Automotive Tire Market to Reach $218.8 Billion, Globally, by 2030 at 3.8% CAGR: Allied Market Research

Surge in production of vehicle in emerging economies and increase in competition among tire producers are driving the growth of the global automotive tires market.

PORTLAND, Ore., Feb. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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". According to the report, the global automotive tire industry generated $139.1 billion in 2015, and is anticipated to generate $218.8 billion by 2030, witnessing a CAGR of 3.8% from 2016 to 2030.

Prime determinants of growth

Increase in vehicle production in developing countries and rise in competition among tire manufacturers drive the growth of the global automotive tire market. However, surge in demand for tire remolding and volatile prices of raw materials hinder the market growth. On the other hand, advancement in technology and rise in adoption of electric vehicles present new opportunities in the coming years.

Download Report (527 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/924

Covid-19 Scenario

• The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global automotive tire market, owing to temporary halt in tire manufacturing facilities.
• The pandemic further caused disruptions in the supply chain, unavailability of raw materials, rise in raw materials price, and low labor force, which in turn, hampered the growth of the global automotive tire market.
• Also, due to reduction in automotive sales, especially in the initial period, the growth of the global automotive tire market was affected.

Request for Customization at https://www.alliedmarketresearch.com/request-for-customization/924

The passenger vehicle segment to maintain its leadership status throughout the forecast period

Based on vehicle type, the passenger vehicle segment held the highest market share in 2020, accounting for more than two-thirds of the global automotive tire market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increase in adoption of passenger vehicle in developing countries such as India, Brazil and others. Moreover, the electric vehicle segment is projected to manifest the highest CAGR of 8.8% from 2021 to 2030, owing to increasing government regulation related to fuel efficiency.

The aftermarket segment to maintain its lead position during the forecast period

Based on distribution channel, the aftermarket segment accounted for the largest share in 2020, contributing to more than three-fourths of the global automotive tire market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 4.0% from 2021 to 2030. This is because tires need replacement at regular interval.

Interested to Procure the Data with Actionable Strategy & Insights? Inquire here at https://www.alliedmarketresearch.com/purchase-enquiry/924

Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030

Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global automotive tire market. Moreover, the same region is expected to witness the fastest CAGR of 4.5% during the forecast period, owing to the large fleet size for passenger and commercial vehicle in the region.

Leading Market Players

• 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.
• Zhongce Rubber Group Co., Ltd.

Buy This Full Report Now! https://www.alliedmarketresearch.com/checkout-final/167dc3db66f5502b778e6a706e1fce14

Similar Reports We Have on Tire Industry:

Brazil Automotive Tire Market by Season Type (Summer, winter and All Season), Rim Size (Less than 15 inch, 15-20 inch and more than 20 inch), Vehicle Type (Passenger Cars, Commercial Vehicles and Electric Vehicles) and Distribution Channel (Original Equipment Manufacturers (OEMs), Aftermarket and Online Sales): Opportunity Analysis and Industry Forecast, 2020–2030.

Latin America and Caribbean Automotive Tire Market by Season Type (Summer, Winter and All Season), Rim Size (Less than 15 inches, 15 to 20 inch and more than 20 inches), Vehicle Type (Passenger Vehicle, Commercial Vehicle and Electric Vehicle) and Channel (OEM and Aftermarket): Opportunity Analysis and Industry Forecast, 2019–2030.

Automotive Winter Tire Market by Rim Size (13"-15", 16"-18", 19"–21", and 22"–26"), Stud Presence (Studded and Studdless), Sales channel (OEM and Aftermarket), and Vehicle Type (Two-wheeler, Passenger Cars, and Commercial Vehicles)): Global Opportunity Analysis and Industry Forecast, 2018–2030.

Green Tire Market by type (On-Road Tires, and Off-Road Tire), By Application (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Car) - Global Opportunity Analysis and Industry Forecast 2017-2030.

Advanced Tires Market by Vehicle Type (On-Highway and Off-Highway), Technology (Chip-Embedded Tires, Self-Inflating Tires, Multi-Chambered Tires, All-In-One Tires, TPMS, Chip-Embedded Tires, Self-Inflating Tires, and Multi-Chambered Tires), Tire Type (Run-Flat, Airless, and Pneumatic), and Material Type (Natural Rubber, Synthetic Rubber, Steel, Elastomers, and Others) – Global Opportunity Analysis and Industry Forecast 2019–2030.

ATV-UTV Tire Market by Type (Racing Tires, Sand Tires, Mud Tires, and All Terrain Tires), Application (All-Terrain Vehicle (ATV) and Utility Terrain Vehicle (UTV)), and Industry Vertical (Agriculture, Military, Mountaineering, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2030.

Automotive Summer Tire Market by Section Width (Less than 200 Millimeters, 200 to 230 Millimeters, and More than 230 Millimeters), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle), Aspect Ratio (Less than 60, 60 to 70, and More than 70), Type (Radial, and Bias), and Rim Size (13 to 15 Inches, 16 to 18 Inches, 19 to 21 Inches, and More than 21 Inches): Global Opportunity Analysis and Industry Forecast, 2020–2030.

Two Wheeler Tire Market by Type (Motorcycle, and Scooter/Moped), Sales Channel (OEM, and Replacement): Global Opportunity Analysis and Industry Forecast, 2021 – 2030.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | Twitter | LinkedIn |

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg