- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2019 to 2026
According to the report, the global Automobile Tire market was valued at approximately USD 308,035 million in 2019 and is expected to generate revenue of around USD 512,143 million by 2026, growing at a CAGR of roughly 7.61% from 2019 and 2026.
A tire (American English) or tire (British English; see spelling differences) is a ring-shaped component that surrounds a wheel’s rim to transfer a vehicle’s load from the axle through the wheel to the ground and to provide traction on the surface traveled over.
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Key players in the Automobile Tire market cover Michelin, Bridgestone, Goodyear, Shanghai Hankook Tire, Sumitomo Rubber, Zhongce Rubber, Kumho Tires, Linglong Tire, Double Coin, and GITI Tire.
Drivers and Restraints
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 have 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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Forecast by Geography
The Asia Pacific dominated the Automobile Tire market with a share of 42.35% due to emerging economies such as China and India are expected to drive regional growth over the forecast period. Due to rapidly growing domestic consumption, evolving standards, cheap labor and a large base of the population, these countries are anticipated to supplement future growth in the world economy. India is the fastest growing country in the LCV and passenger cars segment owing to the rising demand from the rural sector. Europe is currently leading North America with a share of 26.54% and 23.25%.
Type Segment Analysis
Based on the type, the Automobile Tire market can be segmented into Radial Tire and Bias Tire.
Radial tire emerged as a dominate segment in 2018 and accounted for over 77% of the overall revenue in the same year. The radial tire is expected to dominant the market owing to several benefits such as lower fuel consumption, less ground compaction, and damage, greater productivity, reduction in replacement and reduced machine maintenance costs. A major shift to racialization across the bus and the truck segment with global vendors focusing on capturing significant revenue share in the countries such as India is anticipated to spur the segment growth.
Application Segment Analysis
Based on application, the Automobile Tire market is divided into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Two-Wheeler.
Passenger Cars (PC) segment dominated the industry with over 42% revenue share in 2018. Demand for passenger cars is mainly subjective to economic conditions dictated by fluctuation in exchange rates, GDP growth, inflation levels and changes in government policies. In addition, volatile fuel prices and the transportation infrastructure also tend to influence demand for passenger cars. Worldwide demand for PC is expected to gain traction over the future, driven by the improving economic outlook in the U.S. and developing markets such as China and India. Light Commercial Vehicle (LCV) segment captures a significant share with over 22% revenue share in 2018. LCV has a low maintenance cost, operating cost and are more fuel efficient than the Heavy Commercial Vehicle (HCV).
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- Automobile Tire manufacturers
- Distributors and resellers of Automobile Tire
- Automobile Tire industry associations
- Product managers, Automobile Tire industry administrator, C-level executives of the industries
- Market Research and consulting firms
- Small and Medium-sized Enterprises (SMEs)
- Raw material suppliers of Automobile Tire