automotive-tires-market

Automotive Tires Market By Tire Type, By Tire Size, By Design, By Tire Assembly, By Aspect Ratio, By Season, By Sales Channel, By Vehicle Class – Growth, Future Prospects & Competitive Analysis, 2018 – 2026

25 Sep 2018 Format PDF icon PPT icon XLS icon Request Sample

Consistent Automotive Industry Worldwide to Ensure Robust Demand for Automotive Tires

The overall automotive tires market worldwide is set to exhibit steady growth rate throughout the forecast period from 2018 to 2026, starting from US$ 155.29 Bn in the year 2017. Tires are among the most important components of automotive vehicles, making it one of the most crucial aspects of the overall automobile components industry. The automotive tires market is highly driven by the consistent rise in production as well as sales of automotive vehicles worldwide. In 2017, the overall automotive production stood at 97.30 Mn exhibiting 2.36% growth over the year 2016. Another important factor supporting the market growth is significant share of aftermarket sales. Growing adoption of high performance tires for superior driving experience is one of the most important factors supporting aftermarket sales channel. Factors such as rising population, discretionary income of the people and wide range of automotive vehicles in the market is expected to ensure continued growth in the automotive industry. Thus, the demand for automotive tires is expected to remain strong throughout the forecast period.

Passenger Cars to Remain the Largest Vehicle Class Segment

Passenger cars segment led the overall automotive tires market worldwide in 2017, accounting for nearly 45% value share. According to the International Organization of Motor Vehicle Manufacturers (OICA), global passenger cars production stood at 73.45 Mn contributing to more than 70% of the overall automotive production (excluding two wheelers). Growing sales of luxury and semi-luxury cars on the account of continually growing purchasing power of the people, passenger cars production is expected to remain strong throughout the forecast period. Thus, the segment would continue dominating the market in the following years. Commercial vehicles segment is expected to register promising growth in the market during the forecast period.

Huge Automotive Manufacturing Industry to Ensure Dominant Position for Asia Pacific throughout the Forecast Period

Asia Pacific leads the global automotive tires market with more than 45% of the total market value. The regional market is primarily backed by China, contributing to nearly 30% of the total automotive vehicles (passenger cars and commercial vehicles) production worldwide. Other prominent markets for automotive tires in Asia Pacific include Japan, South Korea and India. According to the India Brand Equity Foundation (IBEF), the overall domestic automobiles sales in India registered a CAGR of 7.0% through the period 2013 to 2018. Considering the promising pace of Indian automotive industry, Asia Pacific is expected to demonstrate the highest growth rate during the forecast period. Europe is the second largest automotive tires market, closely followed by North America.

Emphasis on Advanced Tire Technology for Fuel Efficiency and Safety to Ensure a Competitive Market

The overall automotive tires market is consolidated in nature with top four tire manufacturers accounting for over 50% of the total market value. Companies such as Michelin Group, Bridgestone Corporation, Goodyear Tire & Rubber Company and Continental AG are the major players dominating the market. Other prominent players operating in the market include Sumitomo Rubber Industries, Ltd., Pirelli & C. S.p.A., Cooper Tire & Rubber Company and Yokohama Rubber Company. The market comprises large number of regional players offering significant competition to these major tire manufacturers.

Due to large number of players operating in the market, tire companies face immense price pressure and constant risk of bigger discounts demanded from large corporate customers. Majority of the companies emphasize on producing technologically advanced tires promising enhanced safety in order to sustain the competition. This is majorly followed by strong persuading campaigns to boost the adoption of latest tire technology. For instance, in September 2017, Continental AG launched two new tire technologies called ContiSense and ContiAdapt that enable continuous tire monitoring and performance adaptation based on road/weather conditions.

The report covers company profiles of the major companies operating in the market including Bridgestone Corporation, Michelin Group, Continental AG, Goodyear Tire & Rubber Company, Qingdao Sentury Tire Co., Ltd., Sumitomo Rubber Industries, Ltd., Pirelli & C. S.p.A., Cooper Tire & Rubber Company, Yokohama Rubber Company, Hankook Tire Group, Hangzhou Zhongce Rubber Co., Ltd., China National Tire & Rubber Co., Ltd., Toyo Tire & Rubber Company, Apollo Tyres Ltd., CEAT Ltd., MRF Ltd., JK Tyre & Industries Ltd. and others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Tires market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Automotive Tires market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Tire
  • Fuel Efficient Tires
  • High Performance Tires
  • All-terrain/Off-road Tires
  • Run-flat Tires
  • Trailer Tires

Tire Size
  • 12-14 inches
  • 15-17 inches
  • 18-22 inches
  • Above 22 inches

Design
  • Bias Ply Automotive Tires
  • Radial Ply Automotive Tires

Tire Assembly
  • Tubeless Tires
  • Tubed Tires

Aspect Ratio
  • 30-45
  • 50-70
  • 75-85

Season
  • All-season Tires
  • Winter Tires
  • Summer Tires

Sales Channel
  • Original Equipment Manufacturers (OEMs)
  • After market

Vehicle Class
  • Passenger Cars
  • Light Commercial Vehicles (LCVs)
  • Off-road Vehicles

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Automotive Tires market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Automotive Tires market?
  • Which is the largest regional market for Automotive Tires market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Automotive Tires market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Tires market worldwide?
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