Automotive Tire Market Growth Trends
The Automotive Tire Market size is anticipated to reach USD 152.20 billion by 2027, growing at a CAGR of 3.7% over the forecast period as per the new research report published by UpGraph Research. Automotive Tire is the layer’ rubber which circular vehicle component used to cover the wheel’s rim. It protects the wheel rim and maintains the force between the road surface and the vehicle. As this is made from rubber it prevents the vehicle from vibrations shocks. This type of technology offers high durability and increases the level of performance. Rubber tires contain the jointless cap piles, synthetic rubber, carbon black, and tread.
Technological advancement can help to grow this industry in the forecast period. The demand for the automotive tire is increasing as the demand for vehicle production is increases to cater to the requirement of vehicles in various industries. Hence the demand for automotive tires is directly proportional to the demand of the vehicles. Most of the companies focus on product differentiation by offering advance and innovative technologies in the product due to the industry’s competitive nature.
Increasing demand for commercial as well as passenger vehicles across the globe can help to increase the consumption of tires in the forecast period. Manufacturers are focusing on the production of tiers which are cost-effective, sustainable as well as best at the performance. The demand for the passenger car in 2015 was very and it has given the revenue of around 40% all over the industry and hence the passenger car segment was the dominant segment in 2015. However, the medium and heavy commercials sales have slowed down and the industry has witnessed the slowdown in the sale of such types of vehicles. Whereas the sale of light commercials vehicles has increased in a few countries such as India, which is the major automotive market in Asia.
India and China are expected to drive the market in the forecast period in regional sectors due to its cheap labor and large population. The demand for passenger car and LCV is increasing in India’s rural sector. However, the European Automotive Tire Market is anticipated to grow by 2024.
View detailed analysis and sample report here: Automotive Tire Market Size, Share & Trends Analysis Report 2020 (PDF)
Key Market Segments-
For the purpose of this study, the Automotive Tire Market has been segregated into the following key segments.
- Global Automotive Tire Market Season Tire Type Overview (Revenue, USD Million, 2017 – 2027)
- All Season
- Global Automotive Tire Market Vehicle Type Overview (Revenue, USD Million, 2017 – 2027)
- Passenger Car
- Commercial Vehicle
- Light commercial
- Heavy commercial
- Electric Vehicle
- Global Automotive Tire Market Rim Size Overview (Revenue, USD Million, 2017 – 2027)
- Less than 15
- 15 to 20
- More than 20
- Global Automotive Tire Market Distribution Channel Overview (Revenue, USD Million, 2017 – 2027)
- Global Automotive Tire Market Regional Overview (Revenue, USD Million, 2017 – 2027)
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- North America