Skip to main content

Tire Market for Automotive Expected to Surpass US$ 190 Bn, Globally, by 2026

the global tire market for automotive is anticipated to surpass US$ 190 Bn by 2026, expanding at a CAGR of more than 3 % during the forecast period.
Rise in sales of vehicles in developing countries in Asia Pacific and Latin America is anticipated to drive the global tire market for automotive. Rise in sales of SUVs and crossover vehicles, due to change in consumer preference for high clearance and sporty vehicles, is fueling the demand for automotive tires. SUV and crossover vehicles contributed to 34% of total vehicle sales in China and 42% of total vehicle sales, respectively, in 2017.
Increase in competition among automakers is compelling them to increase the number of models and offer numerous tire options based on rim size and aspect ratio. Rise in consumer demand for SUVs and higher rim size vehicles is shifting the demand from low rim sizes to high rim size tires. Increase in disposable income of consumers is boosting the sales of luxury and premium vehicles, which in turn is fueling the demand for low profile or tires with aspect ratio between 35 and 55. Europe & North America being developed regions are lucrative markets for low profile or tires with aspect ratios between 35 and 55. Low profile tires that have aspect ratios between 35 and 55 are esthetically appealing, as they have larger rims and thinner tire walls. Low profile tires also provide better braking and cornering and hence, are gaining increasing popularity among premium car manufactures. Development of infrastructure and rapid economic expansion in Asia Pacific and Latin America are expected to fuel the demand for luxury vehicles and low profile tires.



In developing regions such Asia Pacific and Latin America, commercial vehicles are undergoing a radialization, i.e., shift in preference toward deployment of radial ply tires. Commercial vehicles in these regions are predominantly incorporated with bias ply tires; however, they are shifting to radial ply tires. Therefore, demand of radial ply tires in commercial vehicles is estimated to rise significantly.
North America & Europe are lucrative markets for winter tires, as winter tires are mandatory in several countries in Europe such as Norway, Russia, and Latvia. North America, Japan, and China also witnessed significant increase in sales of winter tires sales and hence, are anticipated to witness a steady demand. Automotive tires in Europe, Japan, Brazil, and South Korea are required to be labeled according to noise, fuel efficiency, and rolling resistance. A similar labelling is likely to be adopted by other regions, which in turn is expected to boost the tire market for automotive.



Rise in average age of vehicles and increasing number of vehicles on-road are boosting the aftermarket demand for automotive tires. Tropical countries such as India and ASEAN require frequent tire changes due to rough weather and bad road conditions and hence, witness robust aftermarket demand.
Key players operating in the global tire market for automotive include Bridgestone Corporation, Continental AG, Michelin, The Goodyear Tire & Rubber Company, Pirelli & C.S.p.A., Apollo Tyres Ltd., CEAT Ltd., China National Tire & Rubber Co., Ltd., Cooper Tire & Rubber Co., Ltd., Giti Tire, Hangzhou Zhongce Rubber Co., Ltd., Hankook Tire, JK Tyre & Industries Ltd., Kumho Tire Co., Inc., Nexen Tire Corporation, Nokian Tyres plc, Qingdao Fullrun Tyre Corp., Ltd., Sumitomo Rubber Industries, Ltd., Toyo Tire & Rubber Co., Ltd., and Yokohoma Tire Corporation. In 2018, Bridgestone Corporation developed a polymer using advanced synthetic technology. The newly developed material, called high strength rubber (HSR), boosts durability and abrasion resistance. Therefore, by utilizing HSR as tire material, the desired level of performance can be achieved while using less material.

Comments

Post a Comment

Popular posts from this blog

Automotive EGR Gas Temperature Sensor Market Anticipated To Surge With An Impressive CAGR Of 2025

In an IC engine, EGR (exhaust gas recirculation) gas temperature sensors are used to measure the temperature of the exhaust system. EGR is a technique that is utilized to reduce the nitrogen oxide emissions in petrol/diesel engines. Exhaust gases are reintroduced into the engine combustion chamber to cool the combustion flame. Some vehicles employ an EGR temperature sensor to determine EGR operation. This information is used by the powertrain control module (PCM) to regulate the EGR operation. EGR gas temperature sensor is located in front of the Diesel Oxidation Catalyst (DOC) and in front of the Diesel Particulate Filter (DPF). It detects the exhaust gas temperature and converts it into a voltage and transmits this signal to the engine ECU in order to control engine conditions to effectively reduce emission. EGR bypass valve function diagnostic as well as thermal protection. Gas temperature sensors are employed in various applications such as petrochemicals, automotive s...
Post a Comment
Read more

Mobile Satellite Services (MSS) Market to Achieve Significant Growth in the Near Future

Mobile satellite services (MSS) are the telecommunication services delivered through satellite to mobile users. To establish communication between devices or portable terminals. These portable terminals could be handheld by person such as cellular telephone or mounted on a car or ship. MSS extend mobile communication beyond terrestrial based wireless system, and allows coverage worldwide. MSS use L-band and S-band frequencies of radio spectrum for the communication between the mobile earth station, and terminals in space or on ground These services are used for transmission of emergency traffic such as distress, and safety messages during the disasters, sports venues, war zones, and communication breakdowns for an emergency communication. MSS allow remote communication of voice, and data between the terminals. Request A Sample Of This Report - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=11570 MSS are scalable, secure and could be deploy...
Post a Comment
Read more

RFID Tags Market is Expected to Grow at the Highest CAGR During the Forecast Period

Key players in the  U.S. RFID tags market  are Atmel Corporation, HID USA Corporation, Invengo Information Technology Ltd. Co., and NXP Semiconductors N.V. Competition among them and among other players are expected to heat up further over the course of next few years as they try to expand their market shares both via the inorganic route of mergers and acquisitions and organic route of product development and diversification. A report on the market published by Transparency Market Research finds that it would rise at an 8.5% CAGR over the course of the forecast period starting from 2017 and ending in 2025. At this pace, the market which was valued at US$809.4 mn in 2016, will likely become worth US$1,672.5 mn by 2025-end. Get PDF Sample of This Report @  https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=24536 The two types of RFID tags available in the market are active and passive tags. Between the two, the demand for passive RFI...
Post a Comment
Read more