Loading, Please Wait...
Albany, NY, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled, “Automotive Tire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”. According to the report, 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.
Request a PDF Brochure at https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=4979
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.
Get a PDF Sample at https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4979
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.
Download Report TOC at https://www.transparencymarketresearch.com/report-toc/4979
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.
Browse Research Release at https://www.transparencymarketresearch.com/pressrelease/automotive-tire-market.htm
The global tire market for automotive is segmented as follows:
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
Mr. Atil Chaudhari
Transparency Market Research
90 State Street,
Albany NY - 12207
USA - Canada Toll Free: 866-552-3453
Research Blog: http://www.techyounme.com/