The automotive tire market is estimated to experience significant growth opportunities in the upcoming years. This market growth is on the back of increasing demand for different vehicles. The automakers in the market provide innumerable models to diversify their company’s product portfolio.
SUV sales have contributed with 34% of the total sales of vehicles in China in 2017. The increasing demand for vehicles with sporty looks and high clearance has stimulated an evolution in the automotive tire market. Rising demand for SUVs is likely to bolster the tire market. Increasing penetration of luxury and premium vehicles is projected to fuel demand for low aspect or low profile ratio tires.
Rapid expansion in the economies of countries such as Brazil, India, and Mexico are bolstering sales of luxury vehicles. This leads to rising demand for low aspect or low profile ratio tires.
A wide range of rim size options is provided along with the vehicle models. Rising demand for individualization by the consumers and the growing diversification of tire sizes according to models have been anticipated to bolster growth opportunities in the automotive tire market.
As per the research report by Transparency Market Research, the automotive tire market is estimated to surpass a valuation of US$ 190 Bn. during the forecast period from 2019 to 2027.
Get a Sample of This Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4979
Winter Tire Segment Projected to Experience Significant Growth Opportunities with Enactment of Regulations
The automotive tire market has been bifurcated on the basis of region, sales channel, vehicle, season, tube, ply, material, aspect ratio, and rim size. Further, on the basis of season, the market is divide into winter tires and other seasons tire. Between these two types, the winter season tires are likely to expand at a significant rate during the forecast period. This market growth is anticipated with the enactment of various regulations in some European countries such as Norway, Latvia, Russia, and Iceland. These regulations have made it compulsory to fit winter tires during the respective season. Along with Europe, in some provinces of Canada, winter tires are compulsory when weather permits. Owing to these factors, the automotive tire market has been expected to experience significant growth opportunities in the North America and Europe region.
On the basis of rim size, the market has been divided into 12’”-17”, 18”-21”, and >22”. Among these segments, the 18”-21” rim size vertical is likely to expand at a significant rate in the forthcoming years. Crossovers and SUVs have accounted for almost 42% of total vehicle sales in the United States in the year 2017. In the same year, around 26% of total market sales has been covered by crossovers and SUVs in the Europe region. An increasing shift in the passenger vehicles toward SUVs has been expected to propel demand opportunities for 18”-21” rim size tires.
Make an Enquiry Before Buying – https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=4979
Expansion in Automotive Industry in Asia Pacific Region Anticipated to Fuel Growth opportunities in Automotive Tire Market
On the basis of region, the automotive tire market has been spread across various geographical regions including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In the year 2018, the Asia Pacific region held a significant share in the market. Even during the forecast period, the market has been likely to retain a dominating share in the market. This market dominance can be attributed to the increasing rate of expansion of the automotive industry in South Korea, India, and China. This factor is expected to propel growth opportunities in the automotive tire market in the upcoming years.
Some of the prominent players operating in the automotive tire market include Toyo Tire & Rubber Co., Ltd., Sumitomo Rubber Industries, Ltd., Cooper Tire & Rubber Co., Ltd., CEAT Ltd., Michelin AG, Pirelli & C.S.p.A., Continental AG, and Bridgestone Corporation.
Related Reports –
Smart Transportation Market – https://www.accesswire.com/714506/Smart-Transportation-Market-to-Reach-US40077-Bn-by-2031-TMR-Study
Caster Wheels Market – https://www.prnewswire.com/news-releases/caster-wheels-market-is-likely-to-develop-at-a-cagr-of-5-40-during-the-forecast-period-observes-tmr-report-301594033.html
Marine Fender Market – https://www.globenewswire.com/news-release/2022/05/20/2447605/0/en/Marine-Fender-Market-is-Estimated-to-Rise-at-a-CAGR-of-3-28-during-the-Forecast-Period-Observes-TMR-Study.html
About Transparency Market Research
Transparency Market Research is a global market research reports company providing business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact Us:
Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Blog: https://tmrblog.com
Email: [email protected]