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(USGovernment-News.Com, May 03, 2019 ) The global automotive tire market is expected to grow from US$ 233.15 Bn in 2017 to US$ 306.44 Bn by 2025 at a CAGR of 3.8% between 2018 and 2025.
Some of the major factors contributing to the growth of the automotive tire market include increased production of both commercial and passenger vehicles. Fuel costs are also increasing and due to this demand for better fuel efficient technology integrations into cars is also rising to ensure cost savings. Demand for better technologies such as the use of sensors, ATIS is rising which is another major factor boosting the growth of automotive tire market. The Asia Pacific is expected to be the region which will experience ample of opportunities for the manufacturers and providers of automotive tires. The Asia Pacific has several developing economies which are leading the automotive tire market growth in various sectors, including manufacturing, construction, technology, and others.
Company Profiles Bridgestone Corporation Continental AG The Goodyear Tire & Rubber Company Michelin Pirelli & C. S.P.A Dunlop India Limited Yokohama Rubber Co. Ltd. Apollo Tires Ltd. MRF Tires Hankook Tire
Middle East & Arica is projected to expand with the highest CAGR over the forecast period The growth of automotive tire market in the Middle East & Africa region is high compared to the other regions. Growing urbanization and rising income of individuals in this region are resulting in an enhanced and better standard of living which is projected to lead the automotive tire market and related accessories, and parts. In addition to this, increasing disposable income in the African countries, sales of automobiles has increased which further provides ample opportunities for the growth of the automotive tire market in these regions.
GLOBAL AUTOMOTIVE TIRE- MARKET SEGMENTATION By Tire Type Bias Radial By Vehicle Type Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicle By Distribution Channel OEMs Aftermarket By Geography North America U.S. Canada Mexico Europe France Germany Italy Spain UK Rest of Europe Asia Pacific (APAC) China India Japan Rest of APAC Middle East and Africa (MEA) South Africa Rest of MEA South America (SAM) Brazil Rest of SAM
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