Automotive Tires Market Upcoming Opportunities, Growth, Scope Analysis by: BRIDGESTONE GROUP, CONTINENTAL GROUP, GOODYEAR TIRE & RUBBER COMPANY, MICHELIN GROUP, SUMITOMO, PIRELLI

Market Analysis:

Americans are buying cars at an annualized rate of more than 17 million vehicles, but are still reluctant to get rid of their old vehicles and are continuing to use them. Since the average age of vehicles is increasing gradually and has reached a peak of 11.6 years in 2016, there’s a need for tires to be changed more number of times in its lifetime. This is going to positively impact the aftermarket segment of Tires.

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The increased use of bio-oils and orange oils in the manufacturing process of tires would help to boost the growth in the light of demand for ecological tire manufacturing process and reduce the amount of petroleum used in tires. In addition, the tire market has also witnessed an increase in R&D investments. The use of nanotechnology is a recent invention used in the manufacture of tires. The aftermarket segment of Automotive Tires market constitutes of a bigger share than the OE market. Aftermarket of tires is being driven by the factor that the average age of vehicles on road is gradually increasing and the replacement tires needed due to the increased longetivity of the age of the vehicle.

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Market Segments:
Automotive Tires Market is segmented by:
1. Tire Type: Winter Tires, Summer Tires, All Season Tires, Luxury Touring Tires, Others
2. End Consumers: Oem, Replacement/ Aftermarket
3. Vehicle Type: Passenger Vehicles, Hcvs, Lcvs, Ultra High Performance/Touring Automotive Tires, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• January 2018 : Yokohama to Expand Off u2013 Highway Tire production capacity in India
• January 2018 : Goodyear, STRATIM Partner for Tire Maintenance Pilot Program.

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