Global Automotive Tires Market
The GMI Research speculates that the Automotive Tires Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the enlargement of the automotive sector, increasing development of infrastructure, and increasing competition among tire producers.
Introduction of the Automotive Tires Market:
An automotive tire refers to a circular component made up of a tensile, vigorous rubber casing affixed to the rim of a wheel. In short, the tires impart a gripping surface for resistance between the road surface and vehicles and protection for the wheels of moving vehicles to minimize the influence of vibrations.
Key Players of the Market:
- The Goodyear Tire & Rubber Company
- Continental AG
- Bridgestone Corporation
- THE YOKOHAMA RUBBER CO., LTD.
- Toyo Tire Corporation
- Sumitomo Rubber Industries, Ltd.
- Pirelli & C. S.p.A.
- Hankook Tire & Technology Co., Ltd
- Cooper Tire & Rubber Company
Automotive Tires Market Dynamics
The factors elevating the growth of the global automotive smart tires market include the increasing drift of tire manufacturers to produce feasible tires in order to fulfill the rigorous performance norms and the augmenting demand for superior tires. Also, their fuelling demand as a result of mounting vehicle production throughout the nation and the execution of modernized technology across the production process, such as the inclusion of cumulative manufacturing & 3D printing, will further stimulate the Automotive Tires market size. Moreover, the elevating sales of automotive across several developing nations as a result of the improvement in living standards and a boost in per-capita income has paved the way for global tire market size.
Further, the accelerating penetration of electric vehicles because of the various government initiatives and amplifying apprehension towards the environment further contribute to the market growth. Om the other hand, the fluctuations in the prices of raw materials of tires such as synthetic rubber may hinder the market growth.
Type Driver Segmentation
Based on the type, radial is projected to perceive a remarkable growth over the coming years. This is primarily attributed to their aggravating implementation as a result of several advantages proffered by these tires, which include reduction in the machine costs, magnified productivity, and lless consumption of fuel.
Vehicle Type Driver Segmentation
As per the vehicle type, the passenger car will expand at a faster growth due to their intensifying as a result of the growing seepage of passenger cars across various countries. In addition, the Automotive Tires market statistics, augmentation in income, better economic conditions, and inclination towards comfortable and congenial transportation further impel the market growth.
Automotive Tires Market Segmentation:
Segmentation by Type
Segmentation by Season
- All Seasons
Segmentation by Vehicle Type
- Passenger Car
Segmentation by Rim Size
- Less than 15 Inch
- 15-20 Inch
- More than 20 Inch
Segmentation by Distribution Channel
Segmentation by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
The consulting and market research enterprise offers syndicated and personalized research reports and consulting service to various organizations. The reports are prepared on the basis of market intelligence studies to certify that all fact-based research reaches several sectors like automotive, healthcare, FMCG, information technology & communication, etc. The deep knowledge of the organization towards the business environment helps us generate objective strategic information. Our research teams include expert analysts and researchers provide an in-depth analysis about forecasts, competitive landscape, major factors influencing the market growth, and other market acumen to assist companies in reaching a strategic decision.
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