Automotive Tires Market: Opportunities and Forecast Assessment, 2020–2027

 

The GMI Research forecasts that the automotive tires market is witnessing an upsurge in demand during the forecast period. This is mainly due to the strong demand for tires driven by the increase in the production of vehicles across several regions and the increasing penetration of electric vehicles.

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Top Manufacturers in the Automotive Tires Market:

·        Continental AG

·        Bridgestone Corporation

·        MICHELIN

·        The Goodyear Tire & Rubber Company

·        Sumitomo Rubber Industries, Ltd.

·        Pirelli & C. S.p.A.

·        THE YOKOHAMA RUBBER CO., LTD.

·        Hankook Tire & Technology Co., Ltd

·        Toyo Tire Corporation

·        Cooper Tire & Rubber Company

Automotive Tires Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The strong demand for tires driven by the increase in the production of vehicles across several regions is one of the major factors surging the growth of the global automotive tires market. Moreover, the introduction of advanced technology in the manufacturing process, which include the integration of additive manufacturing & 3D printing, and the significant shift by the tire manufacturers towards the development of sustainable tires that meets the stringent performance standards are the factors enhancing the demand for the market in the upcoming years.

The rising demand for high-performance tires among the customers and the increasing penetration of electric vehicles due to several government initiatives and growing concern for the environment are certain factors that are expected to drive the growth of the global automotive tires market across the world. In addition to this, improvement in the living standards of people and rise in the disposable income are resulting in the growth in the sales of automotive across emerging countries. This factor has fuelled the demand for the market. On the other hand, variations in the price of raw materials of tires, such as synthetic rubber, will hamper the growth of the global automotive tires market.

Regional Drivers

Based on the region, the Asia-Pacific is anticipated to grow at a higher CAGR in the global automotive tires market during the forecast period. The growing adoption of automotive tires driven by the strong presence of numerous automotive players and tire manufacturers across countries, such as South Korea and Japan is surging the market growth. Furthermore, the increase of the automotive industry in developing countries, such as India and China, is further augmenting the growth of the market. For example, the Chinese government is expected the total number of automobile units to touch 30 million by the end of 2020 and 35 million by 2025. Additionally, an upsurge in the development of infrastructure across numerous countries due to the adoption of commercial vehicles will further fuel the demand for automotive tires in the market.

Automotive Tires Market Segmentation:

Segmentation by Type:

·        Bias

·        Radial

Segmentation by Season:

·        Summer

·        Winter

·        All Seasons

Segmentation by Vehicle Type:

·        Passenger Car

·        LCV

·        Buses

·        Trucks

Segmentation by Rim Size:

·        Less than 15 Inch

·        15-20 Inch

·        More than 20 Inch

Segmentation by Distribution Channel:

·        OEM

·        Aftermarket

Segmentation by Region:

·        North America

o   United States of America

o   Canada

 

·        Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·        Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·        RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a leading market research company that offers market research reports for every industry. Our research teams have seasoned analysts and researchers and are always looking for industry-leading research techniques to create all-encompassing research reports. GMI Research's extensive global network allows it to collect relevant information about the industry on a regional as well as country-level basis. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of sectors. We provide step-by-step assistance to our clients through strategic and consulting services to reach a managerial and actionable decision. Our market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, major factors impacting the market growth, and various market insights to aid companies to make strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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