Automotive Tire Market with Latest Updated Research Report with Analysis, Outlook, Trends and Forecast to 2030 | Michelin (France), Bridgestone (Japan), Giti Tire (Singapore)

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.

Get Free Sample PDF Brochure @  https://www.marketresearchfuture.com/sample_request/2253 

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)

Market segmentation

By rim size

The rim size segment is further classified into these categories:

• 13-15”
• 16-18”
• 19-21”
• Over 21”

The 13-15” sub-segment has the largest market share. It’s mainly because more people are driving Land Rovers and other heavier and more sophisticated passenger cars. Rim size 16-18 inches are used in vehicles that need more tire support when traveling.

By distribution channel

This segment is grouped into the following categories:

• OEM
• Aftermarket

The OEM category has the largest market share.

By vehicle type

The passenger car sub-segment is the most popular vehicle type on the road around the world today. Light commercial vehicles are taking off in popularity as tourism is making a comeback around the world. Heavy commercial vehicles are also becoming more popular as global commerce picks up.

By season segment

This segment can be grouped into the following categories:

• Winter
• Summer
• All seasons

The winter category has the largest market share because this is the season when road conditions are the most dangerous around the world!

By propulsion type

This segment can be grouped into the following categories:

• EV
• ICE

The EV category is segregated into:

• BEV
• HEV

Regional analysis

The Asia-Pacific region leads in terms of CAGR because of a large and growing middle class and increasing purchasing power. The North American region leads in terms of market share. The region is home to a large middle class with substantial purchasing power. It also has an environmentally conscious public that is willing to pay a premium for safer cars that have tires that are safer, more efficient, and are friendlier for the environment.

Also, many companies in the North American region have been passing laws that require the usage of safer tires that are friendlier for the environment in newer models and makes of cars.

Industry news

Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.

Browse In-depth Market Research Report @ https://www.marketresearchfuture.com/reports/automotive-tire-market-2253 

Browse more report

Automotive Evaporative Emission Control System Market Research Report

Automotive Exterior Smart Lighting Market Research Report

Automotive Fleet Leasing Market Research Report

Automotive Friction Brake System Market Research Report

Automotive Front end Module Market Research Report

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. 

Tags: Automotive Tire Market, Automotive Tire Market Report, Automotive Tire market trends, Automotive Tire market size, Automotive Tire market growth, Automotive Tire Market Share, Automotive Tire Market insights, Automotive Tire Market overview See Campaign: https://www.marketresearchfuture.com/reports/automotive-tire-market-2253

Contact Information:

Market Research Future

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Website: https://www.marketresearchfuture.com

Tags:
PR-Wirein, Wire, Research Newswire, English