Rockville, MD -- (SBWIRE) -- 03/20/2018 -- A typical automotive tire is a rubber ring placed on rim of the wheel. Automotive tires provide traction to road vehicles, and also reduce road shocks. Automotive tires can be categorized on the basis of weather, terrain, performance, and rolling assistance. The primary function of automotive tires is to carry load of the vehicle, and minimize friction for maximum utilization of the vehicle's torque.
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China Remains Lucrative in the Global Automotive Tire Market
The dominance of China in the global automotive market can hardly be overstated. The country sells more automobiles than the U.S. and Japan combined and is a force to be reckoned with in the industry. Almost all the global players have a major presence in the country and it is vital to their future prospects. Pilot runs of new cars and R&D of emergent technologies are all carried out keeping China's requirements in mind and it will have a massive impact on the automotive tire market. China is anticipated to remain the most important automotive tire market for some time to come and global OEM's are advised to work in close collaboration with their partners and suppliers in the country. Largely due to China, the global automotive tire market should grow to over US$ 340 billion in 2022 from a value of slightly below US$ 270 billion in 2017 – recording a CAGR of 5.1%.
Bias Trumps Radial Segment in the Automotive Tire Market
The radial segment could have a revenue share of 8.2% of the automotive tire market in 2017 and be worth a multi-billion valuation. However, the bias segment is three-times larger and is forecasted to be a market of high valuations in 2017. With a low CAGR, the bias segment is likely to remain moderately dominant by the end of the forecast period. APEJ contributes to approx. half the bias and radial segments of the automotive tire market in 2017 and it is almost certainly projected to retain its commanding position.
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Two-wheelers and LCV to Drive the Automotive Tire Market
The LCV segment is estimated to be worth nearly US$90 billion by end 2022 while the two-wheeler market is poised to procure two third of this value by that year. Therefore, these segments of the automotive tire market are critical for key stakeholders to target and it would be safe to say that they are far more important than either the PC or M&HCV segment. Unsurprisingly, the fast-growing, populous APEJ region is the largest contributor to both these segments in the automotive tire market.
M&HCV and OTR Segments May Need Customized Approach
While two-wheelers and LCV are the bulk of the automotive tire market, the M&HCV can be overlooked entirely as it is assessed to grow with a sluggish CAGR. Even the OTR segment could represent a lucrative opportunity to provide customized products in the automotive tire market as it is assessed to grow to slightly over US$ 13 billion in 2022.
OEM Channel Much Larger than Aftermarket in Automotive Tire Market
The OEM channel is expected to create the largest incremental opportunity and it dwarfs the aftermarket channel that will only be one-fifth of the former's size at the end of the five-year study of the automotive tire market. APEJ represents a potentially high market opportunity in the OEM channel in 2017 and manufacturers are recommended to make their investment plans accordingly. The sales for automotive tires across aftermarket channels are also expected to witness influence from customization needs of vehicle owners.
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