Albany, NY -- (SBWIRE) -- 01/22/2018 -- The automotive segment is one of the booming sectors presently and it is expected to grow significantly in the next few years prioritizing more on customer safety and comfort. With the gradual decrease of recession, the automotive sector has witnessed a strong positive growth. The tire industry is also been noticing a steady improvement in the automotive sector. Product innovation is one of the essential strategies implemented by the companies to sustain in the global market. In order to do so, the leading players in the automotive tire market are investing heavily on a continued basis on research and development activities. Green tires with high durability and energy efficiency are being largely demanded by the consumers and automobile manufacturers.
Therefore, there has been increasing efforts by the automotive tire manufacturers to meet such demands by bringing innovation in their products. In the dynamic business environment where numerous technological advancements are taking place each day, it is necessary for the automotive tire companies to align its strategies with the technological shifts. Presently, self inflating tire and low rolling resistance technologies are becoming very popular. Such advancements are expected to take the tire market to a new level. In the automotive tire market, it is essential for all companies to adhere to the safety standards and regulations set up by governments of respective countries. Superior quality of products ensures long term business profitability through customer satisfaction. Adherence to the quality standards also creates goodwill and a positive brand image of the company.
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Based on the type of tire safety systems, the market is segmented into two types: radial tire and bias tire. Due to advancements in technology, the market for radial tires is growing significantly. Based on applications of tire, the market is segmented in passenger cars, light commercial vehicle, heavy commercial vehicle and two wheelers. Radial tires dominated the automotive tire market. High penetration of radial tires in passenger cars, light commercial vehicle and heavy commercial vehicle boosted the market of radial tires.
Asia pacific accounted for the largest market share in 2014, which is expected to lure heavy investment and at the same time high end research is expected to be carried out in the field of tires. In addition, improving lifestyles, and luxury vehicle demand and changing buyer's preferences have ensured its dominance. Tire industry is facing some intense competition from the China and South East Asian countries in tire exports. Passenger cars dominated the automotive tire market. High penetration of passenger cars in countries such as India, China, Russia and the U.S is expected to drive the demand for passenger cars, globally. Passenger car tires have highest penetration rate in Asia Pacific in 2014.
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Due to the rise in production of passenger vehicles and increase in the purchasing power of consumers, the passenger vehicle segment is expected to witness huge growth during the forecast period from 2015 to 2021 .The U.S. and China are the leading markets in this segment.
The global demand for luxury cars and sports utility vehicle are expected to drive the growth of automotive tire market, further. In addition, massive urbanization in some of the developing countries, strong replacement demand, moderate share of financed purchase and favorable demographic profile are set to provide provides a huge scope and opportunity for the two-wheelers segment. Moreover, increasing focus on consumer safety and stringent government regulations coupled with reliability and cost-effectiveness of the technology are other factors driving this market. The rise in economic prosperity, GDP gains and increased rate of car production in developing countries of Asia Pacific and Rest of the World (RoW) are poised to uplift the automotive tire market in the aforementioned regions.
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Major industry participants include Bridgestone, Goodyear, Continental AG, Pirelli, Michelin and among others.