The global automotive tires market is likely to grow at a steady pace during the forecast period 2017-2027, according to a latest report added to the repository of Market Research Reports Search Engine (MRRSE). According to the report, titled “Automotive Tire Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)”, the demand for tires in automotive industry is likely to mimic the broader trends in the parent market. There has been steady increase in automotive sales in the U.S. and Asia Pacific in the last two years, and these trends are likely to impact the global market.
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The report commences with an executive summary which offers insights and analysis on the global automotive tires market during the forecast period. The succeeding sections of the report offers research and analysis on the drivers, restrains, opportunities, and trends that are impacting the global market. The tire industry is facing pressures from the OEMs as governments around the world implement stringent fuel efficiency and emission standards. Increasing emphasis on tire pressure monitoring systems and rolling resistance are influencing the tire industry to innovate and develop advanced tires.
The report also offers research and analysis in terms of various segments. According to the report, steady rise in the passenger car segment is likely to offer growth opportunities to tire manufacturers. The passenger car segment is gaining momentum, especially in China and India, where millions of people are now buying their first car. There has also been a rising preference for SUVs which is creating opportunities for tire manufacturers. According to the report, the passenger tire category is likely to grow at nearly 7% CAGR throughout the forecast period. There are opportunities for manufacturers in the commercial vehicle category as well. In 2017 and 2016 over 34 million vehicles have been sold in the U.S., with pickup trucks witnessing steady demand. This has created opportunities for commercial tire manufacturers in the global market.
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OEMs remain the dominant sales channel in the global market, and the trend is likely to continue during the forecast period. Steady sales through OEMs can boost collaboration and partnership with tire manufacturers. In addition to OEM, the aftermarket segment is also likely to grow at a steady pace during the forecast period.
APEJ will continue to be a lucrative market for tire manufacturers globally. The APEJ automotive tires market is likely to be valued at around US$ 149 bn by the end of the forecast period. Western Europe is a market which is likely to grow at a steady pace during the forecast period.
The key players in the global automotive tires market include Cheng Shin Rubber Industries, Sumitomo Rubber Industries Ltd., Bridgestone Corp., Apollo Tyres Ltd, Sailun Tires Ltd, Pirelli & C. S.P.A, Trelleborg AB, Cooper Tire & Rubber Company, Yokohama Rubber Company, Limited, Hankook Tire, Madras Rubber Factory Limited, Continental AG, Michelin, Shandong Linglong Tyre, Toyo Tire & Rubber Company, Goodyear Tire And Rubber Company, Kumho Tire Co. Inc., Nokian Renkaat Ojy, Titan Tire Corporation, and Nexen Tire America Inc.
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