According to a new market research report published by Credence Research “Automotive Tires Market (Tire Type – Fuel Efficient, High Performance, All-terrain/Off-road, Run-flat and Trailer; Tire Size – 12-14”, 15-17”, 18-22: Above 22”; Design; Tire Assembly; Aspect Ratio; Season; Sales Channel; Vehicle Class) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global automotive tires market value stood at US$ 155.29 Bn in 2017 and is set to register a CAGR of 3.7% through the forecast period from 2018 to 2026.
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The global automotive tires market is highly driven by the consistently increasing sales of passenger cars and commercial vehicles, especially in the Asia Pacific region. The total automotive vehicles production in Asia Pacific surpassed 50 Mn vehicles in 2017, while the regional sales stood in excess of 45 Mn vehicles. The market is also supported by strong demand for replacement tires, which in turn propels the aftermarket automotive tires segment. With growing inclination towards better driving experience, performance tires sales have witnessed remarkable growth over the period. The market witnesses a trend of producing more fuel efficient tires as an aid towards reducing CO2 emissions caused by automotive vehicles.
The automotive tires market is broadly segmented based on tire type, tire size, design, tire assembly, aspect ratio, season, sales channel and vehicle class. By design, radial ply tires segment lead the market due to high penetration in passenger cars. More than 85% of the total passenger cars worldwide are equipped with radial ply tires resulting in higher demand. Further, based on tire type, fuel efficient tires segment dominate the market, primarily due to huge volume of passenger cars as compared to other automotive vehicles.
Based on the geography, the market is led by Asia Pacific commanding China represents the largest automotive tires market worldwide, accounting for more than 1/3rd of the global demand. The automotive industry in Asia Pacific has exhibited impressive growth further supported by the development of production sector. With rising population, increasing discretionary incomes and growing standards of living, the purchasing capacity of people has increased thereby playing a crucial role in automotive industry growth.
Despite the presence of numerous regional as well as international companies, the automotive tires market is quite consolidated in nature. Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company and Continental AG are the major companies controlling more than 50% of the global market value. The market players face intense price wars majorly due to presence of regional players. In addition, significant number of Chinese tire manufacturers offering cheaper tires is another major factor impacting the profit margins of other companies. Thus, in order to sustain the competition, major companies emphasize on offering advanced tire technologies that provide enhanced safety and driving experience.
Other companies covered in the report include Sumitomo Rubber Industries, Ltd., Pirelli & C. S.p.A., Cooper Tire & Rubber Company, Yokohama Rubber Company, Qingdao Sentury Tire Co., Ltd., Hankook Tire Group, Hangzhou Zhongce Rubber Co., Ltd., China National Tire & Rubber Co., Ltd., Toyo Tire & Rubber Company, Apollo Tyres Ltd., CEAT Ltd., MRF Ltd. and JK Tyre & Industries Ltd. among
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