Overview:
The global market for vehicle tires depends on factors such as consumer spending, a nation’s GDP, currency exchange rates, vehicle production and distribution market, overall disposable income of consumers, and exports.
This report analyses the current status of the global vehicle tire market, outlines the key market players and the bases for market segmentation, and studies the future trends of this industry from 2018 till 2025, using 2013 -2017 as the historical base.
There are some other factors which also influence the global vehicle tire market, such as taxes on foreign manufactured tires, cost of raw material, and environmental aspects. As per market research predictions, the global vehicle tire market is expected to grow at a CAGR of 6.3% during the 2017-2027 period, and reach a figure of about US$ 645 billion by the end of 2027.
Request a Free Sample Report, Click Here @ https://www.wiseguyreports.com/sample-request/3106446-global-vehicle-tire-market-research-report-2018
Key Players
The report on global vehicle tire market has profiled some distinguished vendors as well as promising new market entrants.
- Michelin
- Bridgestone
- Continental
- Pirelli
- Goodyear
- Shanghai Huayi
- Sumitomo Rubber Industries
- ZC Rubber
- Yokohama
- Nokian Tyres
- Hankook
- Maxxis
- Triangle Group
Segmentation:
The global vehicle tire market can be segmented based on type of product, application according to vehicle type, and geographical region.
Automotive tires can be categorised into two main categories, namely radial and bias tires. Of these, the radial tire segment dominated the market in 2016, and is expected to be the leader in terms of market share during the forecast period.
On the basis of vehicle type, the vehicle tire market can be split into the following categories:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two-Wheelers
It may be observed that the passenger cars segment and the light commercial vehicles segment are predicted to be the most lucrative segments during the forecast period, while the two-wheeler segment is expected to grow at a moderate pace.
Regional Analysis:
North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa are the major regions for the vehicle tire market across the world. Historical market research trends have shown that the Asia-Pacific region except Japan occupies nearly 42% of the global market share and is expected to grow at a significant CAGR during the forecast period. The drivers behind this growth include growing economies in the developing nations, a growth in industry and manufacturing, and a rise in automobile consumption. Industry experts predict that Western Europe will occupy the second position in terms of market growth during the forecast period.
Industry News:
In 2017, leading tire manufacturer Yokohama Rubber bought Off The Road (OTR) tire manufacturer Alliance Tire Group B.V. in a deal worth USD 1.1 billion. Through this deal, Yokohama Rubber took control over two tire factories in India and Israel.
In February 2019, Bridgestone Americas Inc. announced plans for constructing a new Firestone race tire manufacturing plant in Akron, Ohio. This project will be part of a five-year partnership between NTT IndyCar Series and Firestone, which is a brand of Bridgestone Americas, Inc. The agreement includes supply of tires by Firestone to NTT IndyCar Series.
……Continued
Access Complete Report @ https://www.wiseguyreports.com/reports/3106446-global-vehicle-tire-market-research-report-2018
Media Contact
Company Name: Wiseguyreports.com
Contact Person: Norah Trent
Email: Send Email
Phone: +1 646 845 9349, +44 208 133 9349
City: Pune
State: Maharashtra
Country: India
Website: https://www.wiseguyreports.com/sample-request/3267522-global-cellular-m2m-connections-and-services-market-size-status-and-forecast-2025