Global Automotive Tire Market Research and Forecast 2018-2023
Posted: Jul 20, 2018
The Automotive tire market is expected to grow significantly during 2018-2023. The growth of the market is attributed to growing automotive market and increasing need of high performance tires. According to International Organization of Motor Vehicle Manufacturers the global automotive market has showed a growth of 4.6% in 2016. Additionally, a wide scope in construction equipment tire market can be expected in the near future in the developing economies.
However, fluctuating price of raw material, high cost of tubeless tires as compared to tube tires and high accident rate due to tire bursting are the major concern for the market. Continuous development by the major market players in the manufacturing technology & material and innovation in tire technology are expected to boost the market growth in near future. The report includes detailed market overview, strategic recommendations, key company analysis, key findings, analyst insights, market determinants, market segmentation and company profiling.
Browse full report at: Global Automotive Tire Market
The global automotive tire market is analysed on the basis of the geographical regions that are contributing significantly towards the growth of the market. The market has been segmented into North America, Europe, Asia Pacific and Rest of the World. Asia Pacific is expected to dominate in the global tire market. The major countries contributing to tire market in the APAC region are Japan, China, S Korea, and India. Growing automotive market, presence of numerous tire manufactures and development of new technologies are the major drivers in emerging economies. North America is also expected to show a significant market growth during the forecast period. Massive automotive market, high price of vehicle, high consumer spending, are the major factors driving the market in North American region. Europe is expected to be a lucrative market with major contribution from Germany, the UK, Italy, and France.
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Various companies are active in automotive tire market. The major companies active in the market are Bridgestone Corporation, Continental AG, Goodyear, Michelin, Pirelli, and Hankook. The companies are focusing on product innovations, expansions, M&A, finding new market or innovation in their core competency in order to expand individual market share.
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