Automotive Tire Market Analysis (COVID19 Impact): Industry Growth, Size & Future Scope
The flourishing automotive industry, especially in the Asia-Pacific (APAC) region is another important factor responsible for the soaring sales of automotive tires throughout the world. Driven by these factors, the revenue generated from the worldwide sales of automotive tires is expected to rise from 155.3 billion to 237.2 billion from 2018 to 2024. The global automotive tire market is predicted to exhibit a CAGR of 7.7% during the forecast period (2019–2024).
Globally, the Asia-Pacific (APAC) region is predicted to observe the highest growth in the sales of automotive tires during the forecast period. This is mainly ascribed to the mushrooming manufacturing of automobiles in the region, increasing gross domestic product (GDP) of several APAC countries, and surging disposable income of the people in various APAC nations such as India and China. The adoption of automotive tires is also expected to rise significantly in North America over the coming years owing to the increasing investments being made by the many automotive manufacturers in the region.
Explore Full Report Description At Tire Business Report 2020
Therefore, it can be said with certainty that the sales of automotive tires will skyrocket all around the world in the forthcoming years, primarily because of the increasing manufacturing of automobiles in several countries and the rising average lifespans of vehicles across the world.
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The research offers market size of the global automotive tire market for the period 2014–2024.
Market Segmentation by Vehicle
- Two-Wheelers
- Passenger Cars
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
Market Segmentation by Design
- Radial
- Bias
Market Segmentation by End Use
- Original Equipment Manufacturer (OEM)
- Aftermarket
Key Questions Addressed/Answered in the Report
- What is the current scenario of the global automotive tire market?
- What are the emerging technologies for the development of the market?
- What is the present size of the market segments and their future potential?
- What are the existing regulations on tire in different countries across various regions in the world?
- What are the major catalysts for the market and their impact during the short, medium, and long terms?
- What are the evolving opportunities for the players in the market?
