Global Tire Market: Market Driver and Restraint
Increase in demand for vehicles is expected to boost the tire market for automotive. Several automakers are offering numerous models in order to diversify their product portfolio. The vehicle models often come with variety of rim size options. Rise in demand for individualization by customers and diversification of tire sizes as per models is expected to boost the tire market for automotive. In 2017, SUV sales contributed to 34% of total vehicle sales in China. Demand of high clearance and sport appeal vehicles has led to evolution of tire market towards higher rim sizes. Rise in global demand for SUVs is expected to boost the tire market for automotive. Increase in penetration of premium and luxury vehicles is fueling the demand for low profile or low aspect ratio tires. Rapidly growing economies of China, India, Mexico & Brazil are boosting luxury vehicle sales, which in turn is fueling the demand for low profile or low aspect ratio tires.
Global Tire Market: Forecast by Type
During winter, some countries in Europe such as Iceland, Russia, Latvia, and Norway have enacted regulations that make it mandatory to fit winter tires. Countries in Europe that experience mild winters and in some provinces of Canada, winter tires are partly mandatory when the weather permits. Therefore, the Europe and North America region are very lucrative for winter tire sales and is estimated to witness a steady expansion during the forecast period.
In developing countries the commercial vehicles still dominantly run on bias ply tire. The commercial vehicle segment is however undergoing a rapid radialization or shift of market epicenter from bias ply to radial ply. The developing region such as Asia Pacific and Latin America are thus estimated to witness a high growth of radial tires.
The automotive tire is a major aftermarket replacement part due to its nature to undergo wear and tear. Improvement in infrastructure is raising the number of miles driven, which in turn is boosting the replacement demand for automotive tires.
Global Tire Market: Forecast by Application
The global tire market for automotive can be classified by rim size, aspect ratio, tire material, ply, tube, vehicle, sales channel and region. The tire market for automotive is classified as 12’’-17’’, 18’’-21’’ and more than 22’’ under the rim size category. The 18’’ 21’’ segment is estimated to witness the highest demand owing to rise in sales of SUV’s and growing preference of higher rim size vehicle. By aspect ratio, the tire market for automotive is classified as 35-77, 60-70, and 75-85. The 35-77 aspect ratio tires are considered low profile and are witnessing high demand in Europe & North America due to rise in demand for premium vehicles. The tire market for automotive is segmented by natural rubber and synthetic rubber owing to the high utilization of these two materials along with other materials. By tube, the tire market for automotive is divided under tube tire and tubeless tire. By season, the tire market for automotive is segmented under winter tire and summer/ all season tire. By ply, the tire market for automotive is classified under radial ply tire and bias ply tire. Rising demand of radial tires for commercial vehicles is expected to boost the tire market for automotive. By tube, the tire market for automotive is segmented under tube and tubeless tire. By vehicle, the tire market for automotive is segmented under passenger vehicle, light commercial vehicle and heavy commercial vehicle. By sales channel, the tire market for automotive is segmented under OEM and aftermarket By region, the tire market for automotive is classified under North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Tire Market: Forecast by Region
Demand for automotive tires in 18’’-21’’ rim size segment is anticipated to witness a high demand during the forecast period. In 2017, SUVs and crossovers accounted for 42% of vehicle sales in the U.S., and 26% of vehicle sales in Europe. Shift in passenger vehicle demand from sedans to SUVs is expected to propel the demand for 18’’-21’’ rim size tires. In Europe, Japan, South Korea and Brazil, vehicle tires are required to be labelled according to their noise performance, rolling resistance, and fuel efficiency. Automakers are choosing to opt for tires labelled between A and C, as they improve fuel efficiency and also offer better road handling. Rising popularity of homologation and similar plans of China and U.S. to implement tire labelling are expected to drive the tire market for automotive.
Global Tire Market: Key Players
Key players operating in the global tire market for automotive include Bridgestone Corporation, Continental AG, Michelin, 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., and Yokohoma Tire Corporation.
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