Tire Market for Automotive: Introduction
- Automotive tires are pneumatic structures mounted on the vehicle’s rims to transfer the vehicle drive to the ground. A tire is made of natural rubber, synthetic rubber, wire, and fabric.
Key Drivers and Restraints of Global Tire Market for Automotive
- Increase in demand for vehicles is expected to boost the tire market for automotive. Several automakers are offering numerous models in order to diversify their product portfolio. The vehicle models are offered with a variety of rim size options. Rise in demand for individualization by customers and diversification of tire sizes as per models are expected to boost the tire market for automotive.
- In 2017, SUV sales contributed to 34% of total vehicle sales in China. Demand for high clearance and vehicle with sporty appearance has led to the evolution of the tire market toward higher rim sizes. Rise in global demand for SUVs is expected to boost the tire market for automotive. Increase in penetration of premium and luxury vehicles is fueling the demand for low profile or low aspect ratio tires.
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- Rapidly expanding economies of China, India, Mexico, and Brazil are boosting luxury vehicle sales, which in turn is fueling the demand for low profile or low aspect ratio tires
Global Tire Market for Automotive: Segmentation
- The global tire market for automotive has been segmented based on rim size, aspect ratio, material, ply, tube, season, vehicle, sales channel, and region
- Based on rim size, the 18’’-21’’ rim size segment is anticipated to expand during the forecast period. In 2017, SUVs and crossovers accounted for 42% of vehicle sales in the U.S., and 26% of vehicle sales in Europe. Shift in passenger vehicle demand from sedans to SUVs is expected to propel the demand for 18’’-21’’ rim size tires.
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Global Tire Market for Automotive: Regional Segmentation
- Based on region, the global tire market for automotive can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific region led the global tire market for automotive in 2018. It is anticipated to hold a dominant share of the global market during the forecast period. Expansion of automotive industry in China, India and South Korea has been instrumental in boosting the share held by Asia Pacific in the global market.
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Key Developments
- In 2018, Bridgestone Corporation developed a polymer using advanced synthetic technology. The new developed material, called high strength rubber (HSR), boosts durability and abrasion resistance; consequently, desired level of performance can be achieved while thus by utilizing HSR as tire material.
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