owners, are looking to replace conventional tires with high-performance tires that offer better durability, safety, and ride comfort. In addition, the growing trend of experiential travel strengthens the demand for tires for off-road activities.
Rising environmental issues, combined with increased government support for environmentally friendly and sustainable manufacturing, impact tire production. Original Equipment Manufacturers (OEM) are investing in research and development of sustainable materials and production processes.
Industry 4.0, or the incorporation of IoT, data analytics, and other forms of automation, is helping automobile tire manufacturers to streamline their production processes while expanding their distribution network.
A steady rise in demand for electric vehicles worldwide is expected to generate lucrative opportunities in the automotive tire industry. Increasing consumer awareness of the environment combined with a rise in oil and gas prices is expected to fuel demand for electric vehicles around the world, which in turn, is projected to contribute significantly to the development of the automotive tire industry.
The gradual shift in consumer preference towards high-performance vehicles is likely to continue to complement developments in the automotive tire industry. Manufacturers are working to improve efficiency, chip, and wear resistance, durability while reducing the weight of tires in order to gain a competitive advantage in the automotive tire market.
Automotive Tire Market Segmentation
The global market for automotive tire has been segmented into type, section width, vehicle type, and end market.
By type, the global automotive tire market has been segmented into radial Pedal and bias.
By section width, the global automotive tire market has been segmented into <200 Mm, 200-230mm, and >230mm.
By vehicle type, the global automotive tire market has been segmented into passenger cars and commercial vehicles.
By end market, the global automotive tire market has been segmented into OEM and aftermarket.
Automotive Tire Market Size and Regional Analysis
Regionally, the global automotive tire market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The Asia Pacific region is dominating the market in terms of revenue, followed by Europe and North America. Emerging economies like China and India, are anticipated to push regional growth in the forecast period. Due to rapidly increasing domestic consumption, evolving standards, cheap labor, and a broad population base, these countries are expected to supplement the potential growth of the world economy. India is the fastest-growing country in the LCV and passenger car segment due to increasing demand from the rural market.
Automotive Tire Market Key Players
Michelin Group (France), Cooper Tire & Rubber Company (U.S.), The Goodyear Tire & Rubber Company (U.S.), Bridgestone Corporation (Japan), Continental AG (Germany), Toyo Tire & Rubber Co., Ltd (Japan), Hankook Tire Co., Ltd. (South Korea), Pirelli (Italy), Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Yokohama.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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