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Automotive Tire Market Size, Share, Top Players, Trend, Growth Forecast to 2023
Automotive Tire Market Size, Share, Top Players, Trend, Growth Forecast to 2023
Automotive Tire Market Size, Share, Top Players, Trend, Growth Forecast to 2023

AutomotiveTire Market

According toMarket Research Future (MRFR), the global automotive tire market is expected toreach a valuation of USD 260 billion from 2017 to 2023 (forecast period). Thereport illustrates and examines the effects of the outbreak of COVID-19 on theglobal automotive tire market, including possible opportunities and threats,drivers, and risks.

Automotive tiresare pneumatic structures placed on the vehicle's rims to move the vehicle'sdrive to the ground. The tires are made of natural rubber, synthetic rubber,wire, and fabric.

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MarketDynamics

The burgeoningdemand for replacement tires is expected to sustain the growth of theautomotive tire industry. Vehicle owners, particularly car owners, are lookingto replace conventional tires with high-performance tires that offer betterdurability, safety, and ride comfort. In addition, the growing trend ofexperiential travel strengthens the demand for tires for off-road activities.

Risingenvironmental issues, combined with increased government support forenvironmentally friendly and sustainable manufacturing, impact tire production.Original Equipment Manufacturers (OEM) are investing in research anddevelopment of sustainable materials and production processes.

Industry 4.0, orthe incorporation of IoT, data analytics, and other forms of automation, ishelping automobile tire manufacturers to streamline their production processeswhile expanding their distribution network.

A steady rise indemand for electric vehicles worldwide is expected to generate lucrativeopportunities in the automotive tire industry. Increasing consumer awareness ofthe environment combined with a rise in oil and gas prices is expected to fueldemand for electric vehicles around the world, which in turn, is projected tocontribute significantly to the development of the automotive tire industry.

The gradualshift in consumer preference towards high-performance vehicles is likely tocontinue to complement developments in the automotive tire industry.Manufacturers are working to improve efficiency, chip, and wear resistance,durability while reducing the weight of tires in order to gain a competitiveadvantage in the automotive tire market.

AutomotiveTire Market Segmentation

The globalmarket for automotive tire has been segmented into type, section width, vehicletype, and end market. 

By type, theglobal automotive tire market has been segmented into radial Pedal and bias.

By sectionwidth, the global automotive tire market has been segmented into <200 Mm,200-230mm, and >230mm. 

By vehicle type,the global automotive tire market has been segmented into passenger cars andcommercial vehicles.

By end market,the global automotive tire market has been segmented into OEM andaftermarket. 

AutomotiveTire Market Size and Regional Analysis

Regionally, theglobal automotive tire market has been segmented into North America, AsiaPacific, Europe, and the rest of the world. 

The Asia Pacificregion is dominating the market in terms of revenue, followed by Europe andNorth America. Emerging economies like China and India, are anticipated to pushregional growth in the forecast period. Due to rapidly increasing domesticconsumption, evolving standards, cheap labor, and a broad population base,these countries are expected to supplement the potential growth of the worldeconomy. India is the fastest-growing country in the LCV and passenger carsegment due to increasing demand from the rural market.

AutomotiveTire Market Key Players

Michelin Group(France), Cooper Tire & Rubber Company (U.S.), The Goodyear Tire &Rubber Company (U.S.), Bridgestone Corporation (Japan), Continental AG(Germany), Toyo Tire & Rubber Co., Ltd (Japan), Hankook Tire Co., Ltd.(South Korea), Pirelli (Italy), Rubber Co. Ltd (Japan), Sumitomo RubberIndustries, Ltd. (Japan), and Yokohama.

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