The global automotive tire market is projected to have a considerable CAGR during the forecast period. The market is driven by the increasing automobile production & sales, advancement in tire manufacturing technology, and the rise in competition among tire manufacturers. Additionally, the demand for next-generation high-performance tires is growing due to the less noise and long durability provided by these tires. The government initiatives to improve road safety are also contributing significantly to the market growth. The market is also witnessing growth opportunities attributed to the continuous development by the major market players in the manufacturing technology & material and investment for the manufacturing of new plants.
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The global automotive tire market is segmented by rim size (into 10-14 inches, 15-21 inches, and more than 20 inches), vehicle type (into two-wheelers, passenger cars, light & medium commercial vehicles, heavy commercial vehicles, and others), road application (into summer tires, winter tires, high-performance tires, and other (all-terrain tires)), construction (into the radial tire, and bias & belted bias cross-ply tire), sales channel (into OEM and aftermarket) and geographies (into North America, Europe, Asia-Pacific and Rest of the World).
Key Market Highlights
- The All-season tire segment is expected to hold a considerable market share during the forecast period, as offers thicker treads and provides greater tread life than summer and winter tires.
- The passenger car segment is anticipated to hold the largest market share during the forecast period, attributed to the high demand for passenger cars across the globe. Additionally, the rising demand for SUVs and CUVs across the globe is further expected to drive the demand for tires in this category.
- By region, Asia-Pacific will dominate in the market, owing to the growing automotive market, and the increasing popularity of next-generation, high-performance tires. The region is also home to the mass manufacturers of vehicles. The market players are also investing heavily to set up production units in the region further driving the industry growth. For instance, in March 2021, India’s ride-hailing company Ola (ANI Technologies Pvt Ltd.) announced to set up a new electric two-wheeler plant in Tamil Nadu with a production capacity of 10.0 million units per annum.
- Apart from Asia Pacific the North American region is anticipated to hold a considerable market share during the forecast period. This can be attributed to the massive automotive market, the high price of tires, and high consumer spending in the region.
The key players in the global automotive tire market include Bridgestone Corp., The Goodyear Tire & Rubber Co., Continental AG, Michelin Group, Hankook Tire & Technology Co., Ltd, Sumitomo Rubber Industries, Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd, and other. These market players are contributing significantly to the market growth by adopting various business and competitive strategies. For instance, in March 2021, Apollo Tyres Ltd. launched the Apterra Cross range of tires for the compact and midsize SUV segments. The new tire range is developed at Apollo Tyres’ manufacturing facility in Oragadam, Tamil Nadu. However, the fluctuating price of raw materials, and chances of accidents due to tire bursting are the major concern for the market.
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