Automotive Tire Market Statistics, Revenue, Industry Growth and Demand Analysis Research Report by 2030
Research Reports
Mar 25, 2022
Market overview
The automotive tire market is expected to register a CAGR of 12% from the 8 years from 2022 to 2030. The fast growth rate is attributed to the fact that the middle classes are exploding around the world. This is especially true in the Asia-Pacific region. These people want to drive safer and more efficient cars that are also environmentally friendly.Various factors are propelling the global automotive tire market share. According to the recent MRFR report, such factors include a rise in automotive sales and production, growing competition among manufacturers, technological advancements in the manufacturing process, growing concern towards safety and maintenance, government support, and safety & fuel efficiency concerns.
On the contrary, volatile raw material cost, coupled with the on-going COVID 19 impact, may limit the global automotive tire market growth over the forecast period.
Opportunities
There are more road accidents, especially in developing nations and the Asia-Pacific region. Governments in these nations are responding by requiring that newer cars are safer, more efficient, and safer for the environment. They are requiring the same of their tires.
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List of Key Companies
- Michelin (France)
- Bridgestone (Japan)
- Continental AG (Germany)
- Hankook Tire (South Korea)
- Pirelli & C. S.p.A. (Italy)
- Toyo Tire Corporation (Japan)
- Kumho Tire (South Korea)
- Giti Tire (Singapore)
- Maxxis International (Taiwan)
- Nexen Tire Corporation (South Korea)
Companies in the global automotive tire market are responding by investing more in research and development in the attempt to develop and market better tires. There is pressure from the developed world as well. These nations’ governments are establishing regulatory bodies that are actively monitoring cars to make sure that they are less accident-prone. These bodies are requiring newer cars to have safer tires.
Market segmentation
By Rim Size
- 13″–15″
- 16″–18″
- 19″–21″
- >21″
By Season
- Winter
- Summer
- All-Season
By Propulsion Type
- ICE
- EV
By Vehicle Type
- Passenger Cars
- LCV
- HCV
By Distribution Channel
- OEM
- Aftermarket
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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Regional Analysis
Based on the region, the global automotive tire market report covers the growth opportunities and recent trends across the Asia Pacific (APAC), North America, Europe, Latin America, & the Middle East and Africa (MEA). Of these, the APAC region will lead the market over the forecast period. Growing demand for passenger cars & two-wheelers, increasing population, the presence of emerging economies like Japan, India, and China, and growing urbanization are adding to the global automotive tire market growth in the region. Besides, the growing amount of FDI, increasing expenditure on infrastructure, and the rising per capita income are also adding market growth.
The global automotive tire market in North America is predicted to have healthy growth over the forecast period and at a notable CAGR. Burgeoning demand for passenger cars & commercial vehicles, surge in demand for new vehicles, and growing investments from leading established companies are adding to the global automotive tire market growth in the region. The United States holds the utmost share in the market.
The global automotive tire market in Europe is predicted to have an admirable growth over the forecast period. Huge demand for automotive tires from major markets, a rise in new car sales, and increasing sales of sport-utility cars are adding to the global automotive tire market growth in the region.
The global automotive tire market in Latin America and the MEA is predicted to have sound growth over the forecast period.
Industry news
Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.
Table Of Content :
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS
1.1.1 GLOBAL AUTOMOTIVE TIRE MARKET, BY RIM SIZE
1.1.2 GLOBAL AUTOMOTIVE TIRE MARKET, BY SEASON
1.1.3 GLOBAL AUTOMOTIVE TIRE MARKET, BY PROPULSION TYPE
1.1.4 GLOBAL AUTOMOTIVE TIRE MARKET, BY VEHICLE TYPE
1.1.5 GLOBAL AUTOMOTIVE TIRE MARKET, BY DISTRIBUTION CHANNEL
1.1.6 GLOBAL AUTOMOTIVE TIRE MARKET, BY REGION
2 MARKET INTRODUCTION
2.1 DEFINITION
2.2 SCOPE OF THE STUDY
2.3 MARKET STRUCTURE
2.4 KEY BUYING CRITERIA
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS
3.2 PRIMARY RESEARCH
3.3 SECONDARY RESEARCH
3.4 MARKET SIZE ESTIMATION
3.5 TOP-DOWN AND BOTTOM-UP APPROACH
3.6 FORECAST MODEL
3.7 LIST OF ASSUMPTIONS…
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