Transparency Market
Research (TMR) has recently published a research study on the Global
Automotive
Tire
Market,
estimating the market to expand at a CAGR of 6.80% during the period
from 2015 to 2021 and reach a market value of 298.1 bn by the end of
the forecast period.The research report, titled “Automotive
Tire Market - Global Industry Analysis, Size, Share, Growth, Trends
and Forecast 2015 - 2021’, states that worldwide automotive
tire market stood at US$188.3 bn in 2014.
The rise of the
global automotive tire market is directly proportional to the
development of the automotive sector in the global arena. The
increase in disposable income of the average consumer in many
countries is augmenting the purchasing capacity of consumers across
the world, driving their interest towards luxury items such as
automobiles. With the rising demand for automobiles, the demand for
auto parts is witnessing a high rate of growth at present.
According to the
market report, the global automotive tire market has been classified
on the basis of the type of tire and their application. Based on
type, bias tires and radial tires are the two main segments of the
worldwide market for automotive tires. The radial tire segment is
reporting robust growth at present owing to ongoing technical
development.The report identifies heavy commercial vehicles, light
commercial vehicles, passenger cars, and two wheelers as the major
application areas for automotive tires. Passenger vehicles emerged as
the biggest consumers of automotive tires in 2014. Analysts expect
this hierarchy to continue throughout the forecast period. The
soaring demand for passenger vehicles from Asia Pacific and Europe is
the main reason for the extensive growth of this market segment.
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PDF file of Automotive Tire Market :
As per the report,
Asia Pacific, Europe, North America, and Rest of the World are the
key regional markets for automotive tires across the world. Asia
Pacific, among these, led the global market for automotive tires in
2014 with an overall value of US$81.4 bn. The regional market is
likely to maintain its dominance as well as register the fastest
growth over the forecast period. The rising demand for luxury
vehicles, triggered by the increase in disposable incomes, has
stimulated the growth of this market extensively in recent times.
Analysts at TMR
expect the rise in the investment in the Asia Pacific automotive tire
market for high-end research and development to be a major catalyst
for exceptional growth during the forecast period.The Europe and
North America markets for automotive tires are also expected to post
high growth rates, on account of the high demand for luxury vehicles
from the U.S., Germany, and France. The economic prosperity of
consumers in these regions is adding significantly to the market’s
growth in these regions.The global automotive tire market is highly
concentrated and is led by a few established players including
Goodyear, Bridgestone, MRF Tyre, Yokohama, Pirelli, Michelin, and
Continental, states the research report.
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Transparency Market
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