Industry Press Releases

Automotive Tire Market to Reach $306 Billion by 2022 - Increase in Sales of Automotive Vehicles & Rise in Competition Among Tire Manufacturers

Friday, Aug 04, 2017

The "Automotive Tire Market by Vehicle Type (passenger car, light commercial vehicle, heavy commercial vehicle, and two wheeler), by Type (radial tire, and bias tire) - Global Opportunity Analysis and Industry Forecast, 2014-2022" report has been added to Research and Markets' offering.

The global automotive tire market is expected to reach $306 billion by 2022. Asia-Pacific accounted for approximately 43% share of the automotive tire market in 2015 and is expected to continue to dominate during the analysis period.

Increase in sales of automotive vehicles, rise in competition among tire manufacturers, enhancement of manufacturing processes, and increase in operating life of automobiles fuel the automotive tire market. However, growing market of retreading tires, and fluctuation in cost of raw materials could restrict the growth of this market. Moreover, rise in sales of automobiles across the globe is expected to unfold various opportunities for the key players.

By type, the tire market is further bifurcated into radial tire and bias tire. The radial tire segment generated the maximum revenue in 2015 and is expected to grow at a faster rate. However, the bias tire segment is anticipated to garner the highest CAGR of 7.9% during the analysis period.

By vehicle type, the automotive tire market includes two wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger car tire is the fastest growing segment of tire market, globally; and is projected to garner a CAGR of 7.6% during the forecast period. However, the two wheeler segment is estimated to garner the highest CAGR of 7.8%. Asia-Pacific accounted for the largest revenue share in 2015, occupying a market share of around 42% and is expected to grow at a CAGR of 7.4%.

Companies Mentioned

•    Bridgestone Corporation
•    CEAT Ltd.
•    Continental AG
•    JK Tyre & Industries Ltd.
•    MRF Tyres
•    Michelin
•    Pirelli & C. S.p.A.
•    Sumitomo Rubber Industries, Ltd.
•    The Goodyear Tire & Rubber Co.
•    The Yokohama Rubber Co. Ltd.

Key Topics Covered:

Chapter: 1 Introduction

Chapter: 2 Executive Summary

Chapter: 3 Market Overview

Chapter: 4 World Automotive Tire Market, By Vehicle Type

Chapter: 5 World Automotive Tire Market, By Type

Chapter: 6 World Automotive Tire Market, By Geography

Chapter: 7 Related Industry Insights

Chapter: 8 Related Industry Insights

Chapter: 9 Company Profiles

Media Contact:

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Source:prnewswire.com

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