Automotive Tire Market 2020 - Global Size, Trends, Share, CAGR, Segments and forecast 2023

Summary

Global Automotive Tire Market value of 262.72 Bn, Growth, Future Scope, Research Report and Industry Forecast by 2023 | Global Automotive Tire Market Information by Type (Radial, and Bias), Section Width (230mm), Vehicle Type (Passenger Car, and Commercial Vehicle), End Market (OEM, and Aftermarket) and by Region (Asia Pacific, North America, Europe, and the rest of the world) - Forecast till 2023

Automotive Tire Market Overview

As per the detailed report published by Market Research Future (MRFR), the global automotive tire market is slated to obtain a substantial market valuation at a moderate CAGR during the review period.

Drivers and Restraints

The global market for automotive tire is expected to reach a valuation in excess of USD 262.72 Bn in 2023. The rising number of modern vehicles on the road have resulted in the progress of the market considerably. Several factors such as government-mandated enhancements in emission standards and global competition which have accelerated the development of the durability and reliability of vehicles, have also led to a rise in demand for automotive tires as well. As a result, high-performance tires are observing widespread popularity with original equipment (OE) manufacturers and customers in the tire replacement market. Consequently, the tire manufacturers who are focusing on the OE segment for further expansion of the market and research and development expenditure are also seeing various positive opportunities for growth over the review period. The use of high-performance tires primarily as factory equipment on luxury passenger cars has progressively led to these tires being created for premium sport utility vehicles and in crossover utility vehicles. The sales of these vehicles in correlation with the growing global middle class and their need for mobility and status will continue to develop in the duration of the forecast period. Moreover, the segment of passenger car radial is contributing to a key market portion in the automotive tire market owing to augmented demand from automotive tire manufacturers.

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Owing to an extraordinary technological level of change in countries such as China, Thailand, India, and Indonesia owing to automotive manufacturers setting up bases in these countries owing to the lower cost of labor and easy access to capital, has resulted towards a substantial shift in the market's growth trajectory. The improved prosperity of the developing nations is leading to bigger sections of the population purchasing vehicles, specifically in India and China contributing to the overall market's growth.

Competitive Analysis

The significant market players identified by MRFR in the global market are

Michelin Group (France)

Bridgestone Corporation (Japan)

Continental AG (Germany)

The Goodyear Tire & Rubber Company (U.S.)

Toyo Tire & Rubber Co., Ltd (Japan)

Hankook Tire Co., Ltd. (South Korea)

Pirelli (Italy)

Cooper Tire & Rubber Company (U.S.)

Sumitomo Rubber Industries, Ltd. (Japan)

Rubber Co. Ltd (Japan), and Yokohama

Automotive Tire Market Segmental Analysis

The segmental analysis of the Automotive Tire Market is based on type, section width, end market, vehicle type, and region. Based on the type, the tire market is segmented into bias and radial. Among these, the radial segment is responsible for the major market share and is expected to remain extremely lucrative through the forecast period. On the basis of section width, the tire market has been segmented into230mm, & 200-230mm. The

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This release was published on openPR.