The “Global Automotive Tire Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026” research study presented by Decisiondatabases.com provides the growth trends, market drivers, opportunities and restraints of the global automotive tire market. The report expects the global automotive tire market to touch USD 406.4 BN by 2026 along with a CAGR of 7.5% within the forecasted period from 2020-2026. The market had a value close to USD 245 BN in 2019.
An automotive tire is a component manufactured from rubber and it is ring-shaped. Tires are products used to provide a footprint designed to match the weight of the vehicle with the bearing strength of the surface that it rolls over by providing a bearing pressure that would not deform the surface. It is used to cover the wheel’s rim and it plays a very important role in automobile performance, speed, balance and efficiency. The tires are manufactured according to types of applications such as high-performance tires which are usually used in sports cars or Formula-1 racing cars designed for high speeds and winter tires which are intended to work in low-temperature conditions
The increase in demand for light passenger vehicles & heavy-duty vehicles and the rise in the stringent fuel economy & exhaust emission control targets are the key factors driving the growth of the global automotive tire market. The technological expansion and the development of innovative and environment-friendly green tires have opened up growth opportunities for the industry participants. Also, the increase in radical tire up-gradation owing to its benefits such as lesser vibrations, reduced fuel consumption and extended tire life due to less heat has positively impacted the growth of the global automotive market. However, the fluctuations in the prices of the raw materials might act as a hindrance to the growth of the automotive tire market globally.
By type, the global automotive tire market is segmented into a radial tire and bias tire where radial tire has emerged as the leading segment. By application, passenger cars, light commercial vehicles, heavy commercial vehicles and two-wheelers are the classifications provided for the global automotive tire market. Passenger cars have been identified as the leading segment as per the study.
North America, Asia Pacific, Europe, Latin America and Middle East & Africa are the geographical segments of the global automotive tire market where Asia Pacific has been found to be dominating this segment.
The company profiles of the key players of the global automotive tire market provided in the study are Bridgestone Corporation, Madras Rubber Factory Limited (MRF), Cavi Electrici e Affini Torino SpA (CEAT), Apollo Tyres Ltd., Michelin, Goodyear Tire & Rubber Company, Pirelli & C. SpA, Yokohama Rubber Company, Cooper Tire & Rubber Company, Titan Tire Corporation, Cheng Shin Rubber Industry Co., Toyo Tire & Rubber Co. Ltd. and Continental AG among others. A thorough description has been provided for each company in terms of headquarters, inception, stock listing, key mergers & acquisitions and recent developments.
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