The automotive tire market has witnessed a surge in the introduction of highly advanced and technologically improved tires. Radial tires accounted for the maximum market share in the forecast period as it offers better grip on the road.
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The global automotive tire market is expected to reach $306 billion by 2022, according to a new report published by Allied Market Research. Asia-Pacific accounted for approximately 43% share of the automotive tire market in 2015 and is expected to continue to dominate during the analysis period.
Increase in sales of automotive vehicles, rise in competition among tire manufacturers, enhancement of manufacturing processes, and increase in operating life of automobiles fuel the automotive tire market. However, growing market of retreading tires, and fluctuation in cost of raw materials could restrict the growth of this market.
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Moreover, rise in sales of automobiles across the globe is expected to unfold various opportunities for the key players.
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By type, the tire market is further bifurcated into radial tire and bias tire. The radial tire segment generated the maximum revenue in 2015 and is expected to grow at a faster rate.
However, the bias tire segment is anticipated to garner the highest CAGR of 7.9% during the analysis period.
By vehicle type, the automotive tire market includes two wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger car tire is the fastest growing segment of tire market, globally; and is projected to garner a CAGR of 7.6% during the forecast period.
However, the two wheeler segment is estimated to garner the highest CAGR of 7.8%. Asia-Pacific accounted for the largest revenue share in 2015, occupying a market share of around 42% and is expected to grow at a CAGR of 7.4%.
Key Findings of Automotive Tire Market
- In 2015, passenger cars segment generated a revenue of $79 billion, and is expected grow at a CAGR of 7.6% and maintain its dominant position throughout forecast period.
- In 2015, radial tire segment generated the maximum revenue of $145 billion and is expected to maintain its dominant position throughout the forecast period.
- Bias tire segment is anticipated to witness the highest growth rate, at a CAGR of 7.9%.
- In 2015, Asia-Pacific dominated the automotive tire market, generating revenue of $78 billion.
The key players profiled in the automotive tire market include Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A, Michelin, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., and CEAT Ltd.
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