The global automotive tire market is projected to reach $306,098 million by 2022, growing at a CAGR of 7.6% during the forecast period. Automotive tire is circular shaped automobile component used to cover wheel’s rim externally to protect the wheel rim and enhance the vehicle performance. It also offers tractive force between the road surface and vehicle.
The market segmentation is based on type, vehicle type, and geography. By type, the market is classified into radial tire and bias tire. On the basis of vehicle type, it is categorized into passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheeler. Geographically, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Australia, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
On the basis of application, world automotive tire market is segmented into four major types, namely, passenger car tire, light commercial vehicle (LCV) tire, high commercial vehicle (HCV) tire, and two wheeler tire. Passenger car tire is the fastest growing segment due to the rise in the demand of passenger cars.
Intense competition between global tire manufacturers to produce sustainable, highly durable, and affordable tires is anticipated to propel the growth of the tire market. In addition, adoption of advanced technology in the manufacturing process of tires is anticipated to drive the market growth.
However, the material cost required for replacing worn out tires is much less than manufacturing new tires; thus, rise in retreading tire is anticipated to become a threat to this market. Also, the fluctuation in prices of raw material such as natural rubber and reinforcing materials may hinder the market growth.
However, improving economy of emerging countries such as China, India, Brazil and South Africa may create opportunity to expand the market.
The key players profiled in the automotive tire market include Bridgestone Corporation, Continental AG, Pirelli C. S.p.A., Michelin, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., and CEAT Ltd.
AUTOMOTIVE TIRE MARKET SEGMENTATION
BY VEHICLE TYPE
MARKET PLAYERS IN THE VALUE CHAIN
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