Global automotive tire market to reach $650 billion by 2027
The global automotive tire market is anticipated to witness high expansion at single-digit CAGR and estimated to reach nearly US$ 650 Bn by the end of 2027 according to Research Report Insights (RRI).
Based on vehicle type, passenger car segment is projected to remain most lucrative in the global automotive tire market. The segment is estimated to ride on high CAGR of 7 % over the forecast period. Commercial vehicle segment is poised to expand at high single-digit CAGR over the forecast period. The light commercial vehicle segment is estimated to exhibit high growth, securing a valuation more than 100 Bn by 2027-end. Radial tire segment by tire structure is estimated to reach over US$ 550 witnessing expansion at robust growth rate over the forecast period.
Based on sales channels, OEM segment exhibits high CAGR of single-digit. However, aftermarket segment is poised to reflect high market value throughout the forecast period. Geographically, Asia Pacific excluding Japan (APEJ) and Western Europe are anticipated to expand at similar growth rates. In terms of revenue share, APEJ is poised to lead the market throughout the forecast period and the market is estimated to secure nearly US$ 195 Bn over the assessment period.
Various companies operating in automotive tire market have been profiled in the market research report. Nexen Tire America Inc., Continental AG, Michelin, Titan Tire Corporation, Madras Rubber Factory Limited, Goodyear Tire And Rubber Company, Cooper Tire and Rubber Company, Yokohama Rubber Company, Limited, Shandong Linglong Tyre, Hankook Tire, Apollo Tyres Ltd, Cheng Shin Rubber Industries, Trelleborg AB, Toyo Tire & Rubber Company, Sumitomo Rubber Industries Ltd., Kumho Tire Co. Inc., Sailun Tires Ltd, Nokian Renkaat Ojy, Pirelli & C. S.P.A, and Bridgestone Corp. are some leading player operating in the market.
Research Report Insights (RRI) is a leading market intelligence and consulting firm. We deliver a host of services including custom research reports, syndicated research reports, and consulting services which are personalised in nature. RRI delivers a complete packaged solution to clients; this combines current market intelligence, technology inputs, statistical anecdotes, valuable growth insights, 360-degree view of the competitive framework, and anticipated market trends.
Source: Rubber World Magazine