According to a new market report published by Transparency Market Research “Automotive Tire Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the automotive tire market was valued at USD 188.37 billion in 2014, which is expected to reach USD 298.15 billion by 2021, growing at a CAGR of 6.8% from 2015 to 2021.
The global tire market is a fairly mature sector and will considerably grow during the forecast period that is primarily driven by growth in passenger and commercial vehicles, increasing level of tire radicalization and global demand for green tires. Technologically modified green tires are expected to witness high growth in the next few years compared to old and outdated technology due to their advanced features such as durability and better grip. Moreover, with the improving condition of global economic growth is also driving the automotive market.Globally, light commercial vehicle (LCV) segment is estimated to be the second most attractive segment after two wheelers in the automotive tire market.
Passenger vehicles hold the largest market share as the key application segment in the global automotive tire market in 2014. The passenger vehicles segment is expected to witness robust growth in the next five years due to high demand of passenger vehicles in some major regions such as Europe and Asia Pacific. In developed nations, such the U.S.,France and Germany passenger vehicles are most commonly used and due to high per capita income,and change in consumer lifestyle, the demand of this segment is growing significantly.
Geographically, Asia Pacific is the largest segment in automotive tire market. Increasing demand of vehicles in countries such as China, Japan, India and Australia among others is supporting the growth of Asia Pacific region. With the increasing demand for passenger vehicles and two wheelers, the region is experiencing significant growth
Key players in the automotive tire market are Bridgestone, Continental AG, Goodyear, Michelin and. among others. The market has been segmented as follows:
Automotive Tire Market, by Types
- Radial tires
- Bias tires
Automotive Tire Market, by Application
- Passenger vehicles
- Light commercial vehicles
- Heavy commercial vehicles
- Two wheelers
Automotive Tire Market, by Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World
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