Automotive Tire Market to be valued at USD 154.42 Billion by 2027

Automotive Tire Market was valued at US$ 112.18 billion in 2020, and it is expected to reach USD 154.42 billion by 2027, with a CAGR of 4.1, during the forecast period 2021-2027.

The report then focuses on the leading competitors considering their company profiles, product portfolio and offerings, key developments, capacity, revenue, production, value, volume, cost, price, and contact information. Upstream raw materials & equipment and downstream demand & consumer analysis has also been carried out. The report also mentions the market dynamics, industry trends and patterns, and marketing and distribution channels. In the last section of the report, the feasibility of new investment projects is assessed, and overall research conclusions are offered.

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Competitive Landscape Analysis

One of the major factors driving the growth of the Global Automotive Tire Market is the growing automotive industry. Stringent government regulations with regards to the vehicle safety and fuel economy, to increase the feasibility of the vehicle and reduce its curb weight is also expected to drive the market growth. Moreover, the competition between the vehicle manufacturers is growing, due to the large volumes of sales with collaborations from legislative bodies and public sectors, to make public transport cleaner and greener. Hence, the automobile manufacturers are increasing their geographical presence and product offerings to sustain the intense competition and attract maximum sales.

Prominent Players:

Bridgestone Corporation, MICHELIN, Continental corporation, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Sumitomo Rubber Industries Ltd, The Yokohama Rubber Co., Ltd, Hankook Tire & Technology Co. Ltd., Nokian Tyres and Others.

The companies are investing in R&D spending to incorporate innovations with performance excellence, which has further resulted in the rise in the production of premium quality tires.

Global Automotive Tire Market Segmentation:

By Rim Size:

Less than 15, 15-20 inches, More than 20 inches

By Vehicle Type:

Two-Wheeler, Passenger Car, Light Commercial Vehicle, Buses, Trucks

By Road Season:

Summer Tire, Winter Tire, All-Season Tire, Other

By Manufacturing:

Radial Tire, Bias Tire

By Distribution Channel:

OEM, Aftermarket

Some of the key geographies mentioned in this Automotive Tire Market report include:

• North America (U.S and Canada and rest of North America)
• Europe (Germany, France, Italy, and Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
• LAMEA (Brazil, Turkey, Saudi Arabia, South Africa, and Rest of LAMEA)

Key Findings:

• Based on Vehicle Type, passenger car segment dominated the Automotive Tire industry and is expected to witness the similar growth rate over the forecast period.
• Based on the season, the winter tyre is expected to grow with a high growth rate during the forecast period
• Based on Distribution Channel, the aftermarket segment is projected to show a high growth rate at the projected period.
• Based on Regions, the Asia Pacific region is growing with a high CAGR in the Global Automotive Tire Market during the forecast period

Recent News:

• In 2021 Movin’On global sustainable mobility summit, Michelin, a popular global tire manufacturing corporation, presented two innovations that address some of the major challenges impacting the future of mobility. A high-performance racing tire that contains 46% sustainable materials and The WISAMO project which is an innovative solution contributing to the decarbonization of maritime shipping.

Some major points covered in this Automotive Tire Market report:

• An overall outlook of the market that helps in picking up the essential data about the market.
• The market has been segmented based on the product types, applications, end-users, as well as the industry verticals, in light of numerous factors. Considering the market segmentation, further analysis has been carried out in an effective manner. For better understanding and an in-depth analysis of the market, the key segments have further been partitioned into sub-segments.
• In the next portion, factors responsible for the growth of the market have been included. This information has been collected from the primary and secondary sources and has been approved by the industry specialists. It helps in understanding the key market segments and their future trends.
• The report also includes the study of the latest developments and the profiles of key industry players.
• The Automotive Tire market research report also presents an eight-year forecast based on how the market is predicted to grow.

The key components in view of which the extent of the Automotive Tire market has been evaluated in this report are production volume and revenue in USD. Top-to-bottom analysis of the significant sections of the market, growth factors, restraints, and future lucrative opportunities of the market has been additionally discussed. Considering these standpoints, the Automotive Tire market report finishes up the future balance of the market globally.