Automotive Tire Market to Reach USD 374.22 Billion by 2024
by Susan Hill Business ConsultantThe global automotive tire market size is expected to reach USD 374.22
billion by 2024 according to a new report by Grand View Research, Inc.
Increasing automotive sales especially in countries such as China, India,
Japan, and South Korea is anticipated to favorably impact the global automotive
tire market over the forecast period. This growth can be attributed to rising
disposable income and improvement in the overall lifestyle of consumers.
Technological proliferation and the development of the innovative and
environment-friendly green tires have opened up broad growth avenues for the
industry participants. Moreover, increasing radial tire up gradation activities
owing to its benefits such lesser vibrations, reduced fuel consumption and
extended tire life due to less heat generated has favorably impacted the
industry growth.
However, stringent emission norms by governments and regulatory
authorities worldwide are expected to challenge demand. For example, on
September 1, 2010, the California Air Resources Board’s (ARB’s) Tire Pressure
Regulation was formulated to reduce greenhouse gas emissions from vehicles
operating with underneath inflated tires by inflating them to the suggested
pressure rating.
Further key findings from the report suggest:
- Two wheelers segment is anticipated to grow at CAGR of over 7.5%
from 2016-2024. Increasing demand for two-wheelers across the developing
countries such as India and China will contribute to the segment growth.
- Increasing manufacturing and infrastructure building activities have
spurred the sales of light commercial vehicles (LCV). Growing number of
LCVs in Europe has led EU regulatory bodies and OEMs to enhance and
improve the safety aspects of LCVs. The passenger car segment dominated
the industry with over 40% revenue share in 2015 owing to the increasing
advancements and innovations such as Plug-in cars.
- The tire industry has witnessed a remarkable shift from the
traditional to the technically advanced radial products. Radialisation of
the truck tire market is anticipated to fuel the demand over the forecast
period. In 2012, manufacturers in China produced over 50% of the global
radial truck tires industry.
- Stringent government guidelines worldwide are expected to regulate
the global automotive tire market over the coming years. Asia Pacific
dominated the industry contributing to over 40% of the global revenue in
2015. The presence of several prominent automobile manufacturers and
ancillaries in the region is expected to generate high demand over the forecast
period.
- Key industry participants include Bridgestone, Continental,
Goodyear, Michelin, Pirelli and Sumitomo. Manufacturers are gradually
adopting innovative production techniques to gain a competitive advantage
over others. Vendors are now adopting modern supply chain and distribution
strategies such as e-commerce and retail chains to reach efficiently the
end-user apart from the conventional supply to automobile assemblers and
aftermarket industry.
Access full
research report on global automotive tire market:
www.grandviewresearch.com/industry-analysis/automotive-tire-market
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Created on Apr 20th 2020 14:28. Viewed 406 times.