The Asia Pacific automotive tire market was valued at USD 81.49 billion in 2014, and is expected to be the fastest growing automotive tire market in the coming years.
Albany, NY -- (SBWIRE) -- 01/05/2016 -- This market research study analyzes the Automotive Tire System Market on a global level, and provides estimates in terms of revenue (USD billion) from 2015 to 2021. It identifies the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the next few years.
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Tire is a ring shaped vehicle component that covers the wheel rim to enable better vehicle performance. Out of two types, radial tires are being commonly used in passenger vehicle, light commercial vehicle and heavy commercial vehicle whereas bias tires are being used in two wheelers segment. Currently, system integrators and OEM's are heavily investing in R&D for manufacturing of cheaper and technologically improved tires. Global players like Continental, Bridgestone are investing approximately 4.5 % of their total sales. The tires come in different sizes and shapes depending on the vehicle requirements.
The global automotive tire market is segmented by region into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). The increasing production of vehicles along with improving economic conditions is set to bolster the growth of the global automotive tire market. Moreover, with the economic growth in the developing region, GDP gains and increased rate of car production in developed countries in APAC and RoW poised the growth of the market. India, China and Japan are the major contributors for the growth of automotive tire market in Asia Pacific. Several system integrators and OEMs are increasing penetration in Asia-pacific to supply the considerable demand for vehicles in the region. Europe is estimated to be the second largest market for tires, owing to the increased production of vehicles and presence of some major car manufacturers in the region. In addition, the report segments the market based on types which includes Radial Tire and Bias Tire. All these segments have also been estimated on the basis of geography in terms of revenue (USD billion).
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This report provides strategic analysis of the global automotive tire market, and the growth forecast for the period 2015 to 2021. The span of the report includes competitive analysis of various market segments based on the types, module and in-depth cross sectional analysis of the automotive tires market across different geographic segments. To support the strategic decision making, the report also includes profiling of leading players in the industry, their market share and various strategies adopted by them. The value chain and market attractiveness analysis included in the report provide insight into market dynamics and industry competition.
The report also provides company market share analysis of the various industry participants with company overview, financial overview, business strategies, and recent developments in the field of Automotive Tire market. Major market participants profiled in this report include Bridgestone, Michelin, Goodyear, Pirelli, Continental, and among others. 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 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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