Automotive Tire Market – Exclusive Report Analysis by P&S Intelligence

From valuing $155.3 billion in 2018, the automotive tire market is projected to grow to $237.2 billion by 2024, registering a CAGR of 7.7% during the forecast period (2019–2024).

In the coming years, the Asia-Pacific (APAC) region would continue being the largest automotive tire market. It held a volume share of more than 55.0% in 2018. This growth is mainly attributed to the increasing gross domestic product (GDP), rising automobile production, and improving disposable income of people in developing nations, such as India and China. Additionally, the North American market is also witnessing a rapid increase in its revenue due to the rising number of investments, by both domestic and international manufacturers.

The categories of the automotive tire market based on vehicle, are two-wheelers, light commercial vehicles, passenger cars, and medium & heavy commercial vehicles. During the historical period (2014–2018), the largest automotive tire market share was held by the passenger cars category. In the forecast period, the fastest growth is predicted to be exhibited by the medium & heavy commercial vehicles category. The American Trucking Association reported that the U.S. truck transportation volume in 2018 grew by 4.2%, due to the rising economy and flourishing manufacturing industry in the country. This is credited to the growing demand for these vehicles across various industries for transportation purposes.

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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

The automotive tire market is witnessing a surge in demand due to the improvement in the average lifespan of a vehicle owing to technological advancements. From 10.5 years in 2010, the average lifespan of vehicles has increased to 12 years in 2018. Many factors, such as the rising competition in the market and stricter government regulations have resulted in the enhanced durability of vehicles over the years. Further, it is being observed that customers are retaining their older vehicles while buying small crossover vehicles. The retention of old vehicles is expected to drive the demand for tires for replacing old and worn-out tires.

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The major share of the automotive tire market is cumulatively held by four major players that accounted for more than 45.0% of global tires sales in 2018. The leading market player was Générale des Établissements Michelin, followed by Bridgestone Corporation. The third largest player in the market was The Goodyear Tire & Rubber Company, with the fourth one being Continental AG.

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This release was published on openPR.