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

Mobile Printing Market: Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights

Mobile printing let end-users print documents when they are in traditional network of away from it The mobile printing enables end-users to print from their devices to any mobile printing application enabled printer located in the office, public print location or at home. Mobile printing is wireless and provides high degree of efficiency to its end-users. It uses 802.11 networking or Bluetooth to communicate and can be used on both local area network (LAN) and wide area network (WAN). Thermal based technology is being used in mobile printing to provide high quality output. There are two types of thermal printing methods which are uses in mobile printing namely direct thermal and thermal transfer. With the help of mobile printing technology the security of the device and system will be enhanced, as an individual is able to set password to prevent unauthorized access, in case of remote printing over internet.. Furthermore, mobile printing reduces need for individual printers on every d
Post a Comment
Read more

Growing Industrialization will Influence the Oil Condition Monitoring Market Growth

Major players in the global oil condition monitoring market are Bureau Veritas, Intertek, Parker Hannifin Corporation, Castrol Limited, Spectro Analytical Instruments, General Electric Company, and Insight Services Unveils TestOil Oil is an important resource used in various machineries and engines in order to provide lubrication and for temperature regulation. After prolonged usage, oil starts to lose out on its properties and becomes less functional. Using such oil can damage the engine or machinery in which it is being used. Hence, it is necessary to keep a check on the condition of oil and replace or upgrade it after its optimum usage. Oil condition monitoring means keeping a timely check on the quality of oil that is being deployed in the system and taking the necessary steps so that the oil serves its purpose to the fullest. The monitoring also helps in increasing the efficiency of the machine, reduces downtime, and reduces cost, thereby increasing profits. Request A Sampl
Post a Comment
Read more

Communications Electronics Cooling Systems Market Growth to be Stimulated by Brisk Technological Expansions

The Electronic cooling systems have wide range of applications in many industrial domains for their nature of keeping the electronic device cool and maintain the temperatures optimally required by the device. There are various cooling techniques that includes heat sinks, thermoelectric coolers, forced air systems, fans, and heat pipes. However in case of low environmental temperatures, the devices may require to heat it to maintain the temperature required by the device to achieve satisfactory operation. Also the electronic circuits generate lots of heat and thus maintaining the temperature increases the reliability and shelf life of the device. These electronic cooling systems have wide applications in personal computers, soldering, batteries, and other electronic component and devices. There are software that are designed for thermal simulation of electronic devices. There are various methods through which heat is being sink in the devices that includes cold plates, fans, high condu
Post a Comment
Read more