Tire Market for Automotive: Introduction
Automotive tires are pneumatic structures mounted on the vehicle’s rims to transfer the vehicle drive to the ground. A tire is made of natural rubber, synthetic rubber, wire, and fabric.
Key Drivers and Restraints of Global Tire Market for Automotive
Increase in demand for vehicles is expected to boost the tire market for automotive. Several automakers are offering numerous models in order to diversify their product portfolio. The vehicle models are offered with a variety of rim size options. Rise in demand for individualization by customers and diversification of tire sizes as per models are expected to boost the tire market for automotive.
In 2019, SUV sales contributed to 34% of total vehicle sales in China. Demand for high clearance and vehicle with sporty appearance has led to the evolution of the tire market toward higher rim sizes. Rise in global demand for SUVs is expected to boost the tire market for automotive. Increase in penetration of premium and luxury vehicles is fueling the demand for low profile or low aspect ratio tires.
Rapidly expanding economies of China, India, Mexico, and Brazil are boosting luxury vehicle sales, which in turn is fueling the demand for low profile or low aspect ratio tires
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Global Tire Market for Automotive: Segmentation
The global tire market for automotive has been segmented based on rim size, aspect ratio, material, ply, tube, season, vehicle, sales channel, and region
Based on rim size, the 18’’-21’’ rim size segment is anticipated to expand during the forecast period. In 2019, SUVs and crossovers accounted for 42% of vehicle sales in the U.S., and 26% of vehicle sales in Europe. Shift in passenger vehicle demand from sedans to SUVs is expected to propel the demand for 18’’-21’’ rim size tires.
In terms of season, the winter tire segment is expected to expand significantly during the period. Some countries in Europe such as Iceland, Russia, Latvia, and Norway have enacted regulations that make it mandatory to fit winter tires during winter. Countries in Europe that experience mild winters and in some provinces of Canada, winter tires are mandatory when the weather permits. Therefore, Europe and North America are highly lucrative markets for winter tires and the market in these regions is estimated to expand at a steady pace during the forecast period.
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Global Tire Market for Automotive: Regional Segmentation
Based on region, the global tire market for automotive can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
Asia Pacific region led the global tire market for automotive in 2018. It is anticipated to hold a dominant share of the global market during the forecast period. Expansion of automotive industry in China, India and South Korea has been instrumental in boosting the share held by Asia Pacific in the global market.
Key Developments
In 2018, Bridgestone Corporation developed a polymer using advanced synthetic technology. The new developed material, called high strength rubber (HSR), boosts durability and abrasion resistance; consequently, desired level of performance can be achieved while thus by utilizing HSR as tire material.
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Key Players Operating in Global Tire Market for Automotive:
Bridgestone Corporation
Continental AG
The Goodyear Tire & Rubber Company
Pirelli & C.S.p.A.
Michelin AG
CEAT Ltd.
Cooper Tire & Rubber Co., Ltd.
Sumitomo Rubber Industries, Ltd.
Toyo Tire & Rubber Co., Ltd.
Global Tire Market for Automotive: Research Scope
Global Tire Market for Automotive, by Rim Size
12’’-17’’
18’’-21’’
>22’’
Global Tire Market for Automotive, by Aspect Ratio
35-55
60-70
75-85
Global Tire Market for Automotive, by Material
Natural Rubber
Synthetic Rubber
Global Tire Market for Automotive, by Ply
Radial
Bias
Global Tire Market for Automotive, by Tube
Tubed Tire
Tubeless Tire
Global Tire Market for Automotive, by Season
Winter Tire
All Season Tire
Global Tire Market for Automotive, by Vehicle Type
Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
Global Tire Market for Automotive, by Sales Channel
OEM
Aftermarket
Global Tire Market for Automotive, by Region
North America
Europe
Asia
Middle East & Africa
Latin America