Albany, NY -- (SBWire) -- 10/08/2018 --The automotive tire plays a major role in aftermarket services owing to regular wear and tear. In addition, rising demand for vehicles such as SUVs and luxury cars, along with improvements in transport infrastructure is raising the distance being driven, which results in rising demand for replacement of automotive tires, and better growth for the global tire market.
Revenues from the tires market are estimated to grow at a modest CAGR of around 3.9% through 2026. Insights such as these have been extracted from the report titled "Tire Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026" added recently to the huge repository of Market Research Reports Search Engine (MRRSE).
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Certain countries such as Russia and Norway have made the use of winter tires mandatory in the winter season. Such regulations are anticipated to provide lucrative market opportunities for market players in these regions. In addition, the growing trend of shifting from bias ply to radial ply, particularly in the Asia Pacific and South America markets, are expected to give a significant boost to demand for radial tires for the foreseeable future.
The 18'' 21'' automotive tires are estimated to witness the highest growth rate owing to rapid rise in sales of SUV's and growing preference of vehicles with a higher rim size. Also, the 35-77 aspect ratio tires are also expected to see greater demand, which can be attributed to growing demand for premium vehicles, particularly in Europe and North America.
Tire Market: Report Summary
The report delivers a detailed analysis at a regional and global level & a detailed forecast on the tire industry, in terms of value (US$ Mn) and volume (Million Units), for the period of forecast 2018 to 2026. Vital dynamics, such as social, political, and economic factors impacting opportunities, development and demand for tires have been closely scrutinized in the report.
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An end-to-end value chain analysis on the tire industry has been offered in the report, and the Porter's Five Forces model has also effectively been used to help in better understanding about the competitive scenario among key market players. A complete market attractiveness analysis, where applications have accurately assessed on the basis of aspects such as their general attractiveness, market size, and growth rate, has also been added to the report.
Tire Market: Research Methodology
In-depth discussions and interviews have been carried out with a number of eminent industry experts and opinion leaders during the development of this report. Primary and secondary research methodologies have been used extensively, to extract reliable and relevant intelligence on the tire industry. Primary research comprises most of the research efforts, which has been further supplemented and validated by comprehensive secondary research.
Key market players in the tire industry have been thoroughly assessed, while important information has been taken from data sources such as press releases, annual reports, and other relevant documents to gain a better understanding of the market's competitor landscape and overall scenario. The research approach used here is regarded to be highly effective and successful in capturing actionable insights on the market data, unexplored business opportunities, and the industry participants.
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Global Tire Market Expected to Grow at a CAGR of 3.96% During 2018 - 2026
Automotive tires are pneumatic structures mounted on vehicle’s rims to transfer the vehicle drive to the ground. A tire is made of natural rubber, synthetic rubber, wire and fabric.