Thursday 22 August 2019

Global automotive tyre market to reach $645bn by 2027

DUBAI, April 18, 2019

The global automotive tyre market is expected to grow at a compound annual growth rate (CAGR) of 6.3 per cent during 2017 to 2027, and reach a valuation of $645 billion by 2027, according to a report by Future Market Insights.

The report, titled “Automotive tyre Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” covers the drivers, impact, challenges, trends as well as opportunities in the global automotive tyre market with competition assessment during the period of 2017-2027.

The global automotive tyre market is expected to witness robust growth across main regions of Asia Pacific excluding Japan (APEJ), North America, Western Europe, Eastern Europe, Latin America, Japan and Middle and Africa (MEA) during the forecast period.

The evolving technology which is set to changing the future scenario of tyres, increasing mergers and acquisitions with a view to expand the retail network, the increasing use of tyre pressure monitoring systems (TPMS) thus increasing the awareness of tyres and its functionality among consumers, strategic collaborations taking place between tyre manufacturers with famous non-tyre entities to promote brand value and better positioning of their tyres, increasing use of digital platform with which several consumers are able to buy through e-commerce, trend of switching to green tyres as an environment friendly option and decrease in the selling price of small tyres.

The global automotive tyre market is segmented by vehicle type (2/3 wheeler, passenger vehicle, commercial vehicle and specialty vehicle), by sales channel (OEM and aftermarket), by tyre structure (radial and bias) and region.

• Passenger cars segment by vehicle type is expected to lead the global market in terms of growth rate and market share.

• Commercial vehicle segment by vehicle type, also shows high potential, and is poised to grow at a CAGR of 6.1 per cent during the assessment period. In this category, the light commercial vehicle segment is a high growth segment and is expected to be valued at $102.7 billion by the end of 2027.

• By tyre structure, the radial segment is expected to be valued at $550.2 billion by 2027 end and also anticipated to grow at a robust growth rate throughout the forecast period 2017-2027.

• By sales channel, OEM segment reflects higher growth rate during the period of assessment, however, the aftermarket segment is poised to show high market value by the end of the forecasted year. The OEM segment is expected to grow at a CAGR of 6.4 per cent during 2017-2027.

• By Region, Asia Pacific excluding Japan (APEJ) region and Western Europe region are expected to grow at similar growth rates, however, APEJ is poised to lead the global automotive tyre market in terms of high market share by 2027 end, as it is expected to be valued at around $194 billion by the end of the assessment period.

The global automotive tyre market research report has analysed various key players involved in the operations related to automotive tyres. Continental AG, Bridgestone Corp., Michelin, Goodyear tyre And Rubber Company, Pirelli & C. S.P.A, Yokohama Rubber Company, Limited, Cheng Shin Rubber Industries, Sumitomo Rubber Industries Ltd., Toyo tyre & Rubber Company, Trelleborg AB, Cooper tyre & Rubber Company, Hankook tyre, Madras Rubber Factory Limited, Kumho tyre Co, Apollo Tyres, Sailun tyres, Shandong Linglong Tyre, Nokian Renkaat Ojy, Titan tyre Corporation, and Nexen tyre America Inc. – TradeArabia News Service


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