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According to the market research study published by research firm P&S Intelligence, From valuing $155.3 billion in 2018, the automotive tire market is projected to grow to $237.2 billion by 2024, registering a CAGR of 7.7% during the forecast period (2019–2024).In the coming years, the Asia-Pacific (APAC) region would continue being the largest automotive tire market. It held a volume share of more than 55.0% in 2018. This growth is mainly attributed to the increasing gross domestic product (GDP), rising automobile production, and improving disposable income of people in developing nations, such as India and China. Additionally, the North American market is also witnessing a rapid increase in its revenue due to the rising number of investments, by both domestic and international manufacturers.
The categories of the automotive tire market based on vehicle, are two-wheelers, light commercial vehicles, passenger cars, and medium & heavy commercial vehicles. During the historical period (2014–2018), the largest market share was held by the passenger cars category. In the forecast period, the fastest growth is predicted to be exhibited by the medium & heavy commercial vehicles category. The American Trucking Association reported that the U.S. truck transportation volume in 2018 grew by 4.2%, due to the rising economy and flourishing manufacturing industry in the country. This is credited to the growing demand for these vehicles across various industries for transportation purposes.
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The automotive tire market is witnessing a surge in demand due to the improvement in the average lifespan of a vehicle owing to technological advancements. From 10.5 years in 2010, the average lifespan of vehicles has increased to 12 years in 2018. Many factors, such as the rising competition in the market and stricter government regulations have resulted in the enhanced durability of vehicles over the years. Further, it is being observed that customers are retaining their older vehicles while buying small crossover vehicles. The retention of old vehicles is expected to drive the demand for tires for replacing old and worn-out tires.
The automotive tire market is observing the trend of next-generation, high-performance tires across the world. Their popularity in the market is encouraging key players to invest in the development of ultra-high-performance tires, which would allow vehicles to run at higher speeds. For their development, patented technologies are being employed along with specialized silica compounds and unique designs to keep up with changing demands of consumers and also deliver desired performance. Additionally, all-season, high-performance tires are also being developed by manufacturers to offer riders a smooth riding experience.
Browse report overview with detailed TOC on "Automotive Tire Market-Global Industry Analysis and Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/automotive-tire-market
The major share of the automotive tire market is cumulatively held by four major players that accounted for more than 45.0% of global tires sales in 2018. The leading market player was Générale des Établissements Michelin, followed by Bridgestone Corporation. The third largest player in the market was The Goodyear Tire & Rubber Company, with the fourth one being Continental AG.
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Organization: P&S Intelligence
Website: https://www.psmarketresearch.com/market-analysis/automotive-tire-market
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