Segmental Analysis
The segmental analysis of the tire Automotive Tire Market is based on type, section width, end market, vehicle type, and region. Based on the type, the tire market is segmented into bias and radial. Among these, the radial segment is responsible for the major market share and is expected to remain extremely lucrative through the forecast period.
Regional Analysis
The regional analysis of the tire market observes that the Asia Pacific region is accountable for the major market share in 2017, followed by North America which is slated to develop at a CAGR of 4.66% through the forecast period. The Asia Pacific region has the most significant automotive tire market, as a result of the growth in the automotive industry in developing nations such as China, Japan, and India. The growth in the penetration level of passenger cars and two-wheelers in the region is fueling the demand for tires. increased sales of automobiles in the region can be accrued to issues such as growing per capita income, larger infrastructure spending, initiatives to increase the amount of economic production cost and FDI. The North American region is accredited for the next major market portion in 2017, which is projected to rise at a CAGR of 4.46 percent over the forecast period. In the North America region, automobile producers will observe a rise in the sales of the passenger cars and commercial vehicles. The rise in demand for atest vehicles will allow the growth of the auto tire suppliers significantly. The stable growth in the region will bring higher investments from many market giants owing to strict government regulation, amplified sales of vehicles, and demand for fuel-efficient products. The U.S. is accountable for the major market share of 70.55 percent in 2017, with a market worth of USD 44.87 billion and is slated to develop at the fastest CAGR of 4.60 percent through the forecast period.
Competitive Analysis
The signficant market players identified by MRFR in the global market are Michelin Group (France), Bridgestone Corporation(Japan), Continental AG (Germany), The Goodyear Tire & Rubber Company (U.S.), Toyo Tire & Rubber Co., Ltd (Japan), Hankook Tire Co., Ltd. (South Korea), Pirelli (Italy), Cooper Tire & Rubber Company (U.S.), Sumitomo Rubber Industries, Ltd. (Japan), Rubber Co. Ltd (Japan), and Yokohama.
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