Global automotive tire market was valued at USD 188.37 billion in 2014, which is expected to reach USD 298.15 billion by 2021, growing at a CAGR of 6.8% from 2015 to 2021
Albany, NY -- (SBWIRE) -- 05/09/2018 -- The intense rivalry between Bridgestone, Continental, Goodyear, Pirelli, MRF Tyre, Michelin, and Yokohama characterizes the competitive landscape of the global automotive tire market states a new report by Transparency Market Research (TMR). The market demonstrates an extremely concentrated structure and the scenario is anticipated to remain so over the forthcoming years.
Technological advancements is the main parameter, on which, the leading vendors of automotive tires are competing with each other. Over the years to come, a shift in the focus of these companies towards mergers, acquisitions, and collaborations can be seen, notes the research study.
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As per TMR, the overall opportunity in the worldwide market for automotive tire was US$188.3 bn in 2014. Researchers estimate the rise of the global market at a CAGR of 6.80% over the period from 2015 to 2021, reaching US$298.1 bn by the end of the period of the forecast. Currently, radial tires enjoy a strong demand across the world and is anticipated to remain witnessing high demand in the near future, states the report.
Passenger Cars to Remain High on Demand
The research report identifies light commercial vehicles, heavy commercial vehicles, passenger cars, and motor bikes as the key application areas of automotive tires. Thanks to the increasing production of passenger cars, the demand for automotive tires is significantly high in this segment. Researchers project the trend to continue in the near future with the soaring demand for passenger vehicles in Europe and Asia Pacific.
The report also offers a regional analysis of the worldwide market for automotive tires, in which, it has bifurcated the global market into Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). In 2014, Asia Pacific led the overall market for automotive tires with a total value of US$81.4 bn. The regional market is projected to retain its position throughout the forecast period, owing to the increasing demand for luxury vehicles, fueled by the augmenting disposable income of consumers. Apart from this, the rising investment in the market for automotive tire in Asia Pacific for extensive research and development is also projected to boost this regional market in the near future.
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Continual Expansion in Automotive Industry to Boost Demand for Automotive Tire
"The significant rise of the automotive industry in the global arena is the main factor behind the substantial growth of the global market for automotive tire," says an analyst at TMR. The continuous increase in the disposable incomes of the average consumer across a number of developing countries has enabled them to spend on luxury items, of which automobiles hold the leading position. This, resultantly, is reflecting on the sales of auto parts, including automotive tires, leading to a remarkable growth in this market.
Overall, the future of this market looks impressive; however, the high cost of raw materials may result in slow production, leading to a slowdown in the market over the next few years, states the research report.