APAC to Spearhead the Global Automotive Tire Market 2021 | Growth and Status Explored in a New Research Report 2021 – 2023

 

According to Market Research Future (MRFR), the global automotive tire market is expected to reach a valuation of USD 260 billion from 2017 to 2023 (forecast period). The report illustrates and examines the effects of the outbreak of COVID-19 on the global automotive tire market, including possible opportunities and threats, drivers, and risks.

Automotive tires are pneumatic structures placed on the vehicle's rims to move the vehicle's drive to the ground. The tires are made of natural rubber, synthetic rubber, wire, and fabric.

 

Market Dynamics

The burgeoning demand for replacement tires is expected to sustain the growth of the automotive tire industry. Vehicle owners, particularly car owners, are looking to replace conventional tires with high-performance tires that offer better durability, safety, and ride comfort. In addition, the growing trend of experiential travel strengthens the demand for tires for off-road activities.

Rising environmental issues, combined with increased government support for environmentally friendly and sustainable manufacturing, impact tire production. Original Equipment Manufacturers (OEM) are investing in research and development of sustainable materials and production processes.

Industry 4.0, or the incorporation of IoT, data analytics, and other forms of automation, is helping automobile tire manufacturers to streamline their production processes while expanding their distribution network.

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A steady rise in demand for electric vehicles worldwide is expected to generate lucrative opportunities in the automotive tire industry. Increasing consumer awareness of the environment combined with a rise in oil and gas prices is expected to fuel demand for electric vehicles around the world, which in turn, is projected to contribute significantly to the development of the automotive tire industry.

The gradual shift in consumer preference towards high-performance vehicles is likely to continue to complement developments in the automotive tire industry. Manufacturers are working to improve efficiency, chip, and wear resistance, durability while reducing the weight of tires in order to gain a competitive advantage in the automotive tire market.

 

Market Segmentation

The global market for automotive tire has been segmented into type, section width, vehicle type, and end market. 

By type, the global automotive tire market has been segmented into radial Pedal and bias.

By section width, the global automotive tire market has been segmented into <200 Mm, 200-230mm, and >230mm. 

By vehicle type, the global automotive tire market has been segmented into passenger cars and commercial vehicles.

By end market, the global automotive tire market has been segmented into OEM and aftermarket. 

 

Regional Analysis

Regionally, the global automotive tire market has been segmented into North America, Asia Pacific, Europe, and the rest of the world. 

The Asia Pacific region is dominating the market in terms of revenue, followed by Europe and North America. Emerging economies like China and India, are anticipated to push regional growth in the forecast period. Due to rapidly increasing domestic consumption, evolving standards, cheap labor, and a broad population base, these countries are expected to supplement the potential growth of the world economy. India is the fastest-growing country in the LCV and passenger car segment due to increasing demand from the rural market.

Key Players

Michelin Group (France), Cooper Tire & Rubber Company (U.S.), The Goodyear Tire & Rubber Company (U.S.), Bridgestone Corporation (Japan), Continental AG (Germany), Toyo Tire & Rubber Co., Ltd (Japan), Hankook Tire Co., Ltd. (South Korea), Pirelli (Italy), Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan), and Yokohama.

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Key Questions Addressed by the Report

  • What was the historic market size?
  • Which segmentation (Product/ Capacity) is driving market?
  • What will be the growth rate?
  • How are the key players in this market?
  • What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com

 

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