ALBANY, New York, Aug. 28, 2019 /PRNewswire/ -- Rising number of cars and motorcycles in countries of Asia Pacific and North America is accelerating the growth of global automotive tire market in the forecast period of 2018 to 2026 says a latest report by Transparency Market Research. The report also predicts that growth in the sales of SUVs and crossover vehicles is further expected to bolster the market's growth. Furthermore, the growing preference of radial ply tires in countries like India, U.S., and China is also surging the growth of global automotive tire market.
- Variety Offered by Manufacturers to Skyrocket the Market to US$ 190 Bn
Automobile manufacturers are launching new vehicles periodically. This has surged the demand of a variety of tires across the globe. Automotive tire manufacturers are pacing their production to cater to this demand, which is elevating the revenue generation of overall market. As a result of this demand, the automotive tire market is expected to reach a value of US$ 190 Bn during the forecast period. The competition among different automotive tire manufactures could increase at a rapid pace with projected rise in automobile sales in future. Moreover, the potential sales of automotive tires could increase tremendously.
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Moreover, with a rise in the demand of variety of tires for various vehicles, the market is expected to witness a 3% CAGR during the estimated time frame. Factors such as increasing disposable income, and rising luxury and sports vehicle tire segment are further expected to support the automotive tire market to witness this growth.
- Asia Pacific to Account for Largest Growth Share in Automotive Tire Market
Owing to the rising economy of the people in countries like India and China, the automotive industry is booming in Asia Pacific. As a result, the demand for tires in these countries has also escalated over the past few years. This results in Asia Pacific emerging as a dominant region of the global automotive tire market. According to the report, the region is expected to account for 41.56% of the overall growth of the market.
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This dominance of the region is also the result of rising application of commercial vehicles in various industries. Since, these vehicles carry precious assets of various businesses, it is essential for them to keep their vehicle tires updated for providing efficient protection to the assets during transport. This is the reason that is expected to accelerate the growth of the region in global automotive tire market.
- 18"- 21" Rim Size to Be the Leading Segment in Automotive Tire Market
Demand for a bigger rim size is expected to grow exponentially during the forecast period as a result of shifting consumers' preference towards SUV. This changing preference is expected to support the growth of 18"-21" rim size segment in the global automotive tires markets. On the basis of aspect ratio, 35''-77'' tires are expected to dominate the global automotive tire market especially in North America and Europe.
- Stringent Government Policies Boost the Market
Countries like Russia, Switzerland, and Iceland gets extremely cold during the winters. The governments of these countries incorporate strict regulations for businesses and consumers to update their vehicles with winter tires. These rules are implemented in order to avoid vehicle slippage and subsequent damage to life and property. Owing to such regulations, the players and users regularly update their vehicle with mandatory winter tires. This is further expected to support the global automotive tire during the forecast period.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Tire Market (Rim Size - 12"- 17", 18"-21", >22; Aspect Ratio - 35 - 55, 60 - 70, 75 - 85; Material - Natural Rubber, Synthetic Rubber; Season - Winter Tire, All-season Tire; Ply - Radial ply, Bias Ply; Tube - Tubed Tire, Tubeless Tire; Vehicle Type - Passenger Vehicle, Light Commercial Vehicle, Heavy Light Commercial Vehicle; Sales Channel - Original Equipment Manufacturer, Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."
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The global Automotive Tire Market is segmented on the basis of:
- Rim Size
- 12''- 17''
- 18''- 21''
- > 22''
- Aspect Ratio
- Synthetic Rubber
- Natural Rubber
- Tube Type
- Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Sales Channel
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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