Automotive Tire Market is projected to expand its worth to USD 262.72 billion by forecast 2023

Summary

Global Automotive Tire Market Report: Information by Type (Radial, and Bias), Section Width (230mm), Vehicle Type (Passenger Car, and Commercial Vehicle), End Market (OEM, and Aftermarket) – Forecast till 2023

Automotive Tire Market Overview

Tires are an important and integral part of various automobiles types. The earlier forms of tires were composed of only firm rubber that did not require to be filled with air, these type of solid rubber tire were used commonly for slow-speed vehicles. Similarly, the currently popular form of tires are also airless but use a new and much more efficient type of material which is called the non-pneumatic tire and are mostly intended for use in eco-friendly car models such as hydrogen, electric and hybrid cars. Thus, the range of innovation observed in the market till date is phenomenal. The market is projected to expand its worth to USD 262.72 billion while expanding with a CAGR of 4.48 percent approximately in the duration of the forecast period from 2017 to 2023.

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The growing number of vehicles on the road have resulted in the progress of the market considerably. Several factors such as government-mandated improvements in emission standards and global competition which have facilitated the improvement of the durability and reliability of vehicles, have also led to a rise in demand for automotive tires as well. As a result, high performance tires are witnessing widespread popularity with original equipment (OE) manufacturers and customers in the tire replacement market.

Key Players

The foremost contenders functioning in this market, who have adopted these strategies are Michelin Group (France), Bridgestone Corporation(Japan), Continental AG (Germany), Hankook Tire Co., Ltd. (South Korea), The Goodyear Tire & Rubber Company (U.S.), Cooper Tire & Rubber Company (U.S.), Toyo Tire & Rubber Co., Ltd (Japan), Yokohama Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan) and Pirelli (Italy).

Segmental Analysis

The segmental analysis of the Automotive Tire Market is based on section width, type, end market, vehicle type, and region. By type, the market is segmented into bias and radial. Among these segments, the radial segment is responsible for the major market share and is expected to remain extremely lucrative through the forecast period. On the basis of section width, the market has been segmented into>230mm,

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