What's Driving the Automotive Tyre Market Growth? Aeolus Tyres, Bridgestone Americas, Carlisle Companies Incorporated, CEAT Limited
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Restrains pertaining to automotive tyre market includes environmental challenges such as impact of climate change. 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.
Asia Pacific followed by Japan and China will witness decent growth in automotive tyre market. The countries are home to many big manufacturers that include Toyota and Baolong. These are among the highly populated countries in the world that increases congestion, road traffic and triggers the two wheelers demand.
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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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