Report Code : A00777
In terms of revenue, the all-season and winter tire segment dominated the global market in 2015. The passenger vehicle segment is expected to lead the market during the forecast period. Based on rim size, the 15 to 20 inches segment incurs a larger share. Based on load index, the up to 100 segment dominated the global market in 2015. The aftermarket segment is expected to lead the market during the forecast period. Asia-Pacific contributed the most revenue in 2015 and is expected to maintain its dominance by the end of the forecast period
Mayank Halmare
Lead Analyst, Automotive and Transportation at Allied Market Research
According to a recent report published by Allied Market Research, titled, “Automotive Tire Market by Season Type, Rim Size, Vehicle Type, Load Index and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global automotive tire market was valued at $139.18 billion in 2015, and is projected to reach $218.87 billion in 2030, registering a CAGR of 3.8%.
In 2021, Asia-Pacific was anticipated to account for a major market share. The Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive tire market in 2021, whereas India is expected to grow at a significant rate during the forecast period. Tires are important for the vehicles, as they protect the wheel rim. The rapid growth of the automobile sector across all segments fuels the growth of the automotive tire market.
There are prominent factors that drive the growth of the automotive tire market such as rise in the competition among global tire manufacturers and an increase in the operating life of automobiles. The increasing demand for special purpose tires also propels the growth of the automotive tire market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive tire market. Also, in some undeveloped countries, there is an increase in the automobile sales, which is expected to boost the automotive tire market. In addition, an increase in the operating life of vehicles is anticipated to create after market opportunities for the growth of the global automotive tire market.
The sale of the automotive tire market is directly associated with automotive production and sales activities across the globe. The spread of the COVID-19 pandemic has negatively impacted the growth of the automotive tire market, owing to commute restrictions and poor financial performance of the market players in 2020. The COVID-19 crisis is causing uncertainty in the automotive tire market by delaying supply chains, hampering business growth and generating uncertain demand scenarios
COVID-19 Impact Analysis
Key Findings Of The Study
The global key players profiled in the automotive tire market report are Apollo Tyres Ltd, Bridgestone Corporation, CEAT Limited, Continental AG, Hankook & Company Co., Ltd., JK Tyre & INDUSTRIES LTD., Michelin, MRF Limited, Nokian Tyres PLC, Pirelli & C. S.p.A, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd., Toyo Tire Corporation, Wanli Tire Co., Ltd., and Zhongce Rubber Group Co., Ltd.
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Automotive Tire Market by Season Type (Summer, and All-Season & Winter), Rim Size (Less Than 15 Inches, 15 to 20 Inches and More than 20 Inches), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle), Load Index (Up to 100 and More Than 100), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030
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