Automotive Tire Market – Global Industry Size, Share, Growth, Trends and Forecast Analysis For 2021

According to the market report, the global automotive tire market has been classified on the basis of the type of tire and their application. Based on type, bias tires and radial tires are the two main segments of the worldwide market for automotive tires. The radial tire segment is reporting robust growth at present owing to ongoing technical development.The report identifies heavy commercial vehicles, light commercial vehicles, passenger cars, and two wheelers as the major application areas for automotive tires. Passenger vehicles emerged as the biggest consumers of automotive tires in 2014. Analysts expect this hierarchy to continue throughout the forecast period. The soaring demand for passenger vehicles from Asia Pacific and Europe is the main reason for the extensive growth of this market segment.

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The report states that the rise in commercial and passenger vehicles has fuelled the demand from the global automotive tire market. Rapid advancements in technology and the growing demand for ecologically viable tires have further augmented the growth of the market. During the forecast period, the demand for luxury and sports utility vehicles, coupled with growing focus on consumer safety and stringent government regulations, is expected to play an important role in the expansion of the market.

On the basis of types of tire, the report broadly categorizes the global automotive tire market into bias tires and radial tires. Advancements in technology have propelled the demand for radial tires and this product segment holds the majority of the market.

In terms of application, the report segments the global automotive tire market into light commercial vehicles, passenger vehicles, two wheelers, and heavy commercial vehicles. In 2014, passenger vehicles dominated the overall market. This application is anticipated to register robust growth during the forecast period owing to the high demand for passenger vehicles across Asia Pacific and Europe. In countries such as the U.S., Germany, and France, passenger vehicles are most commonly used. High per capita income and changing lifestyle are expected to propel the demand for passenger vehicles in these countries.

The report studies the global automotive tire market across four key regions: Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific has been the largest market for automotive tire due to growing demand for vehicles across countries including China, India, Japan, and Australia. Rapid growth of two wheelers and passenger vehicles has also augmented the growth of the market in this region.

Describing the competitive landscape, the report profiles some of the key players in the global automotive tire market such as Goodyear, Bridgestone, Continental, Michelin, Pirelli, Yokohama, and MRF Tyre. Detailed information about the key players including their company overview, product portfolio, financial overview, revenue, geographical presence, business strategies, and recent developments have has been included in the report.

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Global automotive tire market has been segmented as:

Automotive Tire Market, by Types

  • Radial tires
  • Bias tires

Automotive Tire Market, by Application

  • Passenger vehicles
  • Light commercial vehicles
  • Heavy commercial vehicles
  • Two wheelers