Global automotive tire market forecast to reach $374 billion by 2024
The global automotive tire market is anticipated to reach $374.22 billion by 2024, according to a report from Million Insights. The factors that propel the growth of the automotive tire market include growing demand for low rolling resistance tires, demand for high performance and low-profile tires, better fuel economy, technical developments such as eco-friendly tires, smart tires, and others.
The automotive tire market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types and its applications are increasing across the globe. The automotive tire market may be explored by type, application and geography. The automotive tire market may be analyzed by types such as bias and radial. The radial tire segment led the automotive tire market in 2015 and is anticipated to maintain its dominance by 2024.
The key applications that could be explored in the automotive tire market include LCV, passenger cars, two-wheelers and HCV. Asia-Pacific accounted for the major share of the automotive tire market size in 2015, and will continue to lead in the forecast period. The factors that could be attributed to the growth include the developing economy of most of the nations in this region. Asia-Pacific is followed by Europe and North America.
Some of the key players that fuel the growth of the automotive tire market comprise Continental AG, Bridgestone Corporation, Michelin, Pirelli & C. S.p.A, Sumitomo Rubber Industries, Ltd., Madras Rubber Factory Limited, The Goodyear Tire & Rubber Co., JK Tyre & Industries Ltd., CEAT Ltd. and The Yokohama Rubber Co. Ltd.
The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
Source: Rubber World Magazine