- New and improved technologies are driving the global automotive tire market.
- More consumers prefer to buy tires online, which is also growing the market.
- The APEJ region is poised to lead the market throughout the forecast period.
The global automotive tire market is estimated to witness huge growth across key regions, such as North America, Asia Pacific excluding Japan (APEJ), Eastern Europe, Western Europe, Japan, and Middle East and Africa (MEA) over the forecast period (2017-2027).
The developing technology which is positively affecting to change future scenario of tires, rising mergers and acquisitions with the motive of growth of retail network, rising use of tire pressure monitoring systems (TPMS) thereby increasing awareness of tires and its functionality among consumers are some key factors that are boosting growth of the market. Increasing preference of consumers to buy tires through online channels and trend of switching to green tires as an environment friendly option and reduction in selling price of small tires are some other factors positively influencing growth of the automotive tire market.
Global automotive tire market is anticipated to witness high expansion at single-digit CAGR and estimated to reach nearly $650 billion by the end of 2027.
Based on vehicle type, passenger car segment is projected to remain most lucrative in the global automotive tire market. The segment is estimated to ride on high CAGR of 7 % over the forecast period. Commercial vehicle segment is poised to expand at high single-digit CAGR over the forecast period. The light commercial vehicle segment is estimated to exhibit high growth, securing a valuation more than 100 Bn by 2027-end.
Radial tire segment by tire structure is estimated to reach over $550 billion, witnessing expansion at robust growth rate over the forecast period.
Based on sales channels, OEM segment exhibits high CAGR of single-digit. However, aftermarket segment is poised to reflect high market value throughout the forecast period.
Geographically, Asia Pacific excluding Japan (APEJ) and Western Europe are anticipated to expand at similar growth rates. In terms of revenue share, APEJ is poised to lead the market throughout the forecast period and the market is estimated to secure nearly $195 billion over the assessment period.
Various companies operating in automotive tire market have been profiled in the market research report. Nexen Tire America Inc., Continental AG, Michelin, Titan Tire Corporation, Madras Rubber Factory Limited, Goodyear Tire And Rubber Company, Cooper Tire and Rubber Company, Yokohama Rubber Company, Limited, Shandong Linglong Tyre, Hankook Tire, Apollo Tyres Ltd, Cheng Shin Rubber Industries, Trelleborg AB, Toyo Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Kumho Tire Co. Inc., Sailun Tires Ltd, Nokian Renkaat Ojy, Pirelli & C. S.P.A, and Bridgestone Corp. are some leading player operating in the market.