According to a new market report published by Lucintel, the future of the global automotive tire market looks promising with opportunities in the passenger car and light commercial vehicle. The global automotive tire market is expected to reach an estimated $257.5 billion by 2021 and it is forecast to grow at a CAGR of 4.6% from 2016 to 2021. The major drivers of growth for this market are increasing vehicle production, increasing demand for less rolling resistance tires led by stringent government regulations, increasing average age of vehicles in operation, and growing demand for green tires.
In this market, passenger car, light commercial vehicle, and heavy commercial vehicle are the market segments by vehicle type. On the basis of end user, the market is segmented into OEMs and aftermarket. The report also categorizes the market by tire type, which includes bias and radial tires. Based on its comprehensive research, Lucintel forecasts that the OEMs and heavy commercial vehicle segments are expected to show above average growth during the forecast period.
Within the global automotive tire market, the aftermarket segment is expected to remain the largest market segment. Increasing average age of vehicle in operation in the developed nations and high economic growth in the emerging nations are expected to drive the automotive tire sales globally, which would spur growth for this segment over the forecast period.
Asia Pacific is expected to overtake the North American automotive tire market during the forecast period due to its high vehicle production, improvement in the economic conditions and increasing investment by the industry players within the APAC region.
For business expansion, the report suggests innovation and new product development to produce eco-friendly tires, which reduces rolling resistance of vehicles and ensures passenger safety and comfort. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.
Emerging trends, which have a direct impact on the dynamics of the market, include focus on fuel-efficient tires, evolution of green tires, development of TPMS systems, and development of non-pneumatic tires. Bridgestone Corporation, Michelin SCA, Goodyear Tire & Rubber Co, Continental AG, and Pirelli are the major automotive tire manufacturers in this market. Of these, several are seeking mergers and acquisitions as strategic initiatives to drive growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive tire market by vehicle type, end-user, tire type, and region, and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Automotive Tire Market 2016-2021: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the growth opportunities in the global automotive tire market by vehicle type, end-user, tire type, and region, as follows:
By Vehicle Type ($ billion and million units from 2010 to 2021)
• Passenger Car
o Small car
o Compact car
o Mid-size car
o Large car
• Light Commercial Vehicle
o Pickup trucks
• Heavy Commercial Vehicle
By vehicle End-User ($ billion and million units from 2010 to 2021)
By Tire Type ($ billion and million units from 2010 to 2021)
By Region ($ billion and million units from 2010 to 2021)
• North America
• Asia Pacific
• Rest of the World
This 284-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Mass Transportation, Transportation Market Report, SWOT Matrix, Due Diligence and Mergers & Acquisitions.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers following 11 key questions:
Q. 1 What are some of the most promising, high-growth opportunities for the automotive tire market by vehicle type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle ), end-user (OEMs and Aftermarket), tire type (Bias and Radial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2. Which segments will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by materials / product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what is its impact on the industry?