Pune, May 27, 2021 (GLOBE NEWSWIRE) -- Automotive Tire Market Analysis
Market Research Future (MRFR) projects the global automotive tire market to exhibit a 12.12% CAGR from 2020-2027 (forecast period).
Many automotive tire industry players are currently investing heavily in product development and expanding production capacities. In addition, significant investments are made in the R&D centers of various tire manufacturing companies and universities in order to test groundbreaking prototypes.
Governments have updated more stringent safety regulations progressively in response to rising road accident rates, which is driving business growth. To reduce escalating accident rates, monitoring bodies in developed regions are mandating the installation of advanced automotive tires in automobiles. Furthermore, rising vehicle production and sales drive the market forward. The global rise in car sales has resulted in a strong demand for the automotive tire.
However, price volatility and the demand-supply gap in raw materials needed for tire production are the major factors expected to stymie market development. Furthermore, the need for a duty-free procedure presents commercial and regulatory issues for both vehicle and parts manufacturers.
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COVID-19 Impact on the Global Automotive Tire Market
COVID 19 wreaked havoc on the global automotive tire market, wreaking the entire automotive industry. The coronavirus pandemic has caused a sharp drop in the tire industry, prompting tire producers to cut production at their manufacturing plants. As a result of the epidemic's destruction, some primary raw material suppliers reduced production in some regions.
While several companies were forced to merge and reduce employees, some tire industry players immediately began working on countermeasures to mitigate the effect. These tire manufacturers expanded their partnerships, building alliances with major automotive original equipment manufacturers (OEMs).
Furthermore, they took risky tactics, such as an active online presence and attentive customer service. This plan to use digital platforms to communicate with prospective buyers is a game-changer. As a result, the automotive tire industry is quickly returning to normal.
Market Segmentation
The global automotive tire industry has been segmented on the basis of rim size, distribution channel, vehicle type, and season propulsion type.
By rim size, the global automotive tire market has been segmented into 13"–15", 16"–18", 19"–21", and >21". The 13"–15" rim size segment holds the largest market share due to the growing use in passenger cars with GVWR <3.0 tons. Automotive tires with rim sizes varying from 16" to 18" are used in wheels that require a lower sidewall height to maintain adequate clearance when they go over potholes and bumps and, making the suspension fully compress and rebound.
By distribution channel, the global automotive tire market has been segmented into OEM and aftermarket. Among these, the OEM segment holds the largest market share, including production, procurement, and installation of automotive tires. Many automotive tire manufacturing companies around the world are working on enhanced safety and comfort using advanced production techniques.
By vehicle type, the global automotive tire market has been segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). Among these, the passenger car holds for the largest segment due to the increasing production of passenger vehicles due to the growing demand and sales of these vehicles. Light commercial vehicles (LCVs) include pickup trucks, minivans, and buses. Continuous development in the manufacturing, processing, logistics, and tourism & hospitality sectors creates a substantial demand for LCVs. On the flip side, growth in heavy commercial vehicles (HCVs) is powered by the increasing use of tractors, heavy trucks, and trailers in the quickly growing transportation & logistics industry across the globe.
By season propulsion type, the global automotive tire market has been segmented into winter, summer, and all seasons. Of these, the winter tires segment accounts for a substantial market share. Winter/snow tires can endure nerve-wracking winter driving conditions. On the flip side, summer tires with their special tread patterns and tread compounds guarantee a high grip on wet and dry roads. All-season tires are available in a variety of many types/models, load capacities, sizes, and speed ratings and are used in a broad variety of vehicles, from economy cars and sedans to minivans and pickup trucks.
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Regional Analysis
Region-wise, the global automotive tire market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific accounts for the lion's share of the global automotive tire industry. APAC is home to one of the world's largest automotive aftermarkets. With a market value of USD 57,932.4 million in 2019, the region held the largest market share in 2019. Factors such as the rapid expansion of the automotive industry and economy, especially in China, India, and Japan, drive the growth of the automotive tire market.
The region's increased automotive tire market demand can be attributed to increased construction activities, rapid industrial growth, and an increase in demand for fuel-efficient technologies. Furthermore, the involvement of many raw material suppliers, as well as favorable government guidelines, improves the size of the automotive tire industry. Countries with a heavy agricultural emphasis, such as Japan, China, and South Korea, are expected to have a high demand for automotive tires for agricultural vehicles.
Key Players
Michelin (France), Bridgestone (Japan), Continental AG (Germany), Hankook Tire (South Korea), Pirelli & C. S.p.A. (Italy), Toyo Tire Corporation (Japan), Kumho Tire (South Korea), Giti Tire (Singapore), Maxxis International (Taiwan), Nexen Tire Corporation (South Korea).
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Industry News
January 6, 2021, Michelin North America, Inc., a global tire manufacturing corporation, reported that Purcell Tire & Rubber Company would join the MICHELIN Commercial Service Network (MCSN), Michelin Retread Technologies, Inc. (MRTI), and Oliver Rubber Company, LLC (Oliver) retreading networks. The collaboration will enable Michelin to secure a relationship across our entire line of business-to-business on- and off-road products and services.
October 12, 2020, Continental AG, a German multinational automotive parts manufacturer, has won a tire technology award for its CARE tire concept for electric robotaxis. The European Rubber Journal presented the "Journey to Automation" award (ERJ). The Conti CARE tire concept is cloud-based connectivity that provides fleet operators with especially efficient solutions for managing electric mobility.
September 14, 2020, Telle Tire & Auto Centers Inc., a St. Louis-based auto repair dealership, announced the purchase of J&W Automotive. Telle Tire & Auto Centers made nearly USD 11.3 million in sales in 2018. Telle Tire will have 16 locations in the Americas after the J&W purchase.
September 13, 2020, Alliance Tire Group (ATG), a Yokohama Rubber Manufacturing firm, reported a $ 165 million investment in its third plant in Visakhapatnam (India). The proposed plant would increase rubber production by over 20,000 tonnes per year.
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