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Automotive Tire OEM Market Size, Share, Trends And Outlook Report 2024-2033
Automotive Tire OEM Market Size
As per the report, the automotive tire oem market size has grown strongly in recent years. It will grow from $21.56 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The automotive tire oem market size is expected to see strong growth in the next few years. It will grow to $31.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
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Strategic Investments In Research And Development Fuel Growth In The Automotive Tire Oem Market
The increasing investments in research and development of automotive tires are driving the growth of the automotive tire OEM market. The tire manufacturers are conducting research and development activities for designing new tires and creating compounds to improve product performance. 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.
Technological Innovations Reshaping Consumer Demand In The Automotive Tire Oem Market
Technological innovation is a key trend gaining popularity in the automotive tire OEM market. Major industry participants are focusing on developing novel technologies to shift consumer demand for advanced tires. For instance, in September 2023, Qualcomm Incorporated, a US-based semiconductor company launched Snapdragon Digital Chassis Solution. The purpose of the Snapdragon Digital Chassis is to assist intelligent and networked cars in managing the vast amount of data they gather. After a car is purchased, the Snapdragon Digital Chassis enables platforms to keep continuously updated with new features, enabling the manufacturer to develop new services and features for improved customer engagement and services-based revenue models.
The automotive tire oem market covered in this report is segmented -
1) By Type: Tube Tire, Tubless Tire
2) By Design: Radial Tire, Bias Tire
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
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Major companies operating in the automotive tire oem market report are Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Pirelli & C. SpA, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co. Ltd., Toyo Tire Corporation, Cooper Tire & Rubber Company, Kumho Tire Co. Inc., Nokian Tyres plc, Giti Tire Corporation, MRF Limited, Apollo Tyres Ltd., Cheng Shin Rubber Industry Co. Ltd., Nexen Tire Corporation, Shandong Linglong Tyre Co. Ltd., Zhongce Rubber Group Co. Ltd., Triangle Tyre Co. Ltd., Sailun Group Co. Ltd., Yokohama Rubber Co. Ltd., Qingdao Sentury Tire Co. Ltd., Goodyear Tyre & Rubber Company, Aeolus Tyre Co. Ltd., Double Coin Holdings Ltd., Continental AG, Linglong Tire Co. Ltd., Shandong Wanda Boto Tyre Co. Ltd., JK Tyre & Industries Ltd., Hebei Tianyang Rubber Co. Ltd., Gui Zhou Tyre Co. Ltd.
Contents of the report:
1. Executive Summary
2. Automotive Tire OEM Market Report Structure
3. Automotive Tire OEM Market Trends And Strategies
4. Automotive Tire OEM Market - Macro Economic Scenario
5. Automotive Tire OEM Market Size And Growth
…..
27. Automotive Tire OEM Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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