Automotive Tire Market 2020 | COVID-19 Impact, Emerging Technologies, Top Players, Size, Share, Growth, Trends, Segments, Outlook and Forecast 2027

Summary

Global Automotive Tire Market Report: Information by Type (Radial, and Bias), Section Width (230mm), Vehicle Type (Passenger Car, and Commercial Vehicle), End Market (OEM, and Aftermarket) – Forecast till 2023

Overview

International automotive tire market is expected to reach $154.40 billion by the forecast period of 2027. It was of worth $112.16 billion in year 2019. Through the process, the market is estimated to grow at a CAGR of 4.1%. Exceptional increase of automobile domain is touted as the prime reason behind the noteworthy growth of global automotive tire market. Being most important part of any vehicle, tire market is very much expected to remain steady throughout the forecast period.

Growing competition among the manufacturers is also one of the prime reasons behind the growth of global automotive tire market. Boosting functional life of the automobile can also be stated as one of the foremost reasons behind the growing international automotive tire market. Greater rate of automotive production is also one of the key factors behind the growth of the international automotive tire market sales boost. The market is expected to be even more significant through advancing technology globally.

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In comparison, the availability of raw material has become much significant in modern times, which contributes towards the advancing international automotive tire market. Similar is the case about manufacturing process as well; it is much advanced with advent of high-end technicalities. Also, there is significant support from the government level as well as enriching the market. Superior efficacy of fuel and assured safety standard are among the crucial reasons behind the noteworthy growth in automobile sector, and thus the tire market.

Key Players

The forefront players of the global automotive tire market are Bridgestone Corporation(Japan), Michelin Group (France), Continental AG (Germany), Toyo Tire & Rubber Co., Ltd (Japan), The Goodyear Tire & Rubber Company (U.S.), Hankook Tire Co., Ltd. (South Korea), Cooper Tire & Rubber Company (U.S.), Pirelli (Italy), Rubber Co. Ltd (Japan), Yokohama, and Sumitomo Rubber Industries, Ltd. (Japan).

Segmentation

Global automotive tire market can be segmented based on season type, in terms of vehicle type, rim size, regionally, and distribution channel. Based on vehicle type, the global automotive tire market was the most significant. The 15-20 inch rim size segment is considered to be the major contributor for the market. This segment was the most prominent contributor in 2019, which was estimated to be of above $80 billion. Regionally, the global automotive tire market can be segmented into Asia Pacific, North America, Europe, and Latin America. Among these, Asian market is projected to be the most prominent during the forecast period.

Regional analysis

Geographically, international automotive tire market can be segmented into Asia Pacific, North America, Europe, and Latin America. Asia Pacific is certainly the most dominant among all these domains, mainly led by India and China. North American market is expected to be fuelled due to advancing economy. To be specific, United States and Canada are considered the leading players in this domain. European market is expected to remain steady in between the forecast period, led mainly by the leading nations like Germany and UK. Among others, Brazil and Mexican market is going to be the major contributors to the growth in Latin American market.

Industry news

According to latest reports, International automotive tire market is going to remain consistent despite challenges from electric car segments and all. Among all, the market in Asia Pacific led mainly by India and China are going to contribute the most towards the growth of international automotive tire market.

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Table of Contents

1 Executive Summary

2 Research Methodology

2.1 Scope Of The Study

2.1.1 Definition

2.1.2 Research Objective

2.1.3 Assumptions

2.1.4 Limitations

2.2 Research Process

2.2.1 Primary Research

2.2.2 Secondary Research

2.3 Market Size Estimation

2.4 Forecast Model

3 Market Dynamics

3.1 Market Drivers

3.2 Market Inhibitors

3.3 Supply/Value Chain Analysis

3.4 Porter’s Five Forces Analysis

4 By Type

4.1 Radial

4.2 Bias/Cross Ply

…….Continued

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