Fior Markets launched a study titled “Automotive Tire Market by Tire Type (Radial Tire, Bias Tire), Vehicle Type, End Consumers (OEM, Replacement/ Aftermarket),Region” and Global Forecast 2019-2026.
The global automotive tire market is expected to grow from USD 337.34 billion in 2018 to USD 618.49 billion by 2026 at a CAGR of 7.19% during the forecast period from 2019-2026. Increase automotive sales worldwide, high competition among global tire manufacturers, increase in operating life of automobiles, introduction of advanced technology in manufacturing process, and focus on decreasing rolling resistance for better fuel economyare the dynamics driving the demand of the market.
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Radial tire segmentheld highest market share of 58.09%in 2018
Tire type segment covers radial tire and bias tire. The radial tire segment held highest market share of 58.09% in 2018owing to benefits such as lower fuel consumption, less ground compaction, and damage, greater productivity, reduction in replacement and reduced machine maintenance costs.
The passenger car segment valued around USD 132.81 Billion in 2018
Vehicle type segment categorised into passenger car, light commercial vehicle, heavy commercial vehicle, and two wheeler. The passenger car segment valued around USD 132.81 Billion in 2018. The demand for passenger cars is mainly subjective to economic conditions dictated by fluctuation in exchange rates, GDP growth, inflation levels and changes in government policies.
Replacement/ aftermarket segment is expected to hold the largest share of 59.16% during the forecastperiod
End consumers segment includes OEM and replacement/ aftermarket. The replacement/ aftermarket segment is expected to hold the largest share of 59.16% during the forecast period owing to increasing replacement of tires in order to increased longevity age of the vehicle.
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Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. AsiaPacificregion dominated theglobal automotive tire market with market size around USD 135.81 Billion in 2018.Asia Pacific is fastest growing region due to the increasing automotive tire aftermarket sales, rapidly growing domestic consumption, increasing demand from the rural sector, and improving economy of most of the emerging countries in this region.
The major players of market include are Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A, Michelin Group, The Goodyear Tire & Rubber Co., Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., CEAT Ltd., Cooper Tire & Rubber Company, Toyo & Rubber Co. Ltd., Hankook Co. Ltd., and others. The Bridgestone Corporation, Continental, Goodyear Tire & Rubber, Michelin Group, Rubber Industries, Ltd., And & C. S.p.A are the top leading players of the market. For instance, in 2017, Pirelli and INFINITI, a car manufacturer company collaborates on INFINITI’s “Project Black S”. The Pirelli to provide its bespoke tires to INFINITI.
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