Industry Background:
The automotive tire is the ring-shaped vehicle component made of rubber that is used to cover the wheel’s rim externally. The major function of the tire is to protect the wheel rim and transfer a vehicle's load from the axle through the wheel to the ground. It offers traction on the surface over which the wheel travels. Since it is manufactured from rubber which includes nylon, rayon, and steel-belted material, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbing the shock of the vehicle. Rubber tire consists of tread beads, joint-less cap piles, and other materials. The rise in the demand for vehicles is the major factor that boosts the growth of the market in the forecast period.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd (India), Pirelli & C. S.p.A (Italy), Bridgestone Corporation (Japan), Zhongce Rubber Group Co., Ltd. (China), CEAT Limited (India), Hankook & Company Co., Ltd. (South Korea) and JK Tyre & INDUSTRIES LTD. (India) |
CAGR | 2.9% |
According to AMA, the market for Automotive Tires- is expected to register a CAGR of 2.9% during the forecast period to 2027. This growth is primarily driven by The Rising Demand for Commercial and passenger vehicles and Rising Growth in sales of sports utility vehicles (SUVs), crossover utility vehicles (CUVs), and pick-up trucks.
Globally, a noticeable market trend is evident Growing demand for Retreading of Light Commercial Vehicle (LCV) tires. The Auto Parts & Equipment sector in the Asia Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd (India), Pirelli & C. S.p.A (Italy), Bridgestone Corporation (Japan), Zhongce Rubber Group Co., Ltd. (China), CEAT Limited (India), Hankook & Company Co., Ltd. (South Korea) and JK Tyre & INDUSTRIES LTD. (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In December 2021 - Nokian Tyres plc Company announced the launch of new non-studded NOKIAN TYRES Hakkapeliitta(R) R5. The main features of these tires offer unprecedented ice grip, silence, and eco-friendly mobility for the winter. and According to the "2020 Domestic Demand for Automobile Tires" released by the Japan Automobile Tyre Manufacturers Association (JATMA), the sales of new automobile tires for vehicles in 2020 were 36,439,000 down, a 17% decrease year-to-year.
Market Drivers
- The Rising Demand for Commercial and passenger vehicles
- Rising Growth in sales of sports utility vehicles (SUVs), crossover utility vehicles (CUVs), and pick-up trucks
Market Trend
- Growing demand for Retreading of Light Commercial Vehicle (LCV) tires
Restraints
- Increasing Concerns towards safety and maintenance
- Variation in raw material price
Opportunities
Increasing demand for the high-performance tires
Challenges
Slowdowns in Automotive Sectors
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Automotive Tires- Study Sheds Light on
The Automotive Tires- Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Automotive Tires- industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Tires- industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.
Frequently Asked Questions (FAQ):
1. What is the growth rate predicted for the Global Automotive Tires- Market?The Automotive Tires- market is expected to see a CAGR of 2.9% during projected year 2021 to 2027.
2. Who are the top performing companies in Automotive Tires- Market?Top performing companies in the Global Automotive Tires- market are Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd (India), Pirelli & C. S.p.A (Italy), Bridgestone Corporation (Japan), Zhongce Rubber Group Co., Ltd. (China), CEAT Limited (India), Hankook & Company Co., Ltd. (South Korea) and JK Tyre & INDUSTRIES LTD. (India), to name a few.
3. Which region dominated the worldwide market for Automotive Tires- in 2021?Asia Pacific is dominating the Automotive Tires- Market.