Global Automotive Tire Market To Record Robust Compound Annual Growth Rate During Forecast Period : Fact.MR

The worldwide automotive tyre market is valued at US$ 381.5 billion in 2022 and is expected to reach US$ 593.5 billion by the end of 2032. Over the next ten years, vehicle tyre sales are expected to grow at a CAGR of 4.5%.

Radial tyre demand is expected to outstrip that of other types of tyres due to characteristics such as great durability, low rolling resistance, and excellent heat dissipation. As a result, the radial tyre segment is expected to account for a staggering 93% of the market by the end of 2032.

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Key Segments Covered in Automotive Tire Industry Research

By Vehicle Type:
2/3 Wheelers
Passenger Vehicles
Commercial Vehicles
LCVs
HCVs

By Tire Structure:
Radial Tires
Tube Tires
Tubeless Tires
Bias Tires

By Tire Type:
Winter Tires
Summer Tires
All-season Tires

By Distribution Channel:
OEMs
Aftermarket

By Region:
North America
Latin America
Europe
APAC
MEA

Competitive Landscape:

Automobile tyre manufacturers are working on broadening their business by boosting manufacturing capacity to fulfil strong demand from diverse places.

• Hankook Tire, a South Korean tyre supplier, said in August 2022 that it would expand the manufacturing capacity of its factory in Clarksville, Tennessee, United States. The corporation planned to invest approximately US$ 1.6 billion to more than treble the facility's local manufacturing capacity by 2026.

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Report Benefits & Key Questions Answered

• Automotive Tire Company and Brand Share Analysis: The study provides extensive Automotive Tire brand share analysis to estimate the percentage of the market covered by Tier 1, Tier 2, and Tier 3 firms.

• Historical volume analysis of automotive tyres: The research provides a comparison of historical Automotive Tire sales and expected sales trends for 2021-2031.

• Analysis of Automotive Tire Categories and Segments: Fact MR provides a thorough examination of the factors that enable sales growth across different segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the local and regional levels.

• Demographics of automotive tyre consumption: The report investigates consumer behaviour and consumption patterns in order to make educated recommendations. The demographics study is meant to assist businesses in better understanding consumer preferences and designing product and market strategies around them.

• Consumer Spending on Automotive Tires After COVID: The Reality The MR market study closely examines consumer spending behaviour following COVID-19. It assesses how current trends have influenced their behaviour and, as a result, their purchasing power.

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