Global Automotive Tire Market Flourishes Relentlessly; Asserts MRFR Unleashing Industry Forecast Up To 2023

Pune, India, January 22, 2017/MRFR Press Release/- Market Research Future published a half Cooked research report on “Global Automotive Tire Market Research Report - Forecast to 2023”  – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023

Continental AG (Germany), Cooper & Rubber Company (U.S.), Hankook Co. Ltd. (South Korea), Goodyear & Rubber Company (U.S.), Michelin Group(France), Pirelli & C. S.p.A.(Italy), Sumitomo Rubber Industries, Ltd (Japan), Bridgestone Corporation (japan), Toyo Tire & Rubber Co., Ltd. (Japan) and Yokohama Rubber Co. Ltd.(Japan) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Automotive Tire Market.

Global Automotive Tire Market – Overview

The global automotive tire market is a very dynamic market and is expected to witness high growth over the forecast period. The market is driven by various factors such as growth in automotive industry in developing countries, Implementation of stringent vehicular emission & fuel economy norms, increase in production of vehicles and rising demand for radial tires. The automotive tire market has various restraints that hinder the market growth such as fluctuation in raw material cost and huge capital requirement to set up new manufacturing facility. The growing demand for eco-friendly tires with the increase in awareness for environment is also fuelling the demand of the automotive tire market.

Based on type, radial tires is expected to dominate the market. Radial tires are the tires made with the ply cords that extend, perpendicularly across and stretches from bead to bead. The tread area is also reinforced with a steel belt. These tires are wide and have solid construction, which provides better ride experience and a longer life. Radial tubeless tires have various advantages they run cooler, and enhances ride quality. They also come with rigid construction, longer tread life, wider footprint, and provide more traction between tire & road surface. The growth of radial tires is also being driven by the rise in application of radial tire in two wheelers, passenger cars and light commercial vehicles.

Global Automotive Tire Market – Competitive Analysis

The automotive tire industry is highly fragmented with the presence of multinationals across several nations. The continuous increase in entry of small & medium sized players into the industry is expected to increase the competition in the industry.  Key players invest heavily in Research and Development activities for developing advanced products such as tubeless tires to cater to the requirements of the automotive market. Companies are opting for Mergers and Acquisitions as a strategy for driving growth. Manufacturers are adopting advanced technologies such as low Rolling Resistance (LRR) and self-inflating technology due to the increasing awareness for fuel saving.

Industry/ Innovation/ Related News:

December, 2017- Bridgestone Corporation announced the launch of five new Battlax motorcycle tires which include the Battlax Sport Touring T31 for sport touring category, Battlax Adventure A41 for adventure category, Battlax Scooter Sc2 and Battlax Scooter Sc2 Rain for Scooter Category and Battlax Racing R11 for circuit racing category.

September 2017- Michelin introduced new tires for Select 2018 Harley-Davidson Softail Motorcycles. Using advanced modeling, engineers from both companies were able to work virtually across global research centers to co-design the tires and fine-tune them to exact specifications.

September, 2017- Toyo Tire & Rubber Co., Ltd. plans to expand the tire production capacity in the US and Malaysia. Toyo Tires plans to add new buildings and equipment to expand the production capacities of the U.S. tire plant and the Malaysia tire plant. 

Global Automotive Tire Market – Segmentation

The global automotive tire market can be segmented in to three key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Type - Radial, Bias/ Cross Ply

Segmentation by Section Width - <200 Mm, 200-230mm, <230mm

Segmentation by End Market – OEM’s, Aftermarket

Segmentation by Application– Passenger Cars, Commercial Vehicle

Segmentation by Regions: North America, Europe, APAC and Rest of the World.

Global Automotive Tire Market –

Regional Analysis

Asia-Pacific accounts for the largest market share in the automotive tires market owing to rise in automotive industry in countries such as China, Japan, and South Korea. The increase in the penetration level of passenger cars and two wheelers in the region, is boosting the demand for automotive tires. The increase in sales of the automobiles in the region can be attributed to factors such as increasing per capita income, increased infrastructure spending, attractive FDI from governments and economic production cost. Asia Pacific region has ample number of tire manufacturing plants due to huge rubber production, low labor cost and favorable government policies.

The European automotive tire market is one of the largest market in the world. The existence of large global tire manufacturers such as Michelin, Continental and Pirelli and other smaller players in the region, also drives the growth of the automotive tire industry in the region. Europe also has seen an influx of tire imports from Asia, majorly from countries such as China and India.

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