Automotive Tire Market foreseen to grow exponentially over 2022

Latest industry analysis by Fact MR, predicts sales of Automotive Tire to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges.

The market intelligence study therefore includes demographics analysis so market players can plan their product and marketing strategy. It offers sales outlook in 20+ countries. It identifies the most lucrative segments to assist companies in creating winning strategies for future.

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The report offers actionable and valuable market insights of Automotive Tire. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Automotive Tire Market across various industries and regions.

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Automotive Tire market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Automotive Tire

This newly published and insightful report sheds light on Market Insights of Automotive Tire, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Automotive Tire Market.

Report Insights

Robust Demand for Radial Tires to Prevail as LCV Sales Burgeon

The multi-layer structure of radial tires consisting of steel chords and steel cable beading impart great strength and durability to the tires which are vital reasons driving the demand for the tires in all vehicle segments.

Additionally, the tread of radial tires enable better gripping of surface and substantially reduces rolling resistance which, in turn, provides better safety and contributes substantially to greater fuel efficiency.

The assortment of benefits offered by radial tires is being leveraged in the lightweight commercial vehicle (LCV) segment.

A significant rise in vehicle rental and sharing services is a key factor propelling LCV sales around the world. Substantial growth in LCV fleets around the world is likely to underpin the growing demand for radial tires.

Overall the demand for both radial and bias tires is estimated to rise as sales of passenger cars (PC), two-wheelers, medium and heavy commercial vehicles (M&HCV), OTRs and three-wheelers continue to remain steady.

Automotive Tire Market – Competitive Landscape

• With the traction for sustainability in the automotive tire market on the rise, Continental A.G recently revealed that it had developed a sustainable adhesive for bonding rubber with textile reinforcement material in collaboration with Turkey-based Kordsa Tecnik Tekstil A.S. The German-based tire manufacturers plan to leverage the sustainable adhesive for production of a new line of tires in the foreseeable future.

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• Vehicle performance and fuel efficiency are gradually becoming key parameters of vehicle selection. In order to tap into the growing consumer base, Daimler, North America, has decided to equip its Freightliner trucks with Michelin X Line EnergyTM D+ long-haul tires. Daimler plans to enhance the fuel efficiency of its Cascadia Class 8 heavy-duty truck from its previous models launched in 2017.
• Intensifying innovation in the automotive tire market saw another development complementing the concept after Goodyear launched a new aero concept tire. The company claims the tires will pave way for the development of flying cars with the propeller blades installed in the tire providing the mechanism for helping cars to transition from land to air.
• To meet the growing demand for automotive tires Sumitomo Rubber Industries announced it would be doubling its production of truck tires at its production facility in Fazenda, Rio Grande, Brazil. With an investment of $37 million, the company expects the production of 1000 truck tires per day at the production plant.

Other leading players operating in the automotive tire market include Bridgestone Corporation, The Yokohama Rubber Co., Ltd., Madras Rubber Factory Limited, Pirelli & C. S.p.A, Apollo Tyres Ltd., and Cheng Shin Rubber Industry Co.

With a strong focus on fuel efficiency, and demand for low-rolling resistance tires, along with stringent environment regulations, the global market for automotive tires is likely to witness an upsurge in the near future. The market is also expected to benefit from increasing prevalence of green tires on the back of rapidly growing concerns associated with overflowing landfills of scrap tires, and inadequate recycling efforts. OEMs are now focusing on performance and efficiency of tires as imperative engineering parameters. Fact.MR offers a detailed analysis on the global automotive tire market in its recent research for the forecast period 2017 to 2022.

5 Projections of Fact.MR’s Report on Global Automotive Tire Market

1. Based on product type, the market is bifurcated into radial tires and bias tires. Although bias tires will remain preferred in the market, sales of radial tires are estimated to register a comparatively higher CAGR through 2022.
2. Sales of automotive tires in LCVs and two-wheeler vehicles are expected to register parallel expansion during the forecast period, with LCVs estimated to account for a comparatively larger revenue share than two-wheeler vehicles. In addition, sales of automotive tires in passenger cars are expected to exhibit the highest CAGR through 2022. In contrast, M&HCV segment is projected to register the lowest CAGR in the global automotive tire market.
3. Aftermarket will remain the largest sales channel for automotive tires, expanding at 5.3% CAGR through 2022. Revenues from sales of automotive tires through OEM are anticipated to surpass US$ 10,000 Mn by 2022-end. Asia Pacific Excluding Japan (APEJ) accounts for the largest share of automotive tire sales through OEM.
4. APEJ is estimated to continue its dominance in the global automotive tire market, in terms of revenues. The automotive tire market in APEJ is estimated to create a robust incremental opportunity between 2017 and 2022.
5. Although sales of automotive tires in North America will register a comparatively higher CAGR than Europe, Europe will account for a higher revenue share by 2022-end. In contrast, Middle East & Africa (MEA) will account for the lowest revenue share in the global automotive tire market.

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Report Benefits & Key Questions Answered

• Automotive Tire Company & brand share analysis: The report offers in-depth Automotive Tire brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
• Automotive Tire Historical volume analysis: The report offers a comparative analysis between historic sales of Automotive Tire and projected sales performance for 2021-2031
• Automotive Tire Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
• Automotive Tire Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
• Post COVID consumer spending on Automotive Tire: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power

More Valuable Insights on Automotive Tire Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Automotive Tire, Sales and Demand of Automotive Tire, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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