Market Snapshot:
A rubber-covered circular vehicle component that covers the rim of the wheel from the outside is known as an automotive tyre. The fundamental function of the tyre is to protect the wheel rim while also providing tractive force between the vehicle and the road surface. It also acts as a flexible cushion, reducing the impact of vibrations and soaking the vehicle's shock although it is constructed of rubber. A rubber tyre is made composed of tread, jointless cap piles, beads, and other materials such synthetic rubber, carbon black, and fabric. Due to rising demand for vehicle production to match the jump in vehicle demand across all segments, tyre consumption is expanding at an exponential rate. As a result, tyre demand is ultimately determined by vehicle manufacture.
Highlights from Automotive Tyre Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The key Vendors profiled in the report are Bridgestone (Japan), Michelin (France), Goodyear (United States), Continental (Germany), MRF (India), Sumitomo (Japan), Nexen (South Korea), Pirelli (Italy), CEAT(India) and Apollo (India). Additionally, other players that are part of this comprehensive study are Hankook (South Korea), Yokohama (Japan), Giti (Singapore), Toyo (Japan), JK (India) and Cooper (United States).
Geographic Breakdown and Segment Analysis
The Global Automotive Tyre market presents a comprehensive analysis of the Automotive Tyre market by product type (Tube Tyre and Tubeless Tyre), by end-user/application (Passenger Vehicles and Commercial Vehicles), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Automotive Tyre industry. Investors and Vendors can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Automotive Tyre market
Analyst at AMA have segmented the market study of Global Automotive Tyre market by Type, Application and Region.
Influencing Trend:
High Adoption of Advanced Technology in Manufacturing Process Tyre
Market Growth Drivers:
Rising Automotive Sales across Different Segments
Challenges:
Issue Related to the Counterfeit Product of Tyres and Intense Competition between Tyre Manufacturers
Restraints:
Fluctuation In Prices Of Raw Material
Opportunities:
Growing Demand for Motorcycles and Car in Asian Pacific Countries and Increase in the Income of People, Will Witness an Increase in the Purchase of Motorcycles in Developing Regions
Market Developments Activities:
On 21 December 2021, The Goodyear Tire & Rubber Company announced the launch of the new ElectricDrive GT. Marking Goodyear’s first replacement tire in North America tuned for electric vehicles (EVs).The Goodyear ElectricDrive GT is an ultra-high performance, all-season tire that delivers long-lasting tread wear and a quiet ride for EV drivers and passengers, On 10 August 2021, Michelin, announced the launch of MICHELIN 295/ 80R22.5 X MULTIZ2, the latest addition to Michelin’s best-selling range of commercial vehicle tyres in India. Packed with latest technologies, this “Made in India” all-position tyre fitment for Regional and Highway bus operations offers market-leading safety features and mileage. and On 16 Number 2020, Goodyear’s Off-The-Road division is launching a new radial EV-3G tyre for industry applications, airports, in and around ports, intermodal platforms and other industrial job sites.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
Automotive Tyre, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others