The Global Automotive Tire Market accounted for US$ 233.15 Bn in 2017 and is expected to grow at a CAGR of 3.8% over the forecast period 2018–2025, to account for US$ 306.44 Bn in 2025. Asia Pacific is expected to be the region experiencing ample opportunities for the manufacturers and providers of automotive tires. China and India are densely populated countries and thus, the number of passenger cars on the roads in these countries are very high. In this regard, high disposable incomes of individuals has increased the sales of entry-level to medium-range cars and therefore, these two countries are highly lucrative for entry-level and medium range car segments.
The automotive industry is one of the early adopter of automotive tire. The increase in resistance power of rolling tires, which not only reduces fuel economy but also wears out the tires. Continuous monitoring and correcting the tire pressure helps in ensuring optimum vehicle performance. The customers of every vehicle segment look for fuel-efficient vehicles and owing to this, the vehicle manufacturers are increasingly integrating advance technological system with the vehicles in order to meet the demand of their customers.
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This factor is bolstering the growth of the market for automotive tire in the current scenario. Owing to the implementation of these laws and regulations, and the awareness of clean environment among the mass, the end users are anticipated to procure commercial vehicles line fitted with the advanced technologies. Thus, increasing vehicle production across the globe and strict governmental rules are directly impacting on the growth of automotive tire market.
For instance, Bridgestone entered into a joint venture with The Goodyear Tire & Rubber Company through which the passenger and light truck tire distribution is done by TireHub LLC – a new and largest national tire distributors. The tire manufacturer are continuously focusing towards the development towards meeting the demands of the customers. The production of vehicles has witnessed a steady growth in the post-recession era since the year 2010.
However, the global automotive tire landscape is undergoing a rapid technological-driven change. The automotive tire market is experiencing substantial growth rate over the period as the demand of passenger cars, light commercial vehicle, and heavy commercial vehicle is significantly growing worldwide. In the current scenario, the global automotive market is experiencing the significant technological advancement i.e. MaaS.
Some of the key players operating in automotive tire market include Bridgestone Corporation, Goodyear Tire & Rubber Company, Michelin, Pirelli & C. S.P.A, Dunlop India Limited, Yokohama Rubber Co. Ltd., MRF, Continental AG, Apollo Tyre Ltd., and Hankook Tires among others among others.
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