Automotive Tire Market Observation, Recommendations, Consumer Trend & Preferences

Felton, Calif., USA, July. 01, 2021 — /EPR Network/ —

The global Automotive Tire Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

Global Automotive Tire Market is anticipated to reach USD 374.22 billion by 2024. Automotive tire is a rubber ring placed on rim of the wheel. Automotive tire mainly offers grip to vehicles on the road, and decreases road shocks. The factors that propel the growth of the Automotive Tire Market include growing demand for low rolling resistance tires, demand for high performance and low-profile tires, better fuel economy, technical developments such as eco-friendly tires, smart tires, and others.

Key Players:

• Continental Group
• Cooper Tire & Rubber Company
• Goodyear Tire and Rubber Company
• Hankook Tire Co. Ltd.
• Michelin Group
• Pirelli & C. S.P.A.
• Sumitomo Rubber Industries, Ltd.
• The Bridgestone Group
• Toyo Tire & Rubber Co. Ltd.
• Yokohama Rubber Co., Ltd.

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Growth Drivers:

Automotive Tire Market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.

Automotive Tire Market may be explored by type, application, and geography. Automotive Tire Market may be analyzed by type as Bias, and Radial. The “Radial tire” segment led the Automotive Tire Market in 2015 and is anticipated to maintain its dominance by 2024. The key application that could be explored in the Automotive Tire Market include LCV, Passenger cars, Two wheelers, and HCV.

Application Outlook:

• Passenger cars
• LCV
• HCV
• Two wheelers

Type Outlook:

• Radial
• Bias

Regional Outlook:

• North America
• Europe
• Asia Pacific
• RoW

Asia-Pacific accounted for the major share of the Automotive Tire Market Size in 2015 and will continue to lead in the forecast period. The factors that could be attributed to the growth include developing economy of most of the nations in this region. Asia-Pacific is followed by Europe and North America.

Some of the key players that fuel the growth of the Automotive Tire Market comprise Continental AG, Bridgestone Corporation, Michelin, Pirelli & C. S.p.A, Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Goodyear Tire & Rubber Co., JK Tyre & Industries Ltd., CEAT Ltd, and The Yokohama Rubber Co. Ltd. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

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