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(USGovernment-News.Com, November 12, 2018 ) Automotive tire market is experiencing a high growth throughout the globe, driven by growth in construction, manufacturing, agriculture, mining, and other industries. Moreover, increase in the mobility as a service is also propelling the adoption of more and more passenger and commercial vehicles which would further encourage the production and sales of automotive tire. In addition to this, need and growing urge to replace the old/aged tires with new tires is also accountable to increase the aftermarket segment. These factors are anticipated to drive the automotive tire market during the forecast period.
The report focuses on an in-depth segmentation of automotive tire market based on tire type, vehicle type, and distribution channel. The geographic segmentation of the report covers five major regions including; North Americas, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SA). The regional market has been further bifurcated by respective countries. By distribution channel segment, aftermarket is accounted for largest share in the automotive tire market in 2017 and also projected to grow at the highest CAGR during the forecast period.
The report aims to provide an overview of global automotive tire market with detailed market segmentation. Also, it analyzes the current market scenario of automotive tire market and forecasts the market till 2025. The report covers market dynamics affecting the automotive tire market during the forecast period. Furthermore, the report analyzes the competitive scenario, geographic trends, and opportunities in the automotive tire market with respect to all geographic regions. The report also includes the detailed company profiles of the key players in the automotive tire market along with their market strategies. The report also provides value chain along with the SWOT analysis for all company profiled in the report.
The Asia Pacific is one of the prominent region in automotive tire market which is contributing highest revenue globally due to increase in the population. China, Japan, and India are the most populated countries in APAC region. In addition to this, growing economies in APAC region is experiencing a number of initiatives undertaken by regulatory bodies to accelerate the automotive industry in the countries to propel growth of entire automotive industry and eventually automotive tire market.
Demographic trends, rising disposable income of individuals, and better standard of living is responsible to boost the production of automotive in the Asian countries. China and Japan is expected to hold a high market share followed by Rest of APAC and India. Owing to this, several global manufacturers and providers of automotive tire has potential to invest in this region. some of the key players operating in the automotive tire market includes Hankook Tire, Apollo Tires Ltd., Michelin, Continental AG, MRF Tires, Bridgestone Corporation, Yokohama Rubber Co. Ltd., The Goodyear Tire & Rubber Company, Pirelli & C. S.P.A, and Dunlop India Limited among others.
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