Sales of Automotive Tires Is Anticipated To Increase at a CAGR of 4.5% Over 2032

Posted on 2023-01-03 by Fact.MR in Automotive // 0 Comments

Automotive Tire Market, By Vehicle Type (2/3 Wheelers, Passenger Vehicles, Commercial Vehicles), By Tire Structure (Radial, Tube, Tubeless, Bias Tires), By Tire (Winter, Summer, All-season), By Distribution Channel, By Region – Global Market Insights 2022 to 2032

As of 2022, the global automotive tire market enjoys a valuation of US$ 381.5 billion and is projected to reach US$ 593.5 billion by the end of 2032. Sales of automotive tires are anticipated to increase at a CAGR of 4.5% over the next ten years.

Radial tire demand is anticipated to be more than other types of tires owing to their characteristic properties such as high durability, low rolling resistance, and high heat dissipation. As a result, the radial tire segment is anticipated to account for a whopping 93% share by 2032-end.

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Prominent Key players of the Automotive Tire market survey report:

Bridgestone Corporation
Continental AG
Michelin North America Inc
The Goodyear Tyre & Rubber Company
Sumitomo Rubber Industries Ltd
The Yokohama Rubber Co., Ltd
Pirelli & C. S.p.A
Madras Rubber Factory Limited
Apollo Tyres Ltd
Cheng Shin Rubber Industry Co

Competitive Landscape:

Manufacturers of auto tires are focusing on expanding their business scope by increasing manufacturing capacity to meet high demand from various regions.

In August 2022, Hankook Tire, a South Korean supplier of tires, announced the expansion of the manufacturing capacity of its facility in Clarksville, Tennessee, United States. The company was expected to invest around US$ 1.6 billion to increase the local manufacturing capacity of the facility by more than double by 2026.

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Key Segments Covered in Automotive Tire Industry Research

By Vehicle Type:
- 2/3 Wheelers
- Passenger Vehicles
- Commercial Vehicles
  - LCVs
  - HCVs
By Tire Structure:
- Radial Tires
- Tube Tires
- Tubeless Tires
- Bias Tires
By Tire Type:
- Winter Tires
- Summer Tires
- All-season Tires
By Distribution Channel:
- OEMs
- Aftermarket

What insights does the Automotive Tire Market report provide to the readers?

Automotive Tire fragmentation on the basis of product type, end use, and region.
Comprehensive assessment of upstream starting materials, downstream demand, and present market landscape.
Collaborations, R&D projects, acquisitions, and product launches of each Automotive Tire player.
Various regulations imposed by the governments on the consumption of Automotive Tire in detail.
Impact of modern technologies, such as big data & analytics, artificial intelligence, and social media platforms on the global Automotive Tire.

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The report covers following Automotive Tire Market insights and assessment that are helpful for all participants involved in the Automotive Tire market:

Data on recently introduced regulations and their impact on key industries and on demand in Automotive Tire
Latest industry Analysis on Automotive Tire Market, with key analysis of market drivers, trends, and influencing factors
Key trends Analysis of Automotive Tire Market and changing consumer preferences in major industries.
Changing Automotive Tire demand and consumption of diverse products
Major trends underlining funding by key investors in numerous countries
New investment opportunities in diverse technology and product or service types
Comprehensive data and Competitive analysis of Automotive Tire major players
Automotive Tire Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
Automotive Tire demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth

Questionnaire answered in the Automotive Tire Market report include:

How the market for Automotive Tire has grown?
What is the present and future outlook of the global Automotive Tire on the basis of region?
What are the challenges and opportunities for the Automotive Tire?
Why the consumption of Automotive Tire highest in region?
In which year segment is expected to overtake segment?

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