Rising Vehicle Sales Helping Automotive Tire Market Grow

The expansion of the automobile manufacturing sector and the increase in the average lifespan of vehicles are driving the demand for tires. From $155.3 billion in 2018, the revenue generated by the automotive tire market is expected to increase to $237.2 billion in 2024. Additionally, during the forecast period (2019-2024), the market is projected to experience a CAGR of 7.7%, in terms of value. On the basis of design, there are two types of tires -- bias and radial.

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Of these, radial tires dominated the automotive tire market during the historical period (2014-2018), in terms of value as well as volume. This is because of such tires' construction, which comprises crisscrossed steel belts and perpendicular polyester plies, thereby leading to a smoother ride, compared to the other type of tires. Even during the forecast period, these tires are projected to maintain their lead on the market across the world.

On the basis of vehicle, the automotive tire market is divided into passenger cars, two-wheelers, medium & heavy commercial vehicles, and light commercial vehicles. Among these, the market was led by the passenger car category during the historical period, owing to the increasing sale of such vehicles, as a result of the surging disposable income. Additionally, with the rising popularity of crossover utility vehicles (CUV) and sport utility vehicles (SUV), the demand for tires for passenger cars is set to grow further during the forecast period.

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Geographical Analysis of Automotive Tire Market

Geographically, APAC is expected to continue being the largest market for automotive tires in the coming years. The region comprised over 55% volume share of the market in 2018. The market in the region is primarily driven by increasing automobile production, rising gross domestic product (GDP), and increasing disposable income of people in emerging economies, such as China and India. Further, the North American market is also growing rapidly on account of the growing number of heavy investments (domestic and international) by several manufacturers in recent years.

In March 2019, Yokohama India announced its plans of expanding the tire manufacturing capacity of its Bahadurgarh unit in Jhajjar district of Haryana. The project will be implemented in two phases. Phase-I comprises expansion from 2,000 to 4,600 tires per year and Phase-II comprises expansion from 4,600 to 7,000 tires per year. Further, in February 2019, Bridgestone Americas Inc. announced that it would construct a new Firestone race tire manufacturing plant in Akron, Ohio, over the next four years. The plan to build a manufacturing plant in the city is a part of a five-year partnership extension between NTT IndyCar Series and Firestone (a brand of Bridgestone Americas Inc.). The partnership includes tire supplies by Firestone to NTT IndyCar Series. The company also stated that it would manufacture and sell more than 26,000 Firehawk race tires throughout the calendar year 2019.

Some other players, who held significant share in the automotive tire market in 2018, include Sumitomo Rubber Industries Limited, Pirelli & C. S.p.A., Hankook Tire Company Limited, and The Yokohama Rubber Company Limited.

Market Segmentation by Vehicle

Two-Wheelers
Passenger Cars
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Market Segmentation by Design

Radial
Bias
Market Segmentation by End Use

Original Equipment Manufacturer (OEM)
Aftermarket

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This release was published on openPR.