Automotive Tire Market by Tire Type (Radial Tire, Bias Tire), Vehicle Type, End Consumers (OEM, Replacement/ Aftermarket), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026

Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global automotive tire market is expected to grow from USD 337.34 Billion in 2017 to USD 618.49 Billion by 2025 at a CAGR of 7.19% during the forecast period 2018-2025. Increase automotive sales worldwide, high competition among global tire manufacturers, the introduction of advanced technology in manufacturing process, increase in operating life of automobiles and focus on decreasing rolling resistance for better fuel economy are the factors fuelling the automotive tire market. The adoption of cutting edge innovation in the manufacturing procedure of tires so as to offer high product differentiation to the consumer leads for an elevated level of performance and durability, which is also likely to drive the growth of the market.

The automotive tire has wheel rim that externally protect tires as well as resist the tractive force between the road surface and vehicle. These tires are made of rubber and hence provide flexible cushion by reducing the vibrations and absorbing shock on the vehicle. The demand for tire has increased due to increasing demand for vehicles this has further supplemented the market growth of automotive tire. In addition, the high levels of performance and durability provided by new technologies such as low rolling resistance (LRR) and self-inflating technology has boosted the global automotive tire market.

The surging automotive sales worldwide, cut-throat competition among global tire manufacturers and increasing operating life of automobiles are the key driving factors for the automotive tire market. In addition, the introduction of advanced technology in the manufacturing process, and focus on decreasing rolling resistance for better fuel economy will lead to the growth of the automotive tire market in a couple of years. The fluctuating raw material prices and stringent government regulations across the globe may limit the growth of the market. However, improving the economy resulting in favorable conditions for the manufacturing sector, rising automobile sector, and demand for eco-friendly tires owing to stringent regulations is expected to boost the automotive tire market over the forecast period. Increasing the number of mandatory tests to be performed before commercial use of tires is the main challenge for the market.

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Key players operating in the global automotive tire market include Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A, Michelin Group, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., CEAT Ltd., Cooper Tire & Rubber Company, Toyo & Rubber Co. Ltd. and Hankook Co. Ltd among others. The Bridgestone Corporation, Continental, Goodyear Tire & Rubber, Michelin Group, Rubber Industries, Ltd., And & C. S.p.A are the top leading players of the market. To enhance their market position in the global automotive tire market market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

• For instance, in 2017, Pirelli and INFINITI, a car manufacturer company collaborates on INFINITI's "Project Black S”. The Pirelli to provide its bespoke tires to INFINITI.
• For instance, in January 2019, Bridgestone Corporation (Bridgestone) announced that its subsidiary Bridgestone Europe NV/SA, are into an agreement with TomTom to acquire TomTom Telematics, its digital fleet solutions business. This acquisition not only expand broad and leading portfolio of the organization but also adds core components to its tire and diversified products as a solution strategy which would help the company's evolving business domain.

Radial tire segment held the highest market share of 58.09% in 2018

The tire type segment covers radial tire and bias tire. The radial tire segment held highest market share of 58.09% in 2018 owing to benefits such as lower fuel consumption, less ground compaction, and damage, greater productivity, reduction in replacement and reduced machine maintenance costs.

The passenger car segment valued around USD 132.81 Billion in 2018

Vehicle type segment categorised into passenger car, light commercial vehicle, heavy commercial vehicle, and two wheeler. The passenger car segment valued around USD 132.81 Billion in 2018. The demand for passenger cars is mainly subjective to economic conditions dictated by fluctuation in exchange rates, GDP growth, inflation levels and changes in government policies.

Replacement/ aftermarket segment is expected to hold the largest share of 59.16% during the forecast period

End consumers segment includes OEM and replacement/ aftermarket. The replacement/ aftermarket segment is expected to hold the largest share of 59.16% during the forecast period owing to increasing replacement of tires in order to increased longevity age of the vehicle.

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Regional Segment Analysis of the Automotive tire Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific region held the largest market share of approximately 40.26% in 2018 where as the Europe region held the second dominant position in the global automotive tire market. Asia Pacific is fastest growing region due to the increasing automotive tire aftermarket sales, rapidly growing domestic consumption, increasing demand from the rural sector, and improving economy of most of the emerging countries in this region. Strong demand of automotive, demand of sport-utility vehicles, and presence of major players are factors that led to the growth of automotive tire market in Europe.

About the report:

The global automotive tire market is analysed on the basis of value (USD Billion), volume (K Units), consumption (K Units), imports (K Units) and exports (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

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