The 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.
Browse full research report on Automotive
Tire Market: https://www.grandviewresearch.com/industry-analysis/automotive-tire-market
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.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/automotive-tire-market/request/rs1
Grand
View Research has segmented the global automotive tire market on the basis of
application, type and region:
Automotive Tire
Application Outlook (Revenue, USD Billion, 2014 - 2024)
- Passenger cars
- LCV
- HCV
- Two wheelers
Automotive Tire
Type Outlook (Revenue, USD Billion, 2014 - 2024)
- Radial
- Bias
Automotive Tire
Regional Outlook (USD Billion, 2014 - 2024)
- North America
- Europe
- Asia Pacific
- RoW
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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