Automotive Tire Market Expected to Exhibit 7.7% CAGR During 2019-2024

Factors such as the booming automobile industry and the surging lifespan of vehicles are expected to drive the automotive tire market at a CAGR of 7.7% during the forecast period (2019-2024). The market registered sales of 1,866.7 million units in 2018, and it is projected to sell 2,894.4 million units by 2024. Moreover, the growing preference of automakers for private labeling will create ample growth opportunities for market players in the forthcoming years.

To receive free sample pages of this report @ https://www.psmarketresearch.com/market-analysis/automotive-tire-market/report-sample

One of the primary factors behind the market growth is the increasing lifespan of vehicles, owing to the constant technological advancements being made in the automotive sector. Over the years, automobile manufacturers have been making constant efforts to improve the durability and reliability of vehicles, primarily on account of the rising implementation of stringent government regulations and growing competition among automakers. Besides, the amplifying chances of wear and tear of tires, due to the increasing mileages being offered by vehicles, will also augment the need for automotive tires in the forecast years.

Inquire before purchase:@ https://www.psmarketresearch.com/send-enquiry?enquiry-url=automotive-tire-market

In recent years, the rising popularity of next-generation high-performance tires has become a prominent trend in the automotive tire market. These tires are gaining high popularity among customers, automakers, and aftermarket vendors, due to their fuel efficiency and low noise making capabilities. Such tires are mostly used in premium crossover utility vehicles (CUVs) and sport utility vehicles (SUVs). Additionally, the development of ultra-high-performance tires has also amplified the overall speed and reliability of the tires. These tires are extremely suitable for traveling long distances and cruising over uneven terrains.

Currently, the automotive tire market is consolidated in nature, with the top four companies accounting for nearly 45% of the global tire sales. The leading players of the market are Compagnie Générale des Établissements Michelin, Bridgestone Corporation, Continental AG, and The Goodyear Tire & Rubber Company. Among these, Compagnie Générale des Établissements Michelin dominated the market in 2018, due to the escalating presence of large dealers across the world and soaring investments being made by the company in product development and marketing.

The vehicle segment of the automotive tire market is classified into two-wheelers, light commercial vehicles, medium and heavy commercial vehicles, and passenger cars. Among these, the passenger cars category accounted for the largest market share in 2018, and it is expected to retain its position throughout the forecast period. This can be attributed to the burgeoning demand for passenger cars, such as SUVs and CUVs, and the mushrooming disposable income of people across the world.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

This release was published on openPR.