According to a new
market report published by Transparency Market Research “AutomotiveTire Market - Global Industry Analysis, Size, Share, Growth, Trendsand Forecast 2015 - 2021,” the automotive tire market was valued at
USD 188.37 billion in 2014, which is expected to reach USD 298.15
billion by 2021, growing at a CAGR of 6.8% from 2015 to 2021.
The global tire
market is a fairly mature sector and will considerably grow during
the forecast period that is primarily driven by growth in passenger
and commercial vehicles, increasing level of tire radicalization and
global demand for green tires. Technologically modified green tires
are expected to witness high growth in the next few years compared to
old and outdated technology due to their advanced features such as
durability and better grip. Moreover, with the improving condition of
global economic growth is also driving the automotive
market.Globally, light commercial vehicle (LCV) segment is estimated
to be the second most attractive segment after two wheelers in the
automotive tire market.
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the full Automotive Tire Market Report @ :
Passenger vehicles
hold the largest market share as the key application segment in the
global automotive tire market in 2014. The passenger vehicles segment
is expected to witness robust growth in the next five years due to
high demand of passenger vehicles in some major regions such as
Europe and Asia Pacific. In developed nations, such the U.S.,France
and Germany passenger vehicles are most commonly used and due to high
per capita income,and change in consumer lifestyle, the demand of
this segment is growing significantly.
Geographically, Asia
Pacific is the largest segment in automotive tire market. Increasing
demand of vehicles in countries such as China, Japan, India and
Australia among others is supporting the growth of Asia Pacific
region. With the increasing demand for passenger vehicles and two
wheelers, the region is experiencing significant growth
Key players in the
automotive tire market are Bridgestone, Continental AG, Goodyear,
Michelin and. among others. The market has been segmented as follows:
Browse
the full Automotive Tire Market Press Release @ :
Automotive Tire
Market, by Types
- Radial tires
- Bias tires
Automotive Tire
Market, by Application
- Passenger vehicles
- Light commercial vehicles
- Heavy commercial vehicles
- Two wheelers
Automotive Tire
Market, by Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World
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