The global automotive tire market accounted for US$ 233.15 Bn in 2017 and is expected to grow at a CAGR of 3.8% over the forecast period 2018–2025, to account for US$ 306.44 Bn in 2025.
The demand for automotive tire is largely influenced by an escalating demand for vehicle productions; and supportive government regulations related to the production of tires worldwide.Furthermore, the governments of the developed economies such as the US, Canada, the UK, and Germany have undertaken different initiatives to propel the growth of automotive tore in through establishing new assembly centers, development centers.
However, among the developing countries such as Vietnam, India, Pakistan, South Africa, and others the aftermarket is growing but not with greater percentage provides a potential opportunity for the automotive tire market.
The automotive tire market is fragmented with the presence of several automotive manufacturers and the competitive dynamics in the automotive tire market is expected to change during the upcoming years.The heavy commercial vehicles are in huge demand worldwide owing to the inter-country and intra-country transportation and logistics.
The US, Canada, and Mexico have a pact, NAFTA (North America Free Trade Agreement) which enables the manufacturers and producers to transport within the states as well as cross borders easily.This agreement has increased the procurement and fleet size of trucks, trailers and other heavy commercial vehicles in the North America region.
Pertaining to this fact, the vehicle manufacturers are installing advanced technology tires on these vehicles with an objective to increase the tire tread life, tire lifespan, and vehicle safety. Owing to the increase in the transportation and logistics sector among the countries globally will create significant opportunities for the companies to leverage an increasing growing automotive tire market.
On the basis of distribution channels, aftermarket segment is the leading is anticipated to continue its dominance in the automotive tire market.The demand for replacement of vehicle tires over a period of time is the increasing disposable income among the vehicle users.
The rising disposable income has led the mass to invest in newer and technologically advanced vehicular components.In addition, the automotive consumers are more focused enhancing fuel efficiency of their existing vehicles, and with an objective to do so, the consumers are increasingly procuring technologically advanced tires, thereby projecting a healthy growth rate of automotive tire aftermarket.
The tire manufacturers are also offering their tires through online distribution channel & outlets, by their own website or by collaborating with other e-commerce websites, to facilitate the consumers to procure and install desired tires from their location.
The overall automotive tire market size has been derived using both primary and secondary source.The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the automotive tire market.
It also provides the overview and forecast for the global automotive tire market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the automotive tire market.
Reasons to Buy Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global automotive tire market - Highlights key business priorities in order to assist companies to realign their business strategies. - The key findings and recommendations highlight crucial progressive industry trends in the global automotive tire market, thereby allowing players across the value chain to develop effective long-term strategies. - Develop/modify business expansion plans by using substantial growth offering developed and emerging markets. - Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it. - Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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