Global Automotive Tire Market size was valued at USD 122.49 Bn. in 2021 and it is expected to reach US$ 189.42 Bn. by 2029, at a CAGR of 5.6% through out the forecast period.
Automotive Tire Market Overview:
A research team conducted extensive primary and secondary research for the Automotive Tire market study of the global market. In order to augment already-existing data, segment the market, calculate the overall market size, and project market size and growth rate, secondary research was conducted.
Market revenue is determined by primary and secondary research, and market leaders are recognised through these two methods. In-depth interviews with influential thought leaders and business leaders, including CEOs and marketing executives, were conducted as part of the main study.
As part of the primary research, extensive interviews with key opinion leaders and business leaders, including CEOs and marketing executives, were done. As part of the secondary research, the annual and financial reports of the major manufacturers were examined. Global market percentage splits, market shares, growth rates, and breakdowns are produced from secondary sources and validated against primary data.
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The report contributes to a better knowledge of the global Automotive Tire market's dynamic structure by identifying and assessing market segments and estimating market size. The report also contains a comparison of key firms' pricing, financial standing, application growth objectives, and regional presence. To assist shareholders in prioritising their efforts and investments in the global Automotive Tire market, the study also contains a PESTLE analysis.
Decision-makers now have a clear picture of the future of the market thanks to the investigation of external and internal factors that are expected to either benefit or harm enterprises. Through the analysis of market segmentation and projections of market size, the study also contributes to an understanding of the dynamic structure of the global Automotive Tire market. The study is a resource for investors by giving a thorough representation of the competitive analysis of significant organizations in the Global Automotive Tire Market based on price, financial position, growth strategies, and geographic presence.
Automotive Tire Market Segment:
Passenger Cars, which accounted for roughly 48% of total revenue in 2021, led the industry. The economy, which is impacted by changes in currency rates, GDP growth, inflation rates, and governmental policies, heavily influences the demand for passenger cars. Furthermore, the demand for passenger cars is frequently impacted by changing fuel prices and transit infrastructure. Future PC demand is projected to increase due to both the United States' improving economic outlook and the growth of emerging nations like China and India.
Due to their excellent steering and improved road contact, low heat generation during use, and flexible side walls, radial tyres currently hold a market share of almost 70% in terms of revenue. Radial tyres also support the growing need for comfort when operating heavy-duty vehicles since they produce traction quickly. Additionally, the primary driver fueling the segment's growth is the greater resistance offered by radial tyres to tread-related problems.
Automotive Tire Market Key players:
• Bridgestone Corporation
• Continental AG
• The Goodyear Tire & Rubber Company
• Pirelli & C.S.p.A.
• Apollo Tyres Ltd.
• CEAT Ltd.
• China National Tire & Rubber Co. Ltd.
• Cooper Tire & Rubber Co., Ltd.
• Giti Tire
• Hangzhou Zhongce Rubber Co., Ltd.
• Hankook Tire
• JK Tyre & Industries Ltd.
• Kumho Tire Co., Inc.
• Nexen Tire Corporation
• Nokian Tyres plc
• Qingdao Fullrun Tyre Corp., Ltd.
• Sumitomo Rubber Industries, Ltd.
• Toyo Tire & Rubber Co., Ltd.
• Yokohoma Tire Corporation
• Maxxis International
• Cheng Shin Rubber Industry Co.
The Automotive Tire Market is examined at the national level with a focus on nations with the largest market shares, categories with the potential for strong growth, and categories. The regional breakdowns in the Automotive Tire Market research include North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), and Other nations.
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COVID-19 Impact Analysis on Automotive Tire Market: The report covers COVID-19 impact on Automotive Tire market.
Key Questions Answered in the Automotive Tire Market Report are:
- What will the CAGR of the Automotive Tire market be during the forecast period?
- In the Automotive Tire market, which market segment has become the market leader?
- Which companies dominate the Automotive Tire market?
- In 2029, how big will the Automotive Tire market be?
- Which company held the largest proportion of the Automotive Tire market?
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