Automotive Tyre Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1782
Automotive Tyre Market Size is anticipating noticeable growth in the forecast timeframe. The product is ring shaped component that surrounds the wheel to transfer load, it is a crucial part in a vehicle. Its wide usage in automobile industry has increased demand of the product. It supports whole bead of car and coordinates the wheel in various directions. Varieties in the product has uplifted its usage in automobile industry.
Increasing vehicle production will surge automotive tyre market in near future. The industry is one of the major contributor in economy and revenue generation. Rising disposable income of the consumer is another factor that pushes automobile sector and influences demand of the product.
Commercial and passenger car industry will grow annually at over 10% and 9% respectively in near future. Increasing global population is expected to propel automotive tyre market. The system is used as an essential part of car to provide with strength, support and direction. Passenger and commercial car are one of the fastest growing sector of the economy. 2016 was a record breaking year for global car sales. Growing demand for high end luxury cars is anticipated to fuel automotive tyre market.
Increasing traffic congestion, population, demand for better fuel mileage, lower emission are major factors accelerating demand for two wheelers. The segment is expecting growth at over 7% in the forecast time. With the penetration of different variants in two wheelers segment, consumer demand has significantly boosted. Rising prominence in automobile industry, two-wheeler sector at a fast pace will give a positive outlook to automotive tyre market.
Supply chain in automotive tyre market initiates from procurement of raw material such as rubber, carbon black and chemicals. Raw material passes through various processes that includes shredding, washing, creeping and drying. Post manufacturing it is stored in warehouse and distributed to various locations. Product is available for customers in retail and wholesaler’s stores. End users industries of product are automobile and aviation.
Restrains pertaining to automotive tyre market includes environmental challenges such as impact of climate change. Economic challenges including shortage of resources, changing customer demand, mobility, urbanization, stringent policies and ease availability of public transportation are certain factors impacting the product penetration.
Automotive tyre market is classifies on the basis of vehicle types including passenger car, light and heavy commercial vehicle. End users of product are OEM’s and Aftermarket. Based on its type they are bifurcated into bias and radial. Various applications of these tyre include cars, trucks, two wheelers, machinery in various industries, airplanes, tractors and forklifts.
Asia Pacific followed by Japan and China will witness decent growth in automotive tyre market. The countries are home to many big manufacturers that include Toyota and Baolong. These are among the highly populated countries in the world that increases congestion, road traffic and triggers the two wheelers demand.
Automobile industry contributes majorly in Europe’s economy. Germany is major hub for passenger car and accounts for over 20% of total European car sector. France provides employment to over 300, 00 employees in automobile sector. It hosts companies including Renault and Bugatti, that are leading in the industry. Increasing demand for luxury car segment and commodity demand is anticipated to grow at higher speed.
North America, especially the U.S. has the oldest share in automobile sector. Ford is a U.S. based company, oldest in the automobile sector. Being an ancient company, it holds a strong position in the industry. With these companies, the region will contribute fairly in automotive tyre market.
Prominent manufacturers in automotive tyre market are Aeolus Co. Ltd., Bangkok Metropolis Motor Co. Ltd., Barez Industrial Group, Bridgestone Corporation, Carlisle Companies, Banteng Industrial Group, CEAT, Casumina, Danang Rubber Company and DMACK. CEAT expands its capacity by investing over INR 2000 crores in 2016. Aim of the expansion was to maintain its share and strengthen sales and growth in the sector. Additionally, Company launched puncture safe tyre for two wheelers in 2016.
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