Global Automotive Tire Market Report: Information by Type (Radial, and Bias), Section Width (<200 Mm, 200-230mm, >230mm), Vehicle Type (Passenger Car, and Commercial Vehicle), End Market (OEM, and Aftermarket) – Forecast till 2023
Global Automotive Tire Market Research Report
Tires are an important and integral part of various automobiles types. The earlier forms of tires were composed of only firm rubber that did not require to be filled with air, these type of solid rubber tire were used commonly for slow-speed vehicles. Similarly, the currently popular form of tires are also airless but use a new and much more efficient type of material which is called the non-pneumatic tire and are mostly intended for use in eco-friendly car models such as hydrogen, electric and hybrid cars. Thus, the range of innovation observed in the market till date is phenomenal. The market is projected to expand its worth to USD 262.72 billion while expanding with a CAGR of 4.48 percent approximately in the duration of the forecast period from 2017 to 2023.
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The growing number of vehicles on the road have resulted in the progress of the market considerably. Several factors such as government-mandated improvements in emission standards and global competition which have facilitated the improvement of the durability and reliability of vehicles, have also led to a rise in demand for Global Automotive Tires as well. As a result, high performance tires are witnessing widespread popularity with original equipment (OE) manufacturers and customers in the tire replacement market. Consequently, the tire manufacturers who are concentrating on the OE segment for further expansion of the market and R&D expenditure are also seeing various positive opportunities for growth. The use of high-performance tires mainly as factory equipment on luxury passenger cars has gradually led to these tires being developed for premium sport utility vehicles and lately in crossover utility vehicles as well.
The development of the market vendors is dependent on the government support, market conditions, and industry development. The players are focusing on reinforcing their presence globally through partnership & collaboration followed by mergers and acquisitions through the forecast period. These strategies are extensively implemented to grow their presence and the customer base. The competitive atmosphere in the market is expected to strengthen further owing to business expansions and new product developments. The foremost contenders functioning in this market, who have adopted these strategies are Michelin Group (France), Bridgestone Corporation(Japan), Continental AG (Germany), Hankook Tire Co., Ltd. (South Korea), The Goodyear Tire & Rubber Company (U.S.), Cooper Tire & Rubber Company (U.S.), Toyo Tire & Rubber Co., Ltd (Japan), Yokohama Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan) and Pirelli (Italy).
The segmental analysis of the Global Automotive Tire Market is based on section width, type, end market, vehicle type, and region. By type, the market is segmented into bias and radial. Among these segments, the radial segment is responsible for the major market share and is expected to remain extremely lucrative through the forecast period. On the basis of section width, the market has been segmented into >230mm, <200 Mm & 200-230mm. The <200 Mm segment is responsible for the principal market share and is also expected to develop with a rapidly growing CAGR. By vehicle type, the market segmentation comprises of passenger car and commercial vehicle. Among these segments, the passenger car segment presently accounts for the main market portion and is expected to have the highest CAGR. This will lead to the development of the segment in the future. By end markets, the market has been segmented into aftermarket and OEM. The OEM segment presently accounts for the biggest market portion and is estimated to have the top CAGR in the forecast period.
The regional analysis of the market observes that the Asia Pacific region is responsible for the major market share in 2017, followed by the North American region which is anticipated to develop at a CAGR of 4.66 percent through the forecast period. The Asia Pacific region has the major Global Automotive Tire market, as a result of the rise in the automotive industry in nations such as Japan, China, and India. The surge in the penetration level of passenger cars and two-wheelers in the region is boosting the demand for tires. Amplified sales of automobiles in the region can be attributed to issues such as increasing per capita income, bigger infrastructure spending, initiatives to grow the amount of economic production cost and FDI. The North American region is attributed for the next major market portion in 2017, which is anticipated to develop at a CAGR of 4.46 percent during the forecast period. In the North America region, automobile manufacturers will observe a surge in the sales of the passenger cars and commercial vehicles. The upsurge in demand for the new vehicles will allow the growth of the auto tire suppliers significantly. The steady growth in the region will bring more investments from many top giants owing to stringent government regulation, amplified sales of vehicles, and demand for fuel efficient products. The U.S. is responsible for the prime market share of 70.55 percent in 2017, with a market worth of USD 44.87 billion and is estimated to develop at the highest CAGR of 4.60 percent through the forecast period.
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