Automotive Tire Market opportunities, assessment, development, top manufacturers and forecast 2029
Composite material advancements, as well as the use of carbon fibre and metals in tyre manufacturing, will boost the automotive tyre industry over the forecast period. Green tyres are becoming increasingly popular among the younger generation since they are environmentally friendly and boost mileage, particularly in large cars. Green tyres have a low rolling resistance and can increase commercial vehicle fuel efficiency by up to 2%. Green tyres, on the other hand, are more expensive, but they should pay for themselves within a few years. The main causes limiting demand in the automobile tyre market are volatile natural rubber costs and growing environmental concerns regarding rubber tyre disposal around the world.
Automotive Tire Market Scope and Research Methodology:
The report's goal is to analyse and forecast the Automotive Tire market size. In order to correctly depict the competition scenario for the worldwide Automotive Tire industry, the market research provides strategic profiling of important market participants. It contains a thorough examination of new product launches, acquisitions,mergers and acquisitions, joint ventures, brands, and important players in the Automotive Tire business.The research contains information on industry trends and developments,market dynamics and their potential, assisting specialists in staying current on the most recent trends and sector performance, estimating growth and fall in Automotive Tire market share during the forecast period. Primary and secondary research approaches were used to have a thorough understanding of the Automotive Tire industry. The report's goal is to analyse and forecast the Automotive Tire market size. In order to correctly depict the competition scenario for the worldwide Automotive Tire industry, the market research provides strategic profiling of important market participants. It contains a thorough examination of new product launches, acquisitions, mergers and acquisitions, joint ventures, brands, and important players in the Automotive Tire business. The research contains information on industry trends and developments, market dynamics and their potential, assisting specialists in staying current on the most recent trends and sector performance, estimating growth and fall in Automotive Tire market share during the forecast period. Primary and secondary research approaches were used to have a thorough understanding of the Automotive Tire industry.
Automotive Tire Market Report Overview:
The research comprehensively covers insight analysis in light of the Automotive Tire Market, as well as its ever-changing patterns, industry environment, and all leading market elements. The Automotive Tire Market study also includes a complete analysis of leading players.
Automotive Tire Market size was valued at US$ 133.38 Billion in 2022 and the total Automotive Tire Market revenue is expected to grow at 6.32% through 2023 to 2029, reaching nearly US$ 204.84 Billion.
Automotive Tire Market Dynamics:
In 2020, the Passenger Cars category dominated the automotive tyre market in terms of revenue, accounting for more than 48% of total revenue. Passenger car demand is heavily influenced by economic situations such as changes in exchange rates, GDP growth, inflation rates, and government policies. Furthermore, variable fuel prices and transportation infrastructure influence passenger automobile demand. The better economic outlook in the United States, as well as emerging nations such as China and India, are likely to drive future PC demand.
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Automotive Tire Market Segmentation:
In 2020, the Passenger Cars category dominated the automotive tyre market in terms of revenue, accounting for more than 48% of total revenue. Passenger car demand is heavily influenced by economic situations such as changes in exchange rates, GDP growth, inflation rates, and government policies. Furthermore, variable fuel prices and transportation infrastructure influence passenger automobile demand. The better economic outlook in the United States, as well as emerging nations such as China and India, are likely to drive future PC demand.
In 2020, the Light Commercial Vehicle (LCV) sector accounted for around 37% of total sales, earning a significant market share. Operating and maintaining an LCV is inexpensive. Furthermore, because LCVs consume less gasoline than passenger vehicles, tyre producers are developing more commercial tyre products than passenger car tyres, as the CV market rapidly catches up.
This rim size is typically encountered on passenger automobiles with a GVWR of less than 3.0 tonnes. These rim size tyres are used on passenger vehicles in the hatchback and compact sedan categories. The Hyundai Avante, Volkswagen Polo, VW Rapid, Hyundai Accent, and other vehicles, for example, come standard with 13"-15" rim size tyres. These are the most prevalent types of passenger vehicles in Asia and the rest of the world. As a result, 13"-15" rim size tyres are very popular. Hyundai Avante, Nissan Bluebird, Toyota Corolla, Ford Escort, VW Santana, and other popular passenger cars in China, for example, come standard with 13"-15" rim size tyres. As a result, the rim size is becoming increasingly popular.
Automotive Tire Market Key Players:
The Goodyear Tire & Rubber Company (USA)
Pirelli & C.S.p.A. (Italy)
Apollo Tyres Ltd. (India)
CEAT Ltd. (Italy)
China National Tire & Rubber Co. Ltd. (China)
Cooper Tire & Rubber Co., Ltd. (UK)
Giti Tire (Singapore)
Bridgestone Corporation (Japan)
Continental AG (Germany)
Michelin (France)
Sumitomo Rubber Industries, Ltd. (Japan)
Toyo Tire & Rubber Co., Ltd. (Japan)
Yokohoma Tire Corporation (Japan)
Maxxis International (Taiwan)
Cheng Shin Rubber Industry Co. (China)
Hangzhou Zhongce Rubber Co., Ltd. (China)
Hankook Tire (South Korea)
JK Tyre & Industries Ltd. (India)
Kumho Tire Co., Inc. (South Korea)
Nexen Tire Corporation (South Korea)
Nokian Tyres plc (Finland)
Qingdao Fullrun Tyre Corp., Ltd. (China)
Automotive Tire Market Regional Analysis:
The report is divided into several key countries, with market size, growth rate, import and export of Automotive Tire market in these countries, which cover North America, the United States, Canada, Mexico, Europe, the United Kingdom, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and the Middle East and Africa.
Key Questions answered in the Automotive Tire Market Report are:
- Which segment grabbed the largest share in the Automotive Tire market?
- Which segment is expected to grow at a high rate during the forecast period?
- How is the competitive scenario of the Automotive Tire market?
- Which are the key factors driving the Automotive Tire market growth?
- Which region holds the maximum share in the Automotive Tire market?
- What will be the CAGR of the Automotive Tire market during the forecast period?
- Which are the prominent players in the Automotive Tire market?
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