Pune, India, May 28, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR)’s analysis, the global automotive tire market is expected to expand at 4.48% CAGR during the forecast period 2017 to 2023. The report further indicates that the global market is set to scale a valuation of USD 262.72 Bn towards the end of 2023 up from USD 203.14 Bn in 2017. The boosted sales and production of automobiles backed by the increasing purchasing power is likely to have a positive influence on the market growth over the next few years.
Industry leaders are focusing on the durability and reliability of vehicles which is motivating innovations in the tire industry. To illustrate, the shift from solid rubber tire to non-pneumatic tire has revolutionized the growth pattern of the automotive tire market. Additionally, government mandates and emission norms are poised to encourage further material innovation in the years to come, thus, augmenting the market.
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The market is projected to remain lucrative through the assessment period. It is forecasted to attract investments from the global leaders owing to the rapid developments in the global production capacity. Case to the point is, Chinese tire manufacturer Roadbot has started the construction of a tire plant in Abu Dhabi worth USD 614.37 Mn.
Key Players:
The noted players operating in the global automotive tire market are Bridgestone Corporation (Japan), The Goodyear Tire & Rubber Company (U.S.), Michelin Group (France), Continental AG (Germany), Cooper Tire & Rubber Company (U.S.), Hankook Tire Co., Ltd. (South Korea), Sumitomo Rubber Industries, Ltd. (Japan), Yokohama Rubber Co. Ltd (Japan), Toyo Tire & Rubber Co., Ltd (Japan), and Pirelli (Italy).
Market Segmentation:
This MRFR report offers a comprehensive segmental analysis of the global automotive tire market based on type, section width, vehicle type, and end market. The market, by type, has been segmented into radial pedal and bias. Among these, the radial pedal segment holds the lion’s share of the market and is anticipated to lead market growth through the assessment period. It is also expected to thrive at a comparatively higher CAGR over the assessment period.
By section width, the market has been segmented into <200 Mm, 200-230mm, and >230mm. The 200-230mm segment is forecasted to witness high demand from the automotive manufacturing sector. It is anticipated to exhibit a healthy CAGR across the review period.
By vehicle type, the Automotive Tire Market has been segmented into passenger car and commercial vehicle. Among these, the passenger car segment is poised to secure the forefront position during the forecast period. In 2017, it held 65% market share and is projected to benefit from increasing production capacity of passenger cars over the next few years.
Based on end-user, the global market has been segmented into OEM and aftermarket. The aftermarket segment had control over 61.3% market share in 2017. It is presumed to signify stellar growth potential in the upcoming years. In addition, the OEM segment has been forecasted to gain traction in the years to come.
Asia Pacific expected to dictate the growth pattern of the global market
The geographical study of the global automotive tire market spans across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). Asia Pacific is leading the global market and is anticipated to signify tremendous growth potential over the next couple of years. The region has emerged as an auto component manufacturing hub which is poised to catalyze the growth pace of the market. China, Japan, and India are the major country-level markets forecasted to contribute significantly to the development of the regional market. Also, the exponential increase in the inflow of FDI is anticipated to favor market growth in the years to come.
North America is prognosticated to witness a steep rise in the growth curve across the forecast period. It has been assessed to thrive at a CAGR of 4.46% between 2017 and 2023. The presence of industry leaders is expected to attract massive investments in the near future, thus, augmenting the regional automotive tire market.
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Latest Industry News:
- Continental AG, a German automotive manufacturing company, has inaugurated its car and light truck tire plant in Thailand. The plant has been designed to facilitate the production of 4 million tires per year by 2022.
- Iris Group in collaboration with Cimcorp, industry automation specialists, has announced the completion of the first test phase of its Algerian tire factory.
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