Automotive Tire Market Forecast : Advancements in Smart Tires and Eco-Friendly Materials Driving Market Expansion to 2030

Allied Market Research published a report, titled, "Automotive Tire Market by Season Type (Summer, and All-Season & Winter), Rim Size (Less Than 15 Inches, 15 to 20 Inches and More than 20 Inches), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle), Load Index (Up to 100 and More Than 100), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast". According to the report, the global automotive tire industry generated $139.1 billion in 2015, and is anticipated to generate $218.8 billion by 2030, witnessing a CAGR of 3.8% from 2016 to 2030.

𝐆𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : www.alliedmarketresearch.com/request-sample/924

𝐏𝐫𝐢𝐦𝐞 𝐝𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐧𝐭𝐬 𝐨𝐟 𝐠𝐫𝐨𝐰𝐭𝐡

Increase in vehicle production in developing countries and rise in competition among tire manufacturers drive the growth of the global automotive tire market. However, surge in demand for tire remolding and volatile prices of raw materials hinder the market growth.

On the other hand, advancement in technology and rise in adoption of electric vehicles present new opportunities in the coming years.

𝐓𝐡𝐞 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐯𝐞𝐡𝐢𝐜𝐥𝐞 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 𝐬𝐭𝐚𝐭𝐮𝐬 𝐭𝐡𝐫𝐨𝐮𝐠𝐡𝐨𝐮𝐭 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on vehicle type, the passenger vehicle segment held the highest market share in 2020, accounting for more than two-thirds of the global automotive tire market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in adoption of passenger vehicle in developing countries such as India, Brazil and others.
Moreover, the electric vehicle segment is projected to manifest the highest CAGR of 8.8% from 2021 to 2030, owing to increasing government regulation related to fuel efficiency.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/automotive-tire-market/purchase-options

𝐓𝐡𝐞 𝐚𝐟𝐭𝐞𝐫𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐥𝐞𝐚𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐝𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐟𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝐩𝐞𝐫𝐢𝐨𝐝

Based on distribution channel, the aftermarket segment accounted for the largest share in 2020, contributing to more than three-fourths of the global automotive tire market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030.

This is because tires need replacement at regular interval.

𝐀𝐬𝐢𝐚-𝐏𝐚𝐜𝐢𝐟𝐢𝐜, 𝐟𝐨𝐥𝐥𝐨𝐰𝐞𝐝 𝐛𝐲 𝐄𝐮𝐫𝐨𝐩𝐞 & 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚, 𝐭𝐨 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧 𝐢𝐭𝐬 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞 𝐛𝐲 𝟐𝟎𝟑𝟎

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global automotive tire market. Moreover, the same region is expected to witness the fastest CAGR of 4.5% during the forecast period, owing to the large fleet size for passenger and commercial vehicle in the region.

There are prominent factors that drive the growth of the automotive tire market such as rise in the competition among global tire manufacturers and an increase in the operating life of automobiles. The increasing demand for special purpose tires also propels the growth of the automotive tire market.

Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive tire market.

Also, in some undeveloped countries, there is an increase in the automobile sales, which is expected to boost the automotive tire market. In addition, an increase in the operating life of vehicles is anticipated to create after market opportunities for the growth of the global automotive tire market.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Apollo Tyres Ltd
Bridgestone Corporation
CEAT Limited
Continental AG
Hankook & Company Co., Ltd.
JK Tyre & INDUSTRIES LTD.
Michelin
MRF Limited
Nokian Tyres PLC
Pirelli & C. S.p.A
Sailun Group Co., Ltd.
Salsons Impex Pvt. Ltd
Shandong Linglong Group Co. Ltd.
Sumitomo Rubber Industries, Ltd.
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co., Ltd.
Triangle Tire Co., Ltd.,
Toyo Tire Corporation
Wanli Tire Co., Ltd.
Zhongce Rubber Group Co., Ltd.

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/924

𝐂𝐨𝐯𝐢𝐝-𝟏𝟗 𝐒𝐜𝐞𝐧𝐚𝐫𝐢𝐨

The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive tire market, owing to temporary halt in tire manufacturing facilities.

The pandemic further caused disruptions in the supply chain, unavailability of raw materials, rise in raw materials price, and low labor force, which in turn, hampered the growth of the global automotive tire market.

Also, due to reduction in automotive sales, especially in the initial period, the growth of the global automotive tire market was affected.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Automotive Seat Climate Systems Market
https://www.alliedmarketresearch.com/automotive-seat-climate-systems-market

Truck Suspension System Market
https://www.alliedmarketresearch.com/truck-suspension-system-market-A12735

Automotive Carbon Fiber Market
https://www.alliedmarketresearch.com/automotive-carbon-fiber-market-A12796

Electric Cargo Bike Market
https://www.alliedmarketresearch.com/electric-cargo-bike-market-A08498

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :

David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Web: www.alliedmarketresearch.com

Allied Market Research Blog: https://blog.alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐮𝐬 :

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.