- Global Opportunities & Industry Forecast 2025
Progressive Markets published a report, Automotive Tire Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025, which says that the global market was valued at $42,712 million in 2014 and is likely to garner $68,965 million in 2025, growing at a CAGR of 4.89% from 2018 to 2025.
One of the most important parts of a vehicle, tires form a connecting link between the vehicle and road. Covering the wheels rim, they are designed to handle the overall weight of the vehicle, absorb road shocks, reduce the impact of vibrations, and withstand the tractive force between the road and vehicle. In order to fulfill these functions, tires are usually made of rubber and inflated with high-pressure air. There are several types of tire designs which are differentiated based on the nature of the technology used. Legal regulations specify which tires are suitable for which conditions, the maximum speeds at which different tires may be used, and the criteria by which tires are classified.
Market Drivers and Restraints:
The market for automotive tires is seeing a robust growth in the recent years. This is because the demand for tires is growing vigorously due to high demand for vehicles across the world. Furthermore, the intense competition between the market players to produce greatly sustainable, highly durable and affordable tires are supplementing the growth of the market. Technological advancements in the manufacturing of tires are also propelling the growth of the automotive tire industry. On the other hand, the rise in retreading tires market in which tread is replaced by worn out tires may impede the market growth as the cost required for the process of retreading tires is cheaper than manufacturing new tires. Moreover, the price fluctuation of raw materials such as natural rubber and reinforcing materials may cause the market to slow down.
The automotive tire market report offers a detailed analysis of the industry based on its segmentation. The market is segmented based on type, vehicle type/application, and geography. Based on the type, the market is classified as radial tire and bias tire. By vehicle type/application, the market is divided into passenger car tire, Light Commercial Vehicle (LCV) tire, Heavy Commercial Vehicle (HCV) tire, and two-wheelers tire. Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market study in North America covers the U.S., Canada, and Mexico. The market analysis in Europe covers Germany, Poland, Spain, Italy, Russia, UK, France, and other parts of Europe. The analysis in Asia-Pacific covers China, Indonesia, India, South Korea, New Zealand, Japan, Australia, and the rest of Asia-Pacific. The study in LAMEA covers Argentina, Saudi Arabia, Brazil, UAE, South Africa, Chile, and others.
Key Market Players:
The automotive tire market analysis report profiles the major market players operating in the automotive tire market. They adopt strategies such as mergers and acquisitions, partnerships, joint ventures, and more to sustain and expand their business. The key players profiled in the report include Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A, Michelin, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., and CEAT Ltd.
Key Benefits of the Report:
The report provides an extensive analysis of the automotive tire market on a global level. It includes the automotive tire market size, the automotive tire market share analysis (2014-2025), market dynamics, automotive tire market outlook, automotive tire market forecast, automotive tire market trends, Porters Five Forces Analysis (PFFA), industry segmentation, and company profiles. The data in the report is a result of a rigorous primary and secondary research. The automotive tire industry statistics and graphs provide further clarity to the information contained in the study. Knowing the market size helps market players, investors, and new entrants fully assess the opportunities and plan their approach and investments wisely. The market share analysis helps companies measure how well they are performing as compared to their competitors. The drivers and restraints of the industry assist in understanding the cause of the rise and fall of the automotive tire industry. To understand the competitive landscape of the market, the report provides an analysis of the Porters Five Forces model. The key players participating in the market along with their details such as recent developments, marketing strategies, profiles, and more help determine the growth opportunities in the automotive tire market. The study provides a historic market size from 2014 to 2017 along with a market forecast from 2018 to 2025 for every segment and region.
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