Advanced technological implementation in the manufacturing process and intense competition among tire manufacturers boosted the growth of the global automotive tire market.
PORTLAND, Ore., Sept. 7, 2020 /PRNewswire/ — Allied Market Research recently published a report, “Automotive Tire Market by Season Type (Summer, Winter, and All-Season), Vehicle Type (Passenger Car, Commercial Vehicle, and Electric Vehicle), Rim Size(Less than 15Inch, 15 to 20 Inch, and More than 20Inch), and Distribution Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027″. According to the report, the global automotive tire industry garnered $112.16 billion in 2019, and is projected to hit $154.40 billion by 2027, registering a CAGR of 4.1% from 2020 to 2027.
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Advent of advanced technology in the manufacturing process, surge in automotive production & sales across different vehicle segments, and increase in competition among tire manufacturers have boosted the growth of the global automotive tire market. On the contrary, growing market of retreading tires and volatile price of raw materials hinder the market. However, rapid improvements in technology and fuel efficiency and safety concerns would open new opportunities for the market players.
COVID-19 scenario: The emergence of COVID-19 has hugely affected the global automotive tire industry.
According to the 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.
Get detailed COVID-19 impact analysis on the Automotive Tire Market Request Here!
All season segment dominated the market
By type, the all-season segment held the lion’s share in 2019, contributing to more than 90% of the global automotive tire market, as these tires have stable cornering and strong traction in both wet and dry conditions. However, the winter segment would manifest the fastest CAGR of 6.0% during the study period, owing to the latest innovation & development in winter tire fabrication and manufacturing process and rise in the sale of the winter tires across the globe.
Electric vehicle segment to portray the highest CAGR through 2027
By vehicle type, the electric vehicle segment is projected to portray the highest CAGR of 7.6% during the forecast period. This is owing to rise in urbanization and increase in attractive offers on electric vehicles from various governments. However, the passenger car segment held the largest share in 2019, contributing to nearly three-fourths of the global automotive tire market, owing to rise in disposable income in countries such as India and China and higher sales across the globe.
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North America, followed by Europe and North America, held the largest share
The global automotive tire market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. Moreover, the region is expected to manifest the highest CAGR of 4.3% during the forecast period, owing to ongoing increased demand for radial tires due to improved road infrastructure in countries such as China, India, and Japan. The market across North America is expected to register a CAGR of 3.9% through 2027.
Major market players
Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
The Goodyear Tire & Rubber Company
Toyo Tire Corporation
Sumitomo Rubber Industries Ltd
The Yokohama Rubber Co., Ltd
Hankook Tire & Technology Co. Ltd.
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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%.
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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.
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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.
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