Car Tire Market to Explore Excellent Growth in Future | MICHELIN, Pirelli Tyre, Bridgestone Corp, Continental Corp, The Goodyear Tire, Toyo Tire Corp, Yokohama, Hankook Tire

Increase in automotive production & sales across different vehicle segments, introduction of advanced technology in the manufacturing process, and rise in competition among tire manufacturers augment the growth of the global car tire market.

As per the report published by Allied Market Research, the global car tire market was pegged at $112.16 billion in 2019 and is expected to reach $154.40 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.

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The rise in automotive production & sales across different vehicle segments, the introduction of advanced technology in the manufacturing process, and the rise in competition among tire manufacturers have boosted the growth of the global car tire market. However, the volatile price of raw materials and the growing market of retreading tires hamper the market. On the contrary, advancement in technology and fuel efficiency and safety concerns are expected to create lucrative opportunities for the market players in the coming years.

Covid-19 scenario: The emergence of Covid-19 has hugely affected the global automotive tire industry.
• According to Covid-19 impact assessment presented by LMC Automotive Limited, around 78% of companies lack enough staff to run full production lines.
• As the majority of the auto supply chain is connected to China, it would impact negatively on the sale of the forklift market.
• However, government relief funds are expected to minimize the overall impact on market growth.

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The global car tire market is segmented on the basis of type, vehicle type, rim size, distribution channel, and geography. Based on type, the market is divided into summer, winter, and all seasons. The all-season segment held the largest share in 2019, accounting for more than 90% of the total revenue. However, the winter segment is expected to register the highest CAGR of 6.0% during the forecast period.

On the basis of vehicle type, the market is categorized into passenger cars, commercial vehicles, and electric vehicles. The passenger car segment dominated the market in 2019, accounting for nearly three-fourths of the market. However, the electric vehicle segment is expected to register the highest CAGR of 7.6% during the forecast period.

Based on the distribution channel, the market is divided into OEM and aftermarket. The aftermarket segment held the largest share in 2019, accounting for more than half of the market, and is expected to register the highest CAGR of 4.30% during the study period.

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The global car tire market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. The region is expected to register the highest CAGR of 4.3% during the forecast period.

The global car tire market report includes an in-depth analysis of the major market players such as Bridgestone Corporation, MICHELIN, Continental Corporation, The Goodyear Tire & Rubber Company, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), Sumitomo Rubber Industries Ltd, Toyo Tire Corporation, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co., Ltd, and NokianTyresplcare.

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