Automotive Tyre Market Growth, Trends, Industry Research Report & Forecast, 2017 - 2024
Increasing vehicle production will surge automotive tyre market in near future. The industry is one of the major contributor in economy and revenue generation. Rising disposable income of the consumer is another factor that pushes automobile sector and influences demand of the product.
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Supply chain in automotive tyre market initiates from procurement of raw material such as rubber, carbon black and chemicals. Raw material passes through various processes that includes shredding, washing, creeping and drying. Post manufacturing it is stored in warehouse and distributed to various locations.
Economic challenges including shortage of resources, changing customer demand, mobility, urbanization, stringent policies and ease availability of public transportation are certain factors impacting the product penetration.
Automotive tyre market is classifies on the basis of vehicle types including passenger car, light and heavy commercial vehicle. End users of product are OEM’s and Aftermarket. Based on its type they are bifurcated into bias and radial. Various applications of these tyre include cars, trucks, two wheelers, machinery in various industries, airplanes, tractors and forklifts.
Automobile industry contributes majorly in Europe’s economy. Germany is major hub for passenger car and accounts for over 20% of total European car sector. France provides employment to over 300, 00 employees in automobile sector. It hosts companies including Renault and Bugatti, that are leading in the industry. Increasing demand for luxury car segment and commodity demand is anticipated to grow at higher speed.
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Prominent manufacturers in automotive tyre market are Aeolus Co. Ltd., Bangkok Metropolis Motor Co. Ltd., Barez Industrial Group, Bridgestone Corporation, Carlisle Companies, Banteng Industrial Group, CEAT, Casumina, Danang Rubber Company and DMACK. CEAT expands its capacity by investing over INR 2000 crores in 2016. Aim of the expansion was to maintain its share and strengthen sales and growth in the sector. Additionally, Company launched puncture safe tyre for two wheelers in 2016.
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