Automotive Tire Market is Projected to Grow at CAGR of 6.3% by 2027
Posted: Mar 08, 2019
A comprehensive market evaluation put forth by Future Market Insights on the global automotive tire market in its new research report titled “Automotive Tire Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” covers the drivers, impact, challenges, trends as well as opportunities in the global automotive tire market with competition assessment during the period of 2017-2027.
A detailed market segmentation is included in the research publication based on which the value and volume analysis of various segments and sub-segments is carried out during the period of assessment. The global automotive tire market is expected to witness robust growth across main regions of Asia Pacific excluding Japan (APEJ), North America, Western Europe, Eastern Europe, Latin America, Japan and Middle and Africa (MEA) during the forecast period.
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Global Automotive Tire Market: Trends
There are various trends captured by Future Market Insights in this research report which impact the global automotive tire market, and influence its growth during 2017-2027. The evolving technology which is set to changing the future scenario of tires, increasing mergers and acquisitions with a view to expand the retail network, the increasing use of tire pressure monitoring systems (TPMS) thus increasing the awareness of tires and its functionality among consumers, strategic collaborations taking place between tire manufacturers with famous non-tire entities to promote brand value and better positioning of their tires, increasing use of digital platform with which several consumers are able to buy through e-commerce, trend of switching to green tires as an environment friendly option and decrease in the selling price of small tires.
Global Automotive Tire Market: Forecast
According to Future Market Insights, the global automotive tire market is expected to grow at a robust growth rate during the forecast period, to register a CAGR of 6.3% during 2017-2027 and is anticipated to be valued at about US$ 645 Bn by 2027 end.
Global Automotive Tire Market: Segmental Snapshot
The global automotive tire market is segmented by vehicle type (2/3 wheeler, passenger vehicle, commercial vehicle and specialty vehicle), by sales channel (OEM and aftermarket), by tire structure (radial and bias) and region.
Passenger cars segment by vehicle type is expected to lead the global market in terms of growth rate and market share. This segment is anticipated to grow at a high CAGR of 6.8% throughout the forecast period
Commercial vehicle segment by vehicle type, also shows high potential, and is poised to grow at a CAGR of 6.1% during the assessment period. In this category, the light commercial vehicle segment is a high growth segment and is expected to be valued at US$ 102.7 Bn by the end of2027
By tire structure, the radial segment is expected to be valued at US$ 550.2 Bn by 2027 end and also anticipated to grow at a robust growth rate throughout the forecast period 2017-2027
By sales channel, OEM segment reflects higher growth rate during the period of assessment, however, the aftermarket segment is poised to show high market value by the end of the forecasted year. The OEM segment is expected to grow at a CAGR of 6.4% during 2017-2027
By Region, Asia Pacific excluding Japan (APEJ) region and Western Europe region are expected to grow at similar growth rates, however, APEJ is poised to lead the global automotive tire market in terms of high market share by 2027 end, as it is expected to be valued at around US$ 194 Bn by the end of the assessment period
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Global Automotive Tire Market: Competitive Assessment
The global automotive tire market research report has analysed various key players involved in the operations related to automotive tires. Continental AG, Bridgestone Corp., Michelin, Goodyear Tire And Rubber Company, Pirelli & C. S.P.A, Yokohama Rubber Company, Limited, Cheng Shin Rubber Industries, Sumitomo Rubber Industries Ltd., Toyo Tire & Rubber Company, Trelleborg AB, Cooper Tire & Rubber Company, Hankook Tire, Madras Rubber Factory Limited, Kumho Tire Co. Inc., Apollo Tyres Ltd, Sailun Tires Ltd, Shandong Linglong Tyre, Nokian Renkaat Ojy, Titan Tire Corporation, and Nexen Tire America Inc. are the key companies profiled in the global automotive tire market reseach report.
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