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Tire Industry is expected to register a CAGR of 12% | Michelin (France), Bridgestone (Japan), Continental AG (Germany)

10-31-2022 08:07 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Market Reasearch Future

Tire Industry is expected to register a CAGR of 12% | Michelin

Market overview

The automotive tire Industry is expected to register a CAGR of 12% from the 8 years from 2022 to 2030. The fast growth rate is attributed to the fact that the middle classes are exploding around the world. This is especially true in the Asia-Pacific region. These people want to drive safer and more efficient cars that are also environmentally friendly. There are more road accidents, especially in developing nations and the Asia-Pacific region. Governments in these nations are responding by requiring that newer cars are safer, more efficient, and safer for the environment. They are requiring the same of their tires.

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List of Key Companies

Michelin (France)
Bridgestone (Japan)
Continental AG (Germany)
Hankook Tire (South Korea)
Pirelli & C. S.p.A. (Italy)
Toyo Tire Corporation (Japan)
Kumho Tire (South Korea)
Giti Tire (Singapore)
Maxxis International (Taiwan)
Nexen Tire Corporation (South Korea)

Market segmentation

By rim size
13-15"
16-18"
19-21"
Over 21"

The 13-15" sub-segment has the largest market share. It's mainly because more people are driving Land Rovers and other heavier and more sophisticated passenger cars. Rim size 16-18 inches are used in vehicles that need more tire support when traveling.

By distribution channel
OEM
Aftermarket

By vehicle type

The passenger car sub-segment is the most popular vehicle type on the road around the world today. Light commercial vehicles are taking off in popularity as tourism is making a comeback around the world. Heavy commercial vehicles are also becoming more popular as global commerce picks up.

By season segment
Winter
Summer
All seasons

The winter category has the largest market share because this is the season when road conditions are the most dangerous around the world!

By propulsion type
EV
ICE
BEV
HEV

Regional analysis

The Asia-Pacific region leads in terms of CAGR because of a large and growing middle class and increasing purchasing power. The North American region leads in terms of market share. The region is home to a large middle class with substantial purchasing power. It also has an environmentally conscious public that is willing to pay a premium for safer cars that have tires that are safer, more efficient, and are friendlier for the environment.

Also, many companies in the North American region have been passing laws that require the usage of safer tires that are friendlier for the environment in newer models and makes of cars.

Industry news

Michelin Tire recently entered into an agreement with Purcell Tire and Rubber Company. The resulting company would enter new markets easier.

Browse In-depth Market Research Report @ https://www.marketresearchfuture.com/reports/automotive-tire-market-2253

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact

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New York, New York 10013

United States of America

Website: https://www.marketresearchfuture.com

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