Global Automotive Tire Market Trends, Share, Size & Analysis 2020-2027
The global automotive tire market was valued at USD 110.94 billion and is anticipated to reach USD 152.20 billion in 2027 growing at a CAGR of 3.7% over the forecast period. Automotive tires generally cover the wheel’s rim externally to protect the tractive force between the road surface and the vehicle. Automotive tires are manufactured from rubber, so it easily provides flexible cushion and it, therefore, reduces the impact of vibrations and absorbing shock. Due to the rise in demand for vehicles across all segments has increased the demand and growth of automotive tires globally. Tire demand is mainly driven by automobile production.
Moreover, there is high competition among tire manufacturers to produce high sustainable, durable, and affordable tires. These reasons are a great push for the growth of the automotive tire market. Furthermore, the companies are adopting advanced technology for the manufacturing process of tires in order to offer high product differentiation to the customers which will lead to a high level of performance and durability, which will give the automotive tire market a great lead.
Increasing vehicle sales and production will lead to a boost in the automotive tire market in the future. And there are many advancements that are taking place in the automotive tire market. One of the advances is ‘nanotechnology’. This technology is aimed at reducing the rate of wear and tear of tires. The use of such advanced technology even makes the tire more durable, gives them higher performance, and also provides better comfort to the vehicles.
Another development in the manufacturing process of the tire is with the lower-tech development in the tire, and it will surely lead to a more significant impact on the market. The new tire looks like a regular black tire from the outer side, but as soon as the tire is being used and it comes in contact with the road, the tire wears down to the lowest safety level, and the tire surface turns orange in color. Color recognition helps end-users to know when to replace the tire and will create additional safety to the users.
The market can be segmented into a tube tire and tubeless tire. The tubeless tire segment is expected to dominate the market in the passenger vehicle segment over the forecast years. The tubed tire has a separate inner tube placed inside them. If the tube tire is punctured then you will not be able to drive the vehicle. These tires weigh more because the tube is placed inside them. These tires are less costly and are available in every size for every vehicle.
Now, if we talk about tubeless tires, they don’t have a tube inside them. The tubeless tire doesn’t mean it won’t work with a tube, it just simply means it does not have a tube. If the tubeless tire is punctured, then no worries you can still use the vehicle for some days. These tires are lightweight because no tube is present inside the tire, these tires are costly and are not available for all types of vehicles.
The market can be segmented into radial and bias tires. Radial tires are expected to show significant growth over the forecast years due to the strength and flexibility of the tire. Radial tires are made using a combination of polyester and nylon piles that run straight across the tire, from bead to bead. Moreover, sidewall and tread work independently because of the radial design and it allows more vehicles to transfer more power to the ground for improved handling.
Bias tire, overlapping piles tend to be thicker and less flexible. The criss cross-section of this tire causes the tread and sidewall to be interdependent. So, when the sidewall flexes, the tread also flexes. This function affects the ability to maintain optimal contact with the road while driving the vehicle.
The market can be segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is projected to show a great boost in the market over the forecast period. In countries like India, China, and Indonesia passengers cars demand is rising as the purchasing power of the people is increasing, and this will grow the passenger car segment in the region over the coming years.
The commercial vehicle segment holds the largest portion of the overall automotive tire market share in terms of value. Tires in commercial vehicles need higher replacement as they have longer running with heavy loads and this leads to wear and tear of tires very often.
The Asia Pacific is majorly holding market share and rapidly growing domestic consumption, availability of cheap labor, large population, and evolving standards, these are some reasons due to which market share is increasing in the region.
Europe currently holds the second-largest position in the automotive tire market and is anticipated to witness significant growth in the global market of automotive tires. There are many steps taken by the government to reduce the carbon emission which has automatically boosted the automotive tire market. The rest of the World will witness slow growth in the automotive tire market.
The automotive tire market is highly fragmented with the presence of the many competitive players around the globe. Key market players of the industry are Michelin SCA, Goodyear Tyre & Rubber co., Continental AG, MRF LTD, Nokian Tyres plc, Apollo Tyres LTD, Toyo Tire & Rubber co. Ltd.
|The base year of estimation||2019|
|Actual estimates/Historical data||2017-2019|
|Market representation||Revenue in USD Billion and CAGR from 2017-2030|
|Regional scope||Asia Pacific, Europe, North America, Rest of the World|
|Country scope||US, Canada, Mexico, UK, France, Germany, Japan, India, China, South Korea|
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors and trends|
|15% free customization scope (equivalent to 5 analysts working days)||If you need specific information, which is not currently within the scope of the report, we will provide it to you as part of the customization.|
This report forecasts revenue at the global Automotive tire market, regional, and country levels and provides an analysis of industry trends in each of the sub-segments from 2014-2025. For the purpose of this study, UpGraph Research has segmented the global Automotive tire market on types, design, vehicle, regional, and competitive.
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