The global market for automobile tires may grow rapidly in the near future due to fuel economy, demand for low rolling resistance tires, and strict environmental regulations. The market is also expected to benefit from the growing spread of green tires against the backdrop of growing concerns and inadequate recycling efforts associated with the overflow of waste tire landfills. OEMs are currently focusing on tire performance and efficiency as an essential engineering parameter. Fact.MR provides a detailed analysis of the global automotive tire market in a recent study of the forecast period from 2017 to 2022.
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The Fact.MR report predicts revenue from the global automotive tire market will reach approximately US $ 270,000 in 2017. The increase in people’s disposable income has led to an increase in personal spending on automobiles, which has boosted the growth in demand for auto parts. Tires etc. With the rapid pace of new technologies affecting the automotive sector, automakers are investing heavily in R & D activities. In addition, as the life of vehicles is extended, the demand for tire replacement is increasing worldwide. The report predicts that the global automotive tire market will grow steadily at a compound annual growth rate of 5.1%, reaching US $ 342,209.2 million worth of revenue by the end of 2022.
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Six forecasts from Fact.MR’s report on the global automotive tire market
- Based on the type of product, the market is divided into radial tires and bias tires. Bias tires continue to be popular in the market, but radial tire sales are estimated to record a relatively high CAGR until 2022.
- Sales of light commercial vehicle and motorcycle tires are expected to grow in parallel during the forecast period, and LCVs are estimated to have a relatively larger revenue share than motorcycles. In addition, passenger car tire sales are expected to reach the highest CAGR by 2022. In contrast, the M & HCV segment is expected to record the lowest CAGR in the global automotive tire market.
- The aftermarket remains the largest sales channel for automotive tires and will grow at a CAGR of 5.3% by 2022. Revenue from the sale of automotive tires through OEMs is expected to exceed US $ 10,000 million by the end of 2022. The Asia Pacific region (APEJ), excluding Japan, has the largest share of OEM automotive tire sales.
- APEJ is estimated to continue to dominate the global automotive tire market in terms of revenue. APEJ’s automotive tire market is estimated to create strong incremental opportunities between 2017 and 2022.
- Sales of automotive tires in North America record a relatively higher CAGR than in Europe, but Europe will have a high revenue share by the end of 2022. In contrast, the Middle East and Africa (MEA) have the lowest revenue share in the global automotive tire market.
- Major market players identified in the Fact.MR report include Bridgestone Corporation, Continental AG, Michelin North America Inc., Goodyear Tire and Rubber Company, Sumitomo Rubber Industries, Ltd., Yokohama Rubber Co., Ltd., Pirelli & CSpA, Madras Rubber Factory. Limited, Apollo Tire Limited, Chenshin Rubber Indiana.
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What are the factors driving the growth of the automotive tire market?
- The surge in demand for replacement tires is estimated to support the growth of the automotive tire market. Car owners, especially car owners, are replacing traditional tires with high-performance tires that offer greater durability, safety and ride quality. In addition, the growing popularity of experiential travel is driving the demand for tires for off-road activities.
- Increasing environmental concerns and increased government support for environmentally friendly and sustainable manufacturing are impacting tire production. Original Equipment Manufacturers (OEMs) are investing in research and development and manufacturing procedures for sustainable materials.
- The integration of Industry 4.0 or IoT, data analytics, and other forms of automation has helped automotive tire manufacturers streamline their production processes while strengthening their distribution networks. The development of technologies such as 3D printing and laminated modeling has helped manufacturers accelerate tire production at low cost.
- The gradual surge in demand for electric vehicles around the world could create favorable opportunities for the automotive tire market. Increased consumer awareness of the environment, coupled with rising oil and gas prices, is expected to drive demand for electric vehicles around the world, which is estimated to contribute significantly to the growth of the automotive tire market.
- The gradual change in consumer preferences for vehicles that offer high performance may continue to complement the innovations in the automotive tire market. Manufacturers are working to improve efficiency, chip resistance, wear resistance and durability while reducing tire weight to gain a competitive edge in the automotive tire market.
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