According to the new research report published by The Insight Partners, titled “Automotive Tire - Global Analysis and Forecast to 2025”, the global automotive tire market is expected to reach US$ 306.44 Bn in 2025, registering a CAGR of 3.8% during the forecast period 2018-2025.
In 2017, Asia Pacific accounted for the largest revenue share of more than one-third of the total market share, followed by Europe.
Automotive tire market is experiencing a high growth throughout the globe, driven by growth in construction, manufacturing, agriculture, mining, and other industries. Moreover, an increase in mobility as a service is also propelling the adoption of more and more passenger and commercial vehicles which would further encourage the production and sales of automotive tires. In addition to this, need and growing urge to replace the old/aged tires with new tires is also accountable to increase the aftermarket segment. These factors are anticipated to drive the automotive tire market during the forecast period.
The global automotive tire market is classified based on different types of vehicles as passenger cars, light commercial vehicle, and heavy commercial vehicle. The North America Free Trade Agreement among the U.S., Canada, and Mexico has substantially increased the demand for automotive tires in inter-country as well as intra-country for transportation and logistics. This created a huge demand for trucks, trailers and other heavy commercial vehicles in these countries. The fleet size of the heavy commercial vehicle is anticipated to rise in the coming years, with the demand for technologically advanced tires. On the other hand, attributing to the increase in disposable income of the population across both developed and developing regions, there is a significant upsurge in passenger vehicle segment, and owing to this, the vehicle manufacturers are also increasing the manufacturing of passenger vehicles. This factor is boosting the market for automotive tires worldwide.
Key findings of the study:
Asia-Pacific is anticipated to account for the largest share of the automotive tire market and would register a CAGR of 4.1%.
The passenger cars segment is estimated to be the fastest growing segment in the global automotive tire market during the forecast period from 2018 – 2025.
The Asia Pacific is one of the prominent regions in the automotive tire market which is contributing the highest revenue globally due to increasing population. China, Japan, and India are the most populated countries in the APAC region. In addition to this, growing economies in the APAC region are experiencing various initiatives undertaken by regulatory bodies to accelerate the automotive industry in these countries to propel the growth of entire automotive industry and eventually automotive tire market.
Changing demographic trends, rising disposable income of individuals, and improving living standards are responsible for boosting the production of automobiles in the Asian countries. China and Japan are expected to hold a high market share followed by Rest of APAC and India. Owing to this, several global manufacturers and providers of automotive tires have the potential to invest in this region.
The key companies profiled in this report include Bridgestone Corporation, Continental AG, The Goodyear Tire & Rubber Company, Michelin, Pirelli & C. S.P.A, Dunlop India Limited, Yokohama Rubber Co. Ltd., Apollo Tires Ltd., MRF Tires, and Hankook Tire.
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