Market Research Future (MRFR) has published a research report about the global automotive tire market that anticipates enlargement for this market with 4.48% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, the worth of this market has been estimated to be US $ 262.72 bn by the end of forecast period.
The factors leading to the growth of the global automotive tire market include government-mandated improvements in emission standards, growing number of vehicles on the road, improvement of the durability and reliability of vehicles, increasing disposable income of the middle class, popularity of high performance tires, more investment on research & development (R&D), and increasing use of automotive tire in premium sport utility vehicles.
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The key players in the global automotive tire market include Bridgestone Corporation(Japan), Continental AG (Germany), Cooper Tire & Rubber Company (USA), The Goodyear Tire & Rubber Company (USA), Hankook Tire Co. Ltd. (South Korea), Michelin Group (France), Pirelli (Italy), Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan), Toyo Tire & Rubber Co., Ltd (Japan), and Yokohama (Japan).
The global automotive tire market has been segmented on the basis of end user market, section width, type, vehicle type, and lastly, by region. Based on end user market, this market has been segmented into original equipment manufacturer (OEM) and aftermarket. On the basis of section width, the market has been segmented into below 200 mm, 200-230 mm, and above 230 mm. By type, the market has been segmented into bias and redial pedal. As per the vehicle type, the market has been segmented into commercial vehicles and passenger vehicle.
The regional segmentation of the global automotive tire market segments the market into continent-based regional markets known as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). The Asia Pacific is the largest regional market due to the rise in the automotive industry in nations such as China, India and Japan. The markets for passenger cars as well as two-wheelers are growing in these countries. In this region, the market is rising due to bigger infrastructure spending, increasing per capita income, and initiatives to grow the amount of economic production cost & Foreign Direct Investment (FDI). Other important country specific markets in this region are Indonesia and Thailand. During the forecast period, this market is expected to grow at a CAGR of 4.66%.
North America is the second largest regional market that is expected to grow at 4.46% CAGR during the forecast period. In this region, the market is growing due to amplified sales of vehicles, demand for fuel efficient products, investments from many top giants owing to stringent government regulation, and upsurge in demand for the new vehicles. The most important country-specific markets in this region are the United States of America (USA) and Canada. US market is expected to grow at 4.60% CAGR during the forecast period and its worth is expected to be US $ 44.87 bn.
Europe is significant as a regional market because due to high density of population, high disposable income & purchasing power of people, and technological advancement that is second only to North America. The crucial country-specific markets in this region are France, Germany, and the United Kingdom (UK), followed by the rest of Europe.
In Latin America, the strong economies that can be ideal markets are Argentina and Brazil, followed by the rest of Latin America. The MEA region shows limited market with slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability.
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LIST OF TABLES
TABLE 1 GLOBAL AUTOMOTIVE TIRE MARKET, BY TYPE
TABLE 2 GLOBAL AUTOMOTIVE TIRE MARKET, BY SECTION WIDTH
TABLE 3 GLOBAL AUTOMOTIVE TIRE MARKET, BY END MARKET
TABLE 4 GLOBAL AUTOMOTIVE TIRE MARKET, BY APPLICATION
TABLE 5 GLOBAL AUTOMOTIVE TIRE MARKET, BY REGIONS
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL AUTOMOTIVE TIRE MARKET: BY TYPE
FIGURE 3 GLOBAL AUTOMOTIVE TIRE MARKET: BY SECTION WIDTH
FIGURE 4 GLOBAL AUTOMOTIVE TIRE MARKET: BY END MARKET
FIGURE 5 GLOBAL AUTOMOTIVE TIRE MARKET: BY APPLICATION
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