The global automotive tire market will reach USD 290 billion at a 12% CAGR by 2027, states the new Market Research Future report.
Automotive Tire Market Overview
Stringent vehicle safety norms is expected to support the automotive tire market growth along with the growing road accident rates. The requirement for achieving a duty-free process is set to affect the global market during the forecast period 2020 to 2027.
Increasing R&D in Tires to Boost Market Growth
The rise in research & technological developments in tires for making it more efficient for catering to the burgeoning need for high-quality tires and energy efficient tires will boost market growth over the forecast period.
Rising Trend for Green Tires to offer Robust Opportunities
The rising trend for green tires will offer robust opportunities for the market over the forecast period. Green tires are becoming increasingly popular among the younger generation since they are environmentally friendly and improve mileage, especially in large vehicles. Green tires have minimal rolling resistance and can increase a vehicle’s fuel efficiency.
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Analytical Scope of Automotive Tires Market
Revenue forecast in 2030
USD 290 billion
CAGR of 12% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Restraints and Challenges
Volatile Raw Material Prices to act as Market Restraint
The volatile raw material prices and rise in need for tire remolding may act as market restraints over the forecast period.
Automotive Tire Market Segmentation
The global automotive tire market is bifurcated based on distribution channel, vehicle type, propulsion type, season, and rim size.
By rim size, 13”-15” will lead the market over the forecast period.
By season, winter will dominate the market over the forecast period.
By propulsion type, the automotive tire market is segmented into EV and ICE.
By vehicle type, passenger cars will spearhead the market over the forecast period.
By distribution channel, OEM will have the lions share in the market over the forecast period.
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COVID 19 impacted the global vehicle tire business, causing significant damage to the overall automotive sector. The coronavirus epidemic has caused a sharp drop in the industry, prompting tire producers to cut output at their manufacturing sites. Because of the epidemic’s interruption, some significant raw material suppliers reduced output in specific areas.
While many companies were forced to merge and decrease staff, several tire industry participants immediately began working on countermeasures to mitigate the damage. These tire producers expanded their contacts, forging alliances with worldwide car original equipment manufacturers (OEMs).
Furthermore, they used risky measures, such as an active internet presence and rapid customer service. This endeavor to communicate with prospective purchasers via digital media proves to be a game changer. As a result, the vehicle tire industry is quickly returning to normal.
Automotive Tire Market Regional Analysis
APAC to Domineer Automotive Tire Market
Asia Pacific accounts for the majority of the global automobile tire market. APAC has one of the most extensive automotive aftermarkets. In 2019, the region held the greatest market share, valued at USD 57,932.4 million. The rapid growth of the auto industry and economy, particularly in China, India, and Japan, drives the automotive tire market growth.
The region’s increased automobile tire market demand can be attributed to increased construction activities, rapid industrial expansion, and higher need for fuel-efficient technology. Furthermore, the presence of various raw material suppliers and favorable government guidelines increase the size of the automotive tire industry.
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Countries with a strong agricultural focus, such as China, Japan, and South Korea, are likely to have considerable demand for automotive tires for farm vehicles As a result of manufacturers such as BMW AG (Germany) & Volkswagen Group (Germany) establishing manufacturing operations in this region, Asia-Pacific has developed as a hub for automobile production. Low production costs, the availability of cheap labor, safety standards and lax pollution, and government measures to encourage FDIs have led to major investment in Asia Pacific, which is boosting the automotive tires market in this region. Furthermore, the region’s leading players are releasing new tires to gain a competitive advantage. The Chinese tire market has been steadily growing, owing primarily to the country’s economic expansion and consistent growth in OEM tire sales. Thailand, on the other hand, is the APAC region’s fastest expanding market for vehicle tires, and the country is a supplier of more than 35% of the world’s raw rubber, which is a major component of tire. Other factors such as consistent rise in vehicle production and increased demand for automotive tires in the aftermarket in these regions will contribute to the overall growth of the automotive tire industry.
Eminent players profiled in the automotive tire market report include 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) , and Nexen Tire Corporation (South Korea) among others.
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