Global Automotive Tire Market to Exhibit 6.8% CAGR 2015-2021 driven by Growing Demand from Asia Pacific

According to a recent market research report published by Transparency Market Research, the global automotive tire market is estimated to expand at a CAGR of 6.8% during the period from 2015 to 2021. The report, titled “Automotive Tire Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” projects the global automotive tire market to reach a valuation of US$298.15 bn by 2021. The overall market was worth US$188.37 bn in 2014.

Though the global automotive tire market is a mature market, it still has the potential for robust growth over the next few years. In the aftermath of global economic recession, the market had witnessed a significant decline. However, in the last couple of years, the automotive industry has been picking up pace and in turn, has boosted the demand for tires. Introduction of technologically modified green tires is fuelling the growth of the global automotive tire market owing to their advanced features such as better grip and durability.

The report states that the rise in commercial and passenger vehicles has fuelled the demand from the global automotive tire market. Rapid advancements in technology and the growing demand for ecologically viable tires have further augmented the growth of the market. During the forecast period, the demand for luxury and sports utility vehicles, coupled with growing focus on consumer safety and stringent government regulations, is expected to play an important role in the expansion of the market.

On the basis of types of tire, the report broadly categorizes the global automotive tire market into bias tires and radial tires. Advancements in technology have propelled the demand for radial tires and this product segment holds the majority of the market.

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In terms of application, the report segments the global automotive tire market into light commercial vehicles, passenger vehicles, two wheelers, and heavy commercial vehicles. In 2014, passenger vehicles dominated the overall market. This application is anticipated to register robust growth during the forecast period owing to the high demand for passenger vehicles across Asia Pacific and Europe. In countries such as the U.S., Germany, and France, passenger vehicles are most commonly used. High per capita income and changing lifestyle are expected to propel the demand for passenger vehicles in these countries.

The report studies the global automotive tire market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific has been the largest market for automotive tire due to growing demand for vehicles across countries including China, India, Japan, and Australia. Rapid growth of two wheelers and passenger vehicles has also augmented the growth of the market in this region.

Describing the competitive landscape, the report profiles some of the Key Players in the global automotive tire market such as Goodyear, Bridgestone, Continental, Michelin, Pirelli, Yokohama, and MRF Tyre. Detailed information about the key players including their company overview, product portfolio, financial overview, revenue, geographical presence, business strategies, and recent developments have has been included in the report.

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This release was published on openPR.