The global automotive tire market was valued at USD 246.3 billion in 2017 and is anticipated to grow at a CAGR of 7.1% during the forecast period. Automotive tires are rubber rings around the rim of automobile wheels, which are filled with compressed air. The different components of automotive tire include bead, sidewall, tread, ply, carcass, breaker, and belt among others. The automotive tires are categorized into radial tires, and bias tire. Radial tires are primarily used by vehicles owing to benefits such as reduced tread squirming & shuffling, longer life, enhanced fuel efficiency, decreased rolling resistance, improved high speed performance, and enhanced dimensional and directional stability.
The major driving factors of the market include growing automotive industry, and increasing demand for passenger and commercial vehicles worldwide. The implementation of advanced technologies for automotive tire production, and increasing need to improve road safety has accelerated the adoption of automotive tires. The growing need to increase the average life of vehicles encourages vehicle manufacturers to innovate and produce technologically advanced tires to meet the growing consumer demands. The increasing demand of vehicles from countries such as China, U.S, and Western Europe also increases the demand of automotive tires. The introduction of government regulations regarding vehicular safety and use of green tires further supports the growth of the market.
The global Automotive Tire market is segmented on the basis of type, end-user, sales channel, and geography. Based on the type, the market is segmented into radial tire, and bias tire. In 2017, radial tires accounted for the highest market share in the global automotive tire market. Radial tires have transverse radial plies that run perpendicular to the direction of travel. The benefits offered by radial tires include flexible sidewalls, reduced vibration, decreased fuel consumption, enhanced driving experience, and extended tire life among others.
The sales channel segment is categorized into OEM, and aftermarket. OEM accounted for the dominant share in the global automotive tire market in 2017.
The end-users in the global automotive tire market include passenger cars, commercial vehicles, and two-wheelers. Passenger cars dominated the global automotive tire market in 2017 owing to increasing demand for passenger cars from emerging economies, and technological advancements. Rising disposable income, changing lifestyles, and increasing adoption of green tires would support the growth of tire market in this segment.
This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. Asia-Pacific accounted for the largest share in the global Automotive Tire market in 2017. The rising demand for automobiles, and significant growth in the automotive sector accelerates the adoption of automotive tire in the region. The growing disposable income, and improving living standards, along with emerging economies of China, Japan, and India boost the market growth in Asia-Pacific. The introduction of stringent government regulations regarding vehicular safety and use of green technology are factors expected to provide growth opportunities in the region during the forecast period.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. The Automotive Tire market is highly competitive with the presence of a large number of small and large vendors. The leading players in the Automotive Tire market include MRF Tyres, JK Tyre & Industries Ltd., Continental AG, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Michelin Group, Toyo Tire & Rubber Co. Ltd., Goodyear Tire and Rubber Company, Pirelli & C. S.P.A., and CEAT Ltd. among others.