The global automotive tire market is estimated to grow rapidly owing to increasing automotive vehicle production and vehicle parc.
Valley Cottage, NY -- (SBWIRE) -- 07/26/2017 -- The automotive tires play a very important role in vehicle performance along with the vehicle engine. A tire should be fine enough to carry vehicle weight and pressure on any road with superior breaking performances. The manufacturers focus on enhancing the production and performance capabilities of tires to meet with the growing demands of OEMs as well as secondary market.The automotive tires market is expected to grow rapidly in the coming decades. The Asia-Pacific tire market is expected to contribute 1/4th of the total global market growth as the Asia-Pacific economies are growing rapidly and hence the transportation segment.The global automotive tire market is estimated to grow rapidly owing to increasing automotive vehicle production and vehicle parc.
When it comes to increasing demands for the automotive tires globally, tire manufacturers need to focus on availability of the raw materials primarily.Rubber, tire fillers (for tire fortification) and chemical supplements are the three main raw materials required for tire manufacturing and the smooth supply of the raw materials is an important aspect of the tire manufacturing process, as each of the above raw materials is an influential factor in tire manufacturing. There are two kinds of rubber used in tire manufacturing, Natural Rubber and Synthetic Rubber. Natural rubber is mainly produced and supplied from Asian countries such as India and China mostly, as the countries are having favourable climatic conditions for the growth of rubber plants whereas Synthetic Rubber is the produce of petroleum. The fluctuations in crude oil prices affect the production of synthetic rubber and as a result, it will increment the input costs in tire manufacturing.The main focus of the automotive tire manufacturers is always upon OEMs as they are the primary consumers of tires in terms of volume. Each OEM has some sanctioned tire manufacturers from whom they source tires. OEMs conduct some prompt sanctioning processes to sanction the vendor, which the tire manufacturers need to follow. The OEMs evaluate the vendors on the basis of quality of material, packaging, manufacturing and supply capabilities of tire manufacturers.
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Global Automotive Tires Market: Dynamics
The hike in automotive demand and production in recent years are estimated to be the key drivers of global automotive tires market. The large fleet size is expected to be replaced with new automotive tires, which in turn will spur the global demand for automotive tires.
Additional factors such as rapid global expansion, increasing demands for better durability & mileage, high quality production and growing demand for eco-friendly tires, are also estimated to fuel the demand for global automotive tires market.
Fluctuating prices of raw materials are expected to hamper the growth of global automotive tires market.
Global Automotive Tires Market: Segmentation
Following is the segmentation for the global automotive tires market:
The global automotive tires market segmented on the basis of seasons is as follows: winter, summer and all-season tires.
The global automotive tires market segmented on the basis of sales channel is as follows: OEMs and Aftermarket.
The global automotive tires market segmented on the basis of vehicle type is as follows: Passenger Car, LCV, and HCV.
The global automotive tires market segmented on the basis of type is as follows: Radial and Bias/Cross ply
The global automotive tires market segmented on the basis of sales channel is as follows: Original Equipment Manufacturers (OEM) and Aftermarket
Global Automotive Tires Market: Regional Outlook
Asia-Pacific Automotive Tires Market is estimated to grow rapidly over the forecast period owing to increasing automotive production and vehicle parc. In Asia Pacific region, India and China are the countries driving the growth owing to low production costs and growing demand for light and heavy vehicles. North America and Europe are matured markets in global automotive tires market.
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Global Automotive Tires: Market Participants
Examples of some of the market participants in the global automotive tires market identified are:
The Goodyear Tire & Rubber Company
Sumitomo Rubber Industries, Ltd.
Pirelli & C. S.p.A.
The Yokohama Rubber Company, Limited.
Hankook Tire Co., Ltd
Cheng Shin Rubber Industry Co.
Zhongce Rubber Group Co., Ltd
Cooper Tire & Rubber Company
Kumho Tire Co., Inc.
Toyo Tire & Rubber Co. Ltd.
Apollo Tyres Ltd.