Global Automotive Tires Market to reach USD 575 billion by 2025.
Global Automotive Tires Market valued approximately USD 329 billion in 2016 is anticipated to grow with a healthy growth rate of more than 6.40% over the forecast period 2017-2025. The Global automotive tires market is influenced by several factors which impact the growth of the market.
High demand for replacement tires, increasing demand for two wheelers and commercial vehicles, higher demand for low rolling resistance tires, higher demand for SUVs, rising production of tires due to rising automotive industry, growth in the number of automobiles per capita ownership especially among middle class consumers, increasing research and technological developments to make tires more efficient in order to satisfy the rising demand for energy efficient and high quality tires, reduction in rubber prices and growing demand for passenger vehicles are few of the many influencers contributing to the growth of the global automotive tire market. Also, there are few factors which pose challenges to the growth of the global automotive tire market, such as, decline in export, incorrect government administration and strict regulations and fluctuations in the availability of raw material and their prices.
Emerging trends in the market such as the increased use of bio-oils in the manufacturing process of tires would help to boost the growth in the light of demand for ecological tire manufacturing process. Orange oils, extracted from orange peels, are used in the process to help reduce the amount of petroleum used in tires. In addition, the tire market has also witnessed an increase in R&D investments.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
o Passenger Car Radial
o Off the Road
o North America
o Asia Pacific
o Latin America
o Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
The industry is seeming to be fairly competitive. Some of the leading market players include Bridgestone Corporation, Pirelli & C.S.p.a., Michelin, The Goodyear Tyre & Rubber Co., Sumitomo Rubber Industries Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co.Ltd, JK Tyre & Industries Ltd, CEAT Ltd and so on. Acquisitions and effective mergers are some of the strategies adopted by the key manufacturers. New product launches and continuous technological innovations are the key strategies adopted by the major players.
Target Audience of the Global Automotive Tires Market in Market Study:
o Key Consulting Companies & Advisors
o Large, medium-sized, and small enterprises
o Venture capitalists
o Value-Added Resellers (VARs)
o Third-party knowledge providers
o Investment bankers
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