22nd November 2019 – Global Automotive
Tire Market is anticipated to reach USD 374.22 billion by 2024.
Automotive tire is a rubber ring placed on rim of the wheel. Automotive tire
mainly offers grip to vehicles on the road, and decreases road shocks. The
factors that propel the growth of the Automotive Tire Market include growing
demand for low rolling resistance tires, demand for high performance and
low-profile tires, better fuel economy, technical developments such as
eco-friendly tires, smart tires, and others. Automotive Tire Market is
anticipated to grow at a significant CAGR in the upcoming period as the scope,
product types, and its applications are increasing across the globe.
Automotive Tire Market may be explored
by type, application, and geography. Automotive Tire Market may be analyzed by
type as Bias, and Radial. The “Radial tire” segment led the Automotive Tire
Market in 2015 and is anticipated to maintain its dominance by 2024. The key
application that could be explored in the Automotive Tire Market include LCV,
Passenger cars, Two wheelers, and HCV.
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Asia-Pacific accounted for the major
share of the Automotive Tire Market Size in 2015 and will continue to lead in
the forecast period. The factors that could be attributed to the growth include
developing economy of most of the nations in this region. Asia-Pacific is
followed by Europe and North America.
Some of the key players that fuel the
growth of the Automotive Tire Market comprise Continental AG, Bridgestone
Corporation, Michelin, Pirelli & C. S.p.A, Sumitomo Rubber Industries,
Ltd., Madras Rubber Factory Limited, The Goodyear Tire & Rubber Co., JK
Tyre & Industries Ltd., CEAT Ltd, and The Yokohama Rubber Co. Ltd. The
leading companies are taking up partnerships, mergers and acquisitions, and
joint ventures in order to boost the inorganic growth of the industry.
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