Automotive Tire Market Is Driven by Growing Automobile Production

The global automotive tire market is experiencing growth. Worldwide, the APAC automotive tire industry has experienced the fastest development in the past few years and is projected to advance at a substantial rate in the future as well. The industry in the region is mainly boosted by growing automobile production, increasing gross domestic product, and growing per-capita income of individuals in developing nations, like China and India.

The rising popularity of next-generation, high-performance tires is one of the key trends observed in the automotive tire industry. High-performance tires are increasingly gaining traction among automakers and companies, particularly in the aftermarket.

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These are fuel-effective and low-noise-producing tires, which have been exclusively utilized
in luxury passenger cars. However, in the past few years, they are being utilized in premium SUVs and crossover utility vehicles.

Furthermore, the growth of ultra-high-performance tires caused the growth of the total speed and dependability of the tires. A high-performance tire can withstand a speed of up to 270 km/h on average, while an ultra-high-performance tire can withstand a speed of 299 km/h. Such tires are more appropriate for driving over rough lands and for roving longer distances, because of their advanced toughness over other tires.

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On the basis of vehicle, the passenger cars category held the largest share, in terms of both worth and size, in recent years, in the automotive tire market. This can be credited to the rising sales of passenger cars throughout the globe, along with growing per-capita income.

Furthermore, the rising sale of passenger cars is leading to the augmented requirement for automotive tires. Additionally, the increasing demand for SUVs and CUVs throughout the globe, in the past few years, is further projected to fuel the demand for tires in this category.
Worldwide, APAC holds the largest industry share, in terms of both worth and size, followed by North America and Europe. China has the biggest automotive market in the globe, with more than 27.8 million vehicles manufactured.

Thus, with the boom in vehicle manufacturing, the head-to-head tire industry experienced a fast development in the past few years. The Chinese tire industry has been experiencing stable development, mainly because of the nation's economic development and stable progress in OEM tire sales.

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