Press release
Automotive Tire OEM Market 2023 - Industry Size, Competitive Landscape, Growth, Trend Analysis And Forecast To 2032
Automotive Tire OEM Market Analysis
The Business Research Company's Automotive Tire OEM Global Market Report 2023 identifies increasing investments in research and development of automotive tires as the major driver for the automotive tire OEM market's growth in the forecast period. The automotive tire OEM will benefit from this investment by providing a more efficient and sustainable tire. For instance, in May 2022, Pirelli, an Italy-based tire manufacturer, announced an investment of $15 million over two years to create an advanced technology and digitalization center for tire manufacture at its facility in Silao, Mexico. The investment will focus on establishing the first research and development facility in Mexico, which will use tire production technologies created for future mobility, such as electric, sustainable, and connected transportation systems. Therefore, such investments will propel the automotive tire OEM market.
The global automotive tire OEM market size is expected to grow from $19.85 billion in 2022 to $21.49 billion in 2023 at a compound annual growth rate (CAGR) of 8.29%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive tire OEM market size is expected to grow to $28.89 billion in 2027 at a CAGR of 7.68%.
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Major competitors in the automotive tire OEM market are Bridgestone Corporation, Michelin SCA, Goodyear Tyre & Rubber Company, Continental AG, Sumitomo Rubber Industries Limited, Pirelli & Co. SpA.
A key trend in the automotive tire OEM market includes technological innovation. Major industry participants are focusing on developing novel technologies to shift consumer demand for advanced tires. For instance, in December 2020, Michelin, a France-based tire manufacturer, aimed to offer up to 1,500,000 RFID-enabled vehicle tires in 2020 and planned to have all of its automobile tires fitted with the technology by 2023. The RFID chips are designed to link the wheels with the global ecology, specifically, backend systems. The technology is anticipated to enable enhanced tire management throughout the tire's life, starting at manufacture and continuing until the end of the service life.
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The automotive tire OEM market is segmented -
1) By Type: Tube Tire, Tubless Tire
2) By Design: Radial Tire, Bias Tire
3) By Vehicle: Passenger Car, Light Commercial Vehicle, or Heavy Commercial Vehicle
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the automotive tire OEM market.
The Business Research Company's "Global Automotive Tire OEM Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Automotive Tire OEM Market Include:
1. Executive Summary
2. Automotive Tire OEM Market Characteristics
3. Automotive Tire OEM Market Trends And Strategies
4. Automotive Tire OEM Market - Macro Economic Scenario
5. Automotive Tire OEM Market Size And Growth
…..
26. Africa Automotive Tire OEM Market
27. Automotive Tire OEM Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Tire OEM Market
29. Automotive Tire OEM Market Future Outlook and Potential Analysis
30. Appendix
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