As per the research by Market Research Future Reports (MRFR), the global automotive tire market is estimated to value USD 260 billion by 2023. The implementation of strict vehicular emission norms is estimated to drive the global automotive tire market 2020. The increasing demand for environment-friendly tires with rising awareness is also propelling the market. The other factors responsible for the market growth are the increment in the manufacturing of vehicles and the increasing demand for radial tires.
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Besides, the increasing competition has made attributes like durability and reliability mandate, which has resulted in the augmentation of the market. High-performance tires are experiencing high demand. Besides, the rising initiatives of research and development are also leading to market expansion. The global automotive tire market is highly competitive. The growth of the market is dependent on strategies adopted, the market environment, and the government’s initiative. There are several tactics adopted by the market players to retain their position. Some of them are partnerships, mergers, and acquisitions. The prevailing competition is likely to intensify and magnify market presence. However, the outbreak of COVID-19 has led to particular challenges. We will provide COVID-19 impact analysis with the report.
The forefront players of the global automotive tire market are Bridgestone Corporation(Japan), Michelin Group (France), Continental AG (Germany), Toyo Tire & Rubber Co., Ltd (Japan), The Goodyear Tire & Rubber Company (U.S.), Hankook Tire Co., Ltd. (South Korea), Cooper Tire & Rubber Company (U.S.), Pirelli (Italy), Rubber Co. Ltd (Japan), Yokohama, and Sumitomo Rubber Industries, Ltd. (Japan).
The global automotive tire market can be classified on the basis of type, section width, vehicle type, end market, and region.
On the basis of type, the global automotive tire market can be further classified into bias and radial pedal.
On the basis of the section width, the global automotive tire market can be further classified into 230mm.
On the basis of vehicle type, the global automotive tire market can be further classified into Commercial vehicles and a passenger vehicle.
On the basis of the end market, the global automotive tire market can be further classified into OEM and aftermarket.
On the basis of region, the global automotive tire market can be further classified into North America, Asia-Pacific, Latin America, and the Middle East & Africa.
The geographical analysis of North America, Asia-Pacific, Latin America, and the Middle East & Africa has been conducted. As per the analysis by MRFR, the APAC region is estimated to dominate the global market. The APAC region consists of the major automotive tire market. The emerging economies like China, India, and Japan play a significant role in expanding the market. The increasing urbanization and the population of the region fuel the demand. There has been an increase in the demand for passenger cars and two-wheelers in the region.
Moreover, the increasing per capita income, rising expenditure on infrastructure, and the increasing amount of FDI is resulting in the expansion of the market. The analysis states that the North American region is anticipated to evolve during the forecast period. Owing to the rise in demand for commercial vehicles and passenger cars. The increase in demand for new vehicles will expand the tire market. Besides, investment from several established companies is likely to propel the market. Among all nations in North America, the U.S. plays a significant role in expanding the market by acquiring the maximum market share. It is also likely to flourish at a marvelous CAGR during the forecast period.
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