About Automotive Tires-
The automotive tire is the ring-shaped vehicle component made of rubber that is used to cover the wheel’s rim externally. The major function of the tire is to protect the wheel rim and transfer a vehicle's load from the axle through the wheel to the ground. It offers traction on the surface over which the wheel travels. Since it is manufactured from rubber which includes nylon, rayon, and steel-belted material, it also provides a flexible cushion, thereby reducing the impact of the vibrations and absorbing the shock of the vehicle. Rubber tire consists of tread beads, joint-less cap piles, and other materials. The rise in the demand for vehicles is the major factor that boosts the growth of the market in the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 2.9% |
The Automotive Tires market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focused on the production technologies, efficiency enhancement, and product life. There is various growth opportunity in this market by providing high-performance and smart tires which is captured by leading players via tracking the ongoing process enhancement and huge investment in market growth strategies. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Automotive Tires- market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Bridgestone Corporation (Japan), Goodyear Tire & Rubber Company (United States), Continental AG (Germany), Michelin (France), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd (India), Pirelli & C. S.p.A (Italy), Bridgestone Corporation (Japan), Zhongce Rubber Group Co., Ltd. (China), CEAT Limited (India), Hankook & Company Co., Ltd. (South Korea) and JK Tyre & INDUSTRIES LTD. (India) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are MRF Limited (India), Nokian Tyres PLC (Finland), The Yokohama Rubber Co., Ltd. (Japan) and Triangle Tire Co., Ltd., (China).
Segmentation Overview
AMA Research has segmented the market of Global Automotive Tires- market by Type (Radial and Bias) and Region.
On the basis of geography, the market of Automotive Tires- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Vehicle, the sub-segment i.e. Passenger Vehicle will boost the Automotive Tires- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Carcass Materials , the sub-segment i.e. Nylon will boost the Automotive Tires- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Type, the sub-segment i.e. Radial will boost the Automotive Tires- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Rim Size, the sub-segment i.e. Less Than 15 Inches will boost the Automotive Tires- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. OEM will boost the Automotive Tires- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Season, the sub-segment i.e. Winter will boost the Automotive Tires- market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing demand for Retreading of Light Commercial Vehicle (LCV) tires
Market Growth Drivers:
The Rising Demand for Commercial and passenger vehicles and Rising Growth in sales of sports utility vehicles (SUVs), crossover utility vehicles (CUVs), and pick-up trucks
Challenges:
Slowdowns in Automotive Sectors
Restraints:
Increasing Concerns towards safety and maintenance and Variation in raw material price
Opportunities:
Increasing demand for the high-performance tires
Market Leaders and their expansionary development strategies
In June 2021, Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company, closing a merger agreement disclosed on February 22nd. This combination unites two major tire companies with complementary product portfolios, services, and capabilities to create a stronger US-based leader. In the global tire industry, the combined companies have made it easier for customers and consumers to choose Goodyear and Cooper branded tires by providing more options across the value spectrum.
In December 2021 - Nokian Tyres plc Company announced the launch of new non-studded NOKIAN TYRES Hakkapeliitta(R) R5. The main features of these tires offer unprecedented ice grip, silence, and eco-friendly mobility for the winter. and According to the "2020 Domestic Demand for Automobile Tires" released by the Japan Automobile Tyre Manufacturers Association (JATMA), the sales of new automobile tires for vehicles in 2020 were 36,439,000 down, a 17% decrease year-to-year.
Key Target Audience
Automotive Parts Manufacturers, Automotive Parts Raw Material Suppliers, Automotive Parts Traders/Distributors, Automotive Parts Importer/Exporter, Industry Associations, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.