Automotive Tire Market may rise to US $ 262.72 bn by 2023 | Growth Potential, Leading Players, Global Size, Share Analysis, Emerging Technologies, Regional Trends, Key Players, Demand and Forecast to 2023
Market Research Future (MRFR) has published a research report about the global automotive tire market that anticipates enlargement for this market with 4.48% CAGR (Compound Annual Growth Rate) between 2017 and 2023. In terms of cash, the worth of this market has been estimated to be US $ 262.72 bn by the end of forecast period.
The factors leading to the growth of the global automotive tire market include government-mandated improvements in emission standards, growing number of vehicles on the road, improvement of the durability and reliability of vehicles, increasing disposable income of the middle class, popularity of high performance tires, more investment on research & development (R&D), and increasing use of automotive tire in premium sport utility vehicles.
The global automotive tire market has been segmented on the basis of end user market, section width, type, vehicle type, and lastly, by region. Based on end user market, this market has been segmented into original equipment manufacturer (OEM) and aftermarket. On the basis of section width, the market has been segmented into below 200 mm, 200-230 mm, and above 230 mm. By type, the market has been segmented into bias and redial pedal. As per the vehicle type, the market has been segmented into commercial vehicles and passenger vehicle.
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The regional segmentation of the global automotive tire market segments the market into continent-based regional markets known as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). The Asia Pacific is the largest regional market due to the rise in the automotive industry in nations such as China, India and Japan. The markets for passenger cars as well as two-wheelers are growing in these countries. In this region, the market is rising due to bigger infrastructure spending, increasing per capita income, and initiatives to grow the amount of economic production cost & Foreign Direct Investment (FDI). Other important country specific markets in this region are Indonesia and Thailand. During the forecast period, this market is expected to grow at a CAGR of 4.66%.
North America is the second largest regional market that is expected to grow at 4.46% CAGR during the forecast period. In this region, the market is growing due to amplified sales of vehicles, demand for fuel efficient products, investments from many top giants owing to stringent government regulation, and upsurge in demand for the new vehicles. The most important country-specific markets in this region are the United States of America (USA) and Canada. US market is expected to grow at 4.60% CAGR during the forecast period and its worth is expected to be US $ 44.87 bn.
Europe is significant as a regional market because due to high density of population, high disposable income & purchasing power of people, and technological advancement that is second only to North America. The crucial country-specific markets in this region are France, Germany, and the United Kingdom (UK), followed by the rest of Europe.
In Latin America, the strong economies that can be ideal markets are Argentina and Brazil, followed by the rest of Latin America. The MEA region shows limited market with slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability.
Key Players
The key players in the global automotive tire market include Bridgestone Corporation(Japan), Continental AG (Germany), Cooper Tire & Rubber Company (USA), The Goodyear Tire & Rubber Company (USA), Hankook Tire Co. Ltd. (South Korea), Michelin Group (France), Pirelli (Italy), Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan), Toyo Tire & Rubber Co., Ltd (Japan), and Yokohama (Japan).
Latest Industry News
- Cooper Tire and Rubber has opened its largest distribution centre in Byhalia, Mississippi, whose area is 93,000 sq.m. 19 NOV 2018
- Bridgestone Americas (Bridgestone) is expanding the company’s Warren County, Tenn. commercial truck and bus radial (TBR) tire manufacturing facility as part of a three-year, $40 mn investment to meetv the market demand and address emerging customer needs. 16 NOV 2018
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Key Questions Addressed by the Report
- What was the historic market size (2020)?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate by 2023?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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