The automotive tire market is estimated to experience significant growth opportunities in the upcoming years. This market growth is on the back of increasing demand for different vehicles. The automakers in the market provide innumerable models to diversify their company’s product portfolio.
SUV sales have contributed with 34% of the total sales of vehicles in China in 2017. The increasing demand for vehicles with sporty looks and high clearance has stimulated an evolution in the automotive tire market. Rising demand for SUVs is likely to bolster the tire market. Increasing penetration of luxury and premium vehicles is projected to fuel demand for low aspect or low profile ratio tires.
Rapid expansion in the economies of countries such as Brazil, India, and Mexico are bolstering sales of luxury vehicles. This leads to rising demand for low aspect or low profile ratio tires.
A wide range of rim size options is provided along with the vehicle models. Rising demand for individualization by the consumers and the growing diversification of tire sizes according to models have been anticipated to bolster growth opportunities in the automotive tire market.
As per the research report by Transparency Market Research, the automotive tire market is estimated to surpass a valuation of US$ 190 Bn. during the forecast period from 2019 to 2027.
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Winter Tire Segment Projected to Experience Significant Growth Opportunities with Enactment of Regulations
The automotive tire market has been bifurcated on the basis of region, sales channel, vehicle, season, tube, ply, material, aspect ratio, and rim size. Further, on the basis of season, the market is divide into winter tires and other seasons tire. Between these two types, the winter season tires are likely to expand at a significant rate during the forecast period. This market growth is anticipated with the enactment of various regulations in some European countries such as Norway, Latvia, Russia, and Iceland. These regulations have made it compulsory to fit winter tires during the respective season. Along with Europe, in some provinces of Canada, winter tires are compulsory when weather permits. Owing to these factors, the automotive tire market has been expected to experience significant growth opportunities in the North America and Europe region.
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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 2017, 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.
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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.
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