Global automotive tire market size would surpass $453.7 billion valuation by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The ongoing expansion of the global automotive sector triggered by growing demand for passenger vehicles is attributed to be a major trend fueling automotive tire market size. Growing need to boost average lifespan of vehicle coupled with the ongoing pursuit of enhancing vehicle and road safety through technological advancements is classified as a major underlying factor driving automotive tire industry expansion.
Other growth drivers are changing lifestyle, surging disposable income, and technological enhancements. Emerging new markets, evolving consumer demographics, and surging acceptance of green tires would offer new growth opportunities to the global automotive tire market.
Numerous market players currently operating across the industrial landscape are making substantial investments in research and development as well as technological innovations, in a bid to introduce advance products that can address escalating customer demands. This trend is expected to further strengthen market growth in the coming years. Also, strict regulations pertaining to the use of green tires are also promoting new product development. For instance, Hankook developed airless tires in 2012.
These non-pneumatic tires facilitate energy savings by effectively reducing the production process by almost half. Moreover, these tires can be recycled or reused and typically find applications across eco-friendly vehicle models, including hybrid, electric, and hydrogen cars.
From a regional perspective, the Asia Pacific market accrued the biggest share of the global automotive tire market in 2017. The established automotive industry, high research and development investments, and technological advancements are some key factors driving the APAC market.
Several countries across the APAC are now witnessing stricter government regulations when it comes to vehicle and road safety. These regulations, when coupled with the accelerating adoption of green technology throughout the automotive sector, are further boosting automotive tire sales in the region.
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Meanwhile, the rapid economic development across several APAC countries such as India, China, and Japan, elevating living standards, and increasing disposable income levels, further boost the demand for automotives in the region. The entry of leading global players into these nations to tap market potential further enhances regional revenues.
Prominent companies profiled in the automotive tire research report include JK Tyre & Industries Ltd., MRF Tyres, Bridgestone Corporation, Continental AG, Michelin Group, Sumitomo Rubber Industries Ltd., Goodyear Tire and Rubber Company, Toyo Tire & Rubber Co. Ltd., CEAT Ltd., and Pirelli & C. S.P.A. among others. These enterprises frequently launch new products and also collaborate with other industry players to innovate and introduce new products to address increasing customer needs and requirements.