Global Automotive Tire Market 2020 - Overview

Summary

Global Automotive Tire Market 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) and by Region (Asia Pacific, North America, Europe, and the rest of the world) – Forecast till 2023

Global Automotive Tire Market Overview

As per the detailed report published by Market Research Future (MRFR), the global automotive tire market is slated to obtain a substantial market valuation at a moderate CAGR during the review period.

The global market for automotive tire is expected to reach a valuation in excess of USD 262.72 Bn in 2023. The rising number of modern vehicles on the road have resulted in the progress of the market considerably. Several factors such as government-mandated enhancements in emission standards and global competition which have accelerated the development of the durability and reliability of vehicles, have also led to a rise in demand for automotive tires as well. As a result, high-performance tires are observing widespread popularity with original equipment (OE) manufacturers and customers in the tire replacement market. Consequently, the tire manufacturers who are focusing on the OE segment for further expansion of the market and research and development expenditure are also seeing various positive opportunities for growth over the review period. The use of high-performance tires primarily as factory equipment on luxury passenger cars has progressively led to these tires being created for premium sport utility vehicles and in crossover utility vehicles.

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Competitive Analysis

The significant market players identified by MRFR in the global market are

Michelin Group (France)

Bridgestone Corporation (Japan)

Continental AG (Germany)

The Goodyear Tire & Rubber Company (U.S.)

Toyo Tire & Rubber Co., Ltd (Japan)

Hankook Tire Co., Ltd. (South Korea)

Pirelli (Italy)

Cooper Tire & Rubber Company (U.S.)

Sumitomo Rubber Industries, Ltd. (Japan)

Rubber Co. Ltd (Japan), and Yokohama

Global Automotive Tire Market Segmental Analysis

The segmental analysis of the Global Automotive Tire Market is based on type, section width, end market, vehicle type, and region. Based on the type, the tire market is segmented into bias and radial. Among these, 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 tire market has been segmented into<200 Mm, >230mm, & 200-230mm. The <200 Mm segment is accountable for the principal market share and is also poised to develop with a rapidly rising CAGR. Based on the vehicle type, the market segmentation comprises of passenger cars and commercial vehicles. Among these segments, the passenger car segment accounts for the major market share and is expected to have the highest CAGR. This will lead to the growth of the segment in the future. Based on the end markets, the market has been segmented into the aftermarket and OEM. The OEM segment accounts for the biggest market portion and is estimated to have the highest CAGR in the forecast period.

Regional Analysis

The geographical analysis of the global automotive tire market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).

The regional analysis of the tire market observes that the Asia Pacific region is accountable for the major market share in 2017, followed by North America which is slated to develop at a CAGR of 4.66% through the forecast period. The Asia Pacific region has the most significant automotive tire market, as a result of the growth in the automotive industry in developing nations such as China, Japan, and India. The growth in the penetration level of passenger cars and two-wheelers in the region is fueling the demand for tires. increased sales of automobiles in the region can be accrued to issues such as growing per capita income, larger infrastructure spending, initiatives to increase the amount of economic production cost and FDI. The North American region is accredited for the next major market portion in 2017, which is projected to rise at a CAGR of 4.46 percent over the forecast period. In the North America region, automobile producers will observe a rise in the sales of the passenger cars and commercial vehicles. The rise in demand for atest vehicles will allow the growth of the auto tire suppliers significantly. The stable growth in the region will bring higher investments from many market giants owing to strict government regulation, amplified sales of vehicles, and demand for fuel-efficient products. The U.S. is accountable for the major market share of 70.55 percent in 2017, with a market worth of USD 44.87 billion and is slated to develop at the fastest CAGR of 4.60 percent through the forecast period.

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