Portland, OR, June 01, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global automotive tire market was pegged at $112.16 billion in 2019 and is expected to reach $154.40 billion by 2027, growing at a CAGR of 4.1% from 2020 to 2027.
The rise in automotive production & sales across different vehicle segments, the introduction of advanced technology in the manufacturing process, and the rise in competition among tire manufacturers have boosted the growth of the global automotive tire market. However, the volatile price of raw materials and the growing market of retreading tires hamper the market. On the contrary, advancement in technology and fuel efficiency and safety concerns are expected to create lucrative opportunities for the market players in the coming years.
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Covid-19 scenario: The emergence of Covid-19 has hugely affected the global automotive tire industry.
- According to Covid-19 impact assessment presented by LMC Automotive Limited, around 78% of companies lack enough staff to run full production lines.
- As the majority of the auto supply chain is connected to China, it would impact negatively on the sale of the forklift market.
- However, government relief funds are expected to minimize the overall impact on market growth.
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The global automotive tire market is segmented on the basis of type, vehicle type, rim size, distribution channel, and geography. Based on type, the market is divided into summer, winter, and all seasons. The all-season segment held the largest share in 2019, accounting for more than 90% of the total revenue. However, the winter segment is expected to register the highest CAGR of 6.0% during the forecast period.
On the basis of vehicle type, the market is categorized into passenger cars, commercial vehicles, and electric vehicles. The passenger car segment dominated the market in 2019, accounting for nearly three-fourths of the market. However, the electric vehicle segment is expected to register the highest CAGR of 7.6% during the forecast period.
Based on the distribution channel, the market is divided into OEM and aftermarket. The aftermarket segment held the largest share in 2019, accounting for more than half of the market, and is expected to register the highest CAGR of 4.30% during the study period.
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The global automotive tire market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. The region is expected to register the highest CAGR of 4.3% during the forecast period.
The global automotive tire market report includes an in-depth analysis of the major market players such as Bridgestone Corporation, MICHELIN, Continental Corporation, The Goodyear Tire & Rubber Company, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), Sumitomo Rubber Industries Ltd, Toyo Tire Corporation, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co., Ltd, and NokianTyresplcare.
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Similar Reports We Have on Tire Industry:
ATV-UTV Tire Market: The global ATV and UTV tire market size was valued at $385.8 million in 2018, and is projected to reach $698.1 million by 2026, registering a CAGR of 7.5%.
Advanced Tires Market: the global advanced tires market size is anticipated to value at $248.7 million in 2020, and is projected to reach $1,349.7 million by 2030, registering a CAGR of 18.4% from 2020 to 2030.
Pneumatic Tire Market: Global Pneumatic Tire Market would garner revenue of $287.5 billion by 2020, registering a CAGR of 7.0% during the forecast period of 2015 – 2020.
Automotive Airless Tire Market: Airless tires or non-pneumatic tires (NPT) operate without an inner tube & air pressure, and the composite spokes make a flexible ring that is connected to a solid inner hub to hold its shape.
Tire Reinforcement Material Market: This report projects the trends and opportunities of the global tire reinforcement material market. It includes a qualitative and quantitative analysis with comprehensive research methodologies and reliable projections to understand the present overview and predict the market behavior during the forecast period.
Green Tire Market: Green tires are manufactured from renewable materials such as nylon rubber through a process that does not require an excessive amount of energy. Conventional tires are made from rubber, but with increasing energy concerns, tires are now also made from renewable raw materials such as plasticizers and resins.
Racing Tires Market: The racing tires market is segmented on the basis of product application, end usage, and tire type. By product application, it is bifurcated into auto racing tires and motorcycle racing tires.
Automotive Winter Tire Market: The global winter tire market is segmented based on rim size, presence of stud, sales channel, and vehicle type.
Aircraft Tires Market: The aircraft tires market is segmented on the basis of type, supplier, end-user, and region.
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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.
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