Report : Automotive Tire Market to 2025 - Global Analysis and Forecasts by Tire Type (Bias and Radial); Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle); and Distribution Channel (OEMs and Aftermarket)
The "Automotive Tire Market to 2025 by Tire Type (Bias and Radial); Vehicle Type (Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle); and Distribution Channel (OEMs and Aftermarket) - Global Analysis and Forecast". The scope of study involves understanding on the factors responsible for this growth of automotive tire market along with the estimates and forecasts of the revenue and market share analysis and also spots the significant automotive tire players in the market and their key developments.
Automotive Tire Market to 2025 - Global Analysis and Forecast by Tire Type, Vehicle Type, and Distribution Channels. In terms of revenue, the global automotive tire market accounted for US$ 233.15 Bn in 2017 and is expected to grow at a CAGR of 3.8% over the forecast period 2018-2025, to account for US$ 306.44 Bn in 2025. With the increasing demand of passenger cars, light commercial vehicles and heavy commercial vehicles, the requirement of radial tires is growing for smoother operation and longer thread life has further boosted the emergence of automotive tire. With increasing spending capability of people, rising urban population, and boost in the production of passenger cars and commercial vehicles; the industry is witnessing a rapid growth across the world. Rising adoption of radial tires is also due to its capability to increase fuel efficiency of passenger cars, light commercial vehicles as well as heavy commercial vehicles in propelling the demand for automotive tire market.
The automotive industry is one of the early adopter of automotive tire. The increase in resistance power of rolling tires, which not only reduces fuel economy but also wears out the tires. Continuous monitoring and correcting the tire pressure helps in ensuring optimum vehicle performance. The customers of every vehicle segment look for fuel-efficient vehicles and owing to this, the vehicle manufacturers are increasingly integrating advance technological system with the vehicles in order to meet the demand of their customers. This factor is bolstering the growth of the market for automotive tire in the current scenario. Owing to the implementation of these laws and regulations, and the awareness of clean environment among the mass, the end users are anticipated to procure commercial vehicles line fitted with the advanced technologies. Thus, increasing vehicle production across the globe and strict governmental rules are directly impacting on the growth of automotive tire market.
The global automotive tire market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. Market is currently dominated by APAC followed by Europe however, the market in Middle East & Africa is growing at a highest CAGR. Some of the key players operating in the Automotive Tire market includes Bridgestone Corporation, Goodyear Tire & Rubber Company, Michelin, Pirelli & C. S.P.A, Dunlop India Limited, Yokohama Rubber Co. Ltd., MRF, Continental AG, Apollo Tyre Ltd., and Hankook Tires among others.
The report segments the global Automotive Tire market as follows:
Global Automotive Tire Market - By Tier Type
Global Automotive Tire Market - By Vehicle Type
Global Automotive Tire Market - By Distribution Channel
Global Automotive Tire Market - By Geography
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