Automotive Tires Market Growth Analysis 2022 By Types, Materials, Key Players, Industry Size, Trends and Business Outlook 2030

The Automotive Tires market trends is growing pervasively, witnessing an exponential growth backed by the increasing investments, competitive activities, global developments, opportunity, and business trends during forecast period 2022 to 2030.

Automotive Tires Market Overview

The Global Automotive Tire Market Size is expected to cross USD 290 billion by 2027 at a CAGR of 12% during the forecast period ending in 2027. tringent vehicle safety norms is expected to support the market growth along with the growing road accident rates. As predicted by analysts, raw material shortages will negatively affect the market’s performance from 2020 to 2026. During the forecast period, the market will be supported by more rigorous safety rules and minimize escalating accident rates. Demand-supply gaps on the other hand will challenge road tires sector-based organizations functioning in the Global Automotive Tire Market. Analysts have split the market into distribution channel, rim size, season propulsion type, and vehicle type segments based on products and services.

Road tires based companies have been profiled. The requirement for achieving a duty-free process is set to affect the global market during the forecast period 2020 to 2026. The report also provides the market’s performance forecasts till 2026. Analysts have studied the strategy of road tires segment based organizations to help new entrants and established businesses. The road tires sector itself is supported by increasing vehicle production as well as advanced automotive tires in vehicles. During the forecast period 2020 to 2026, the Automotive Tire Market is set to witness a health growth across distribution channel, rim size, season propulsion type, and vehicle type segments as well as regional markets.

Automotive Tires market demonstrates a high growth potential which is likely to attract many entrants to the market resultantly, intensifying the competition further. Manufacturers strive to develop innovative materials, and best practices. Incorporating acquisition, collaboration, partnership, and expansion the well-established players gain the competitive advantage to maintain their market position. Also, they make substantial investments in manufacturing & expansion program. Expansions help in reducing logistic cost and increase production capacities and potential to fetch larger turnovers.

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Globally Major key Players accelerates the Automotive Tires Market are, 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)

Industry News:

Monro Inc. recently announced that it invested $103.6 million in the first nine months of its fiscal year 2020 to purchase 89 specialty tire and car stores in the United States, with a combined annualized revenue capacity of $120 million. The deals were spread out over a dozen different purchases, with the biggest being the acquisition of 40 Accredited Tire & Service Centers retail outlets and one fulfilment center in California in May 2019. The purchases were funded using Monro’s credit facility, and the results of activities for these transactions are included in our financial results as of the purchase dates.

Most important Segments of Automotive Tires market covered in this report are,

The Automotive Tire Market has seen growth across distribution channel, rim size, season propulsion type, and vehicle type segments owing to the increase in vehicle sales across the world and increasing numbers of OEMs and MRO services. To study the market, analysts have further segmented distribution channel, rim size, season, propulsion type, and vehicle type into OEM and aftermarket on the basis of distribution channel. The market is further segmented into propulsion type sub segment which is split into Electric vehicles and internal combustion engines (ICE). Additionally, the automotive tire market on the basis of season propulsion type is segmented into winter, summer, and all-seasons. The market is further segmented into vehicle type sub segment which is split into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The market is further segmented into rim size sub segment which is split into 13”–15″, 16”–18″, 19”–21″, and >21″. 

The segmental analysis presented in the report provides road tires field based organizations insights into key growth factors such as regular MRO activities of agriculture tractors as well as challenges such as demand-supply gap in the raw materials the market will face from 2020 to 2026. The rising awareness about high-quality tires and the need to change tires are some of the key factors having an influence on road tires industry-based companies, suggest analysts as per the Automotive Tire Market Report. But the report also identifies compliance challenges and problems in vehicle and parts manufacturers as major threats companies in road tires will face till 2026. 

Automotive Tires Industry Influence of the global market report:

• Comprehensive assessment of all opportunities and risks in the Automotive Tires Market.
• Automotive Tires Market recent innovations and major events.
• A detailed study of business strategies for the growth of the Automotive Tires Market market-leading players.
• Conclusive study about the growth plot of Automotive Tires Market for forthcoming years.
• In-depth understanding of Automotive Tires Market, market-particular drivers, constraints, and major micro markets.
• Favorable impression inside vital technological and market latest trends striking the Automotive Tires Market.

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The global Automotive Tires market during the period has been split into several segments and subsegments, which have then been verified through primary research by conducting extensive interviews with key experts such as CEOs VPs, directors, and executives. Finally, the global market breakdown and data triangulation procedures have been employed to complete the overall market engineering processes and functions and hence, arrive at the exact statistics for all segments and subsegments.

Automotive Tires Market Regional Analysis

The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.

Road tires market based companies in the automotive tire market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The rapid increase in the automotive industry will be a key growth driver for regional markets. However, the high cost of product and maintenance will turn out to be a threat. For the forecast period 2020 to 2026 each of these regional markets are studied in the report. Starting from North America, the regional market and road tires vertical based companies are spread across the United States, Canada, and Mexico. Unfavorable corporate policies will turn out to be a major challenge from 2020 to 2026. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany.

The Automotive Tire Market in the region will be benefitted by the increasing construction activities as well as rapid industrial development, suggests the report. Similarly, the road tires sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the Automotive Tire Market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2026.

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