The global automotive tire market size is
expected to reach USD 374.22 billion by 2024 according to a new report by Grand
View Research, Inc. Increasing automotive sales especially in countries such as
China, India, Japan, and South Korea is anticipated to favorably impact the
global automotive tire market over the forecast period. This growth can be
attributed to rising disposable income and improvement in the overall lifestyle
of consumers.
Technological
proliferation and the development of the innovative and environment-friendly
green tires have opened up broad growth avenues for the industry participants.
Moreover, increasing radial tire up gradation activities owing to its benefits
such lesser vibrations, reduced fuel consumption and extended tire life due to
less heat generated has favorably impacted the industry growth.
However,
stringent emission norms by governments and regulatory authorities worldwide
are expected to challenge demand. For example, on September 1, 2010, the
California Air Resources Board’s (ARB’s) Tire Pressure Regulation was
formulated to reduce greenhouse gas emissions from vehicles operating with
underneath inflated tires by inflating them to the suggested pressure rating.
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Further key findings from the study suggest:
- Two wheelers segment is anticipated to grow at CAGR of over 7.5% from 2016-2024. Increasing demand for two-wheelers across the developing countries such as India and China will contribute to the segment growth.
- Increasing manufacturing and infrastructure building activities have spurred the sales of light commercial vehicles (LCV). Growing number of LCVs in Europe has led EU regulatory bodies and OEMs to enhance and improve the safety aspects of LCVs. The passenger car segment dominated the industry with over 40% revenue share in 2015 owing to the increasing advancements and innovations such as Plug-in cars.
- The tire industry has witnessed a remarkable shift from the traditional to the technically advanced radial products. Radialisation of the truck tire market is anticipated to fuel the demand over the forecast period. In 2012, manufacturers in China produced over 50% of the global radial truck tires industry.
- Stringent government guidelines worldwide are expected to regulate the global automotive tire market over the coming years. Asia Pacific dominated the industry contributing to over 40% of the global revenue in 2015. The presence of several prominent automobile manufacturers and ancillaries in the region is expected to generate high demand over the forecast period.
- Key industry participants include Bridgestone, Continental, Goodyear, Michelin, Pirelli and Sumitomo. Manufacturers are gradually adopting innovative production techniques to gain a competitive advantage over others. Vendors are now adopting modern supply chain and distribution strategies such as e-commerce and retail chains to reach efficiently the end-user apart from the conventional supply to automobile assemblers and aftermarket industry.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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