The global automotive tire
market size is expected to reach USD 374.22 billion by 2024 according to a new
report by Grand View Research, Inc. Increasing automotive sales especially in
countries such as China, India, Japan, and South Korea is anticipated to
favorably impact the global automotive tire market over the forecast period.
This growth can be attributed to rising disposable income and improvement in the
overall lifestyle of consumers.
Technological proliferation and
the development of the innovative and environment-friendly green tires have
opened up broad growth avenues for the industry participants. Moreover,
increasing radial tire up gradation activities owing to its benefits such lesser
vibrations, reduced fuel consumption and extended tire life due to less heat
generated has favorably impacted the industry growth.
However, stringent emission
norms by governments and regulatory authorities worldwide are expected to
challenge demand. For example, on September 1, 2010, the California Air
Resources Board’s (ARB’s) Tire Pressure Regulation was formulated to reduce
greenhouse gas emissions from vehicles operating with underneath inflated tires
by inflating them to the suggested pressure rating.
In depth research report on Automotive Tire Market
Further key findings from the report suggest:
·
Two wheelers segment is
anticipated to grow at CAGR of over 7.5% from 2016-2024. Increasing demand for
two-wheelers across the developing countries such as India and China will
contribute to the segment growth.
·
Increasing manufacturing and
infrastructure building activities have spurred the sales of light commercial
vehicles (LCV). Growing number of LCVs in Europe has led EU regulatory bodies
and OEMs to enhance and improve the safety aspects of LCVs. The passenger car
segment dominated the industry with over 40% revenue share in 2015 owing to the
increasing advancements and innovations such as Plug-in cars.
·
The tire industry has witnessed
a remarkable shift from the traditional to the technically advanced radial
products. Radialisation of the truck tire market is anticipated to fuel the
demand over the forecast period. In 2012, manufacturers in China produced over
50% of the global radial truck tires industry.
·
Stringent government guidelines
worldwide are expected to regulate the global automotive tire market over the
coming years. Asia Pacific dominated the industry contributing to over 40% of
the global revenue in 2015. The presence of several prominent automobile
manufacturers and ancillaries in the region is expected to generate high demand
over the forecast period.
·
Key industry participants
include Bridgestone, Continental, Goodyear, Michelin, Pirelli and Sumitomo.
Manufacturers are gradually adopting innovative production techniques to gain a
competitive advantage over others. Vendors are now adopting modern supply chain
and distribution strategies such as e-commerce and retail chains to reach
efficiently the end-user apart from the conventional supply to automobile
assemblers and aftermarket industry.
Grand View Research has
segmented the global automotive tire market on the basis of application, type
and region:
Automotive Tire Application Outlook (Revenue, USD Billion,
2014 - 2024)
·
Passenger cars
·
LCV
·
HCV
·
Two wheelers
Automotive Tire Type Outlook (Revenue, USD Billion, 2014 -
2024)
·
Radial
·
Bias
Automotive Tire Regional Outlook (USD Billion, 2014 -
2024)
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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