According to a
recent market research report published by Transparency Market
Research, the global automotive tire market is estimated to
expand at a CAGR of 6.8% during the period from 2015 to 2021. The
report, titled “Automotive
Tire Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015 - 2021,” projects the global
automotive tire market to reach a valuation of US$298.15 bn by 2021.
The overall market was worth US$188.37 bn in 2014.
Though the global
automotive tire market is a mature market, it still has the potential
for robust growth over the next few years. In the aftermath of global
economic recession, the market had witnessed a significant decline.
However, in the last couple of years, the automotive industry has
been picking up pace and in turn, has boosted the demand for tires.
Introduction of technologically modified green tires is fuelling the
growth of the global automotive tire market owing to their advanced
features such as better grip and durability.
The report states
that the rise in commercial and passenger vehicles has fuelled the
demand from the global automotive tire market. Rapid advancements in
technology and the growing demand for ecologically viable tires have
further augmented the growth of the market. During the forecast
period, the demand for luxury and sports utility vehicles, coupled
with growing focus on consumer safety and stringent government
regulations, is expected to play an important role in the expansion
of the market.
On the basis of
types of tire, the report broadly categorizes the global automotive
tire market into bias tires and radial tires. Advancements in
technology have propelled the demand for radial tires and this
product segment holds the majority of the market.
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In terms of
application, the report segments the global automotive tire market
into light commercial vehicles, passenger vehicles, two wheelers, and
heavy commercial vehicles. In 2014, passenger vehicles dominated the
overall market. This application is anticipated to register robust
growth during the forecast period owing to the high demand for
passenger vehicles across Asia Pacific and Europe. In countries such
as the U.S., Germany, and France, passenger vehicles are most
commonly used. High per capita income and changing lifestyle are
expected to propel the demand for passenger vehicles in these
countries.
The report studies
the global automotive tire market across four key regions: Asia
Pacific, North America, Europe, and Rest of the World. Asia Pacific
has been the largest market for automotive tire due to growing demand
for vehicles across countries including China, India, Japan, and
Australia. Rapid growth of two wheelers and passenger vehicles has
also augmented the growth of the market in this region.
Describing the
competitive landscape, the report profiles some of the Key
Players in the global automotive
tire market such as Goodyear, Bridgestone, Continental, Michelin,
Pirelli, Yokohama, and MRF Tyre. Detailed information about the key
players including their company overview, product portfolio,
financial overview, revenue, geographical presence, business
strategies, and recent developments have has been included in the
report.
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