Anticipated increase in the tire production capacity, growing vehicle sales and expanding automobile fleet to propel global tire market over the next five years. A market research predicts that tire manufacturing worldwide will grow almost 4% per annum till 2022 and will be driven chiefly by growing demand, innovations in tire manufacturing, capacity expansion and lasting capital spending by tire producers.
Pune, MH -- (SBWIRE) -- 12/07/2017 -- The global Automotive Tire Market was valued at $42,712 million in 2014 and is likely to garner $68,965 million till 2025, according to Progressive Markets report, Automotive Tire Market Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025.
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The report provides a detailed analysis of the automotive tire market on a global basis. It discusses the key segments, market size and share, offers insights on current trends, explains the market landscape, competitive scenario, and outlines growth opportunities for the future. It also highlights the key players operating in the market. These insights are helpful for market players to gain profitability and investors to gain maximum returns on their investments. The report also helps determine strategies to be implemented to expand international market presence and gain a competitive edge in the overall industry.
An executive summary of the global automotive tire market is provided in the study to assist market players, stakeholders, new entrants, and investors assess the overall industry and take necessary steps to achieve growth in the years to come. Key findings outlined in the report assist market players to gain insights on the key winning strategies and identify the prolific investment pockets. Porters Five Forces model is offered in the study to help market players develop business strategies for the future and identify the level of competition in the industry. Bargaining power of suppliers, bargaining power of buyers, the threat of new entrants, the threat from substitutes, and industrial rivalry are the elements used to analyze the model.
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The market landscape of the global automotive tire market is provided in terms of the drivers and restraints. High demand for vehicles across the world, as well as the intense competition between the market players to produce greatly sustainable, highly durable and affordable tires, are supplementing the growth of the market. Moreover, the technological advancements in the manufacturing of tires are also propelling the growth of the automotive tire industry. On the other hand, the rise in retreading tires market in which tread is replaced by worn out tires may cause the market to slow down. In addition, the price fluctuation of raw materials such as natural rubber and reinforcing materials may impede the growth of the market.
The report offers a detailed segmentation of the global automotive tire market based on type, type of vehicle/application, and geography. Based on the type, the market is classified as radial tire and bias tire. The radial tire segment garnered $162,831 million in 2017 and is expected to grow at a CAGR of 5.08% during the forecast period, 2018-2025. By vehicle type/application, the market is divided into passenger car tire, Light Commercial Vehicle (LCV) tire, Heavy Commercial Vehicle (HCV) tire, and two-wheelers tire. The passenger car tire segment garnered $82,903 million in 2017 and is expected to grow at a CAGR of 5.08% during the forecast period. The LCV tire segment is anticipated to grow at a CAGR of 2.03% during the forecast period. Based on geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market study in North America covers the U.S., Canada, and Mexico. The market analysis in Europe covers Germany, Poland, Spain, Italy, Russia, UK, France, and other parts of Europe. The analysis in Asia-Pacific covers China, Indonesia, India, South Korea, New Zealand, Japan, Australia, and the rest of Asia-Pacific. The study in LAMEA covers Argentina, Saudi Arabia, Brazil, UAE, South Africa, Chile, and others.
The study offers a detailed analysis of the key market players active in the global automotive tire industry. A business overview of each player is provided to help investors determine investment feasibility and market players to identify strategies to be adopted for achieving growth. Moreover, financial & business segments and their recent developments are offered in the study. Key market players analyzed in the research include Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A, Michelin, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., and CEAT Ltd