The global automotive tire market is set to grow at a modest CAGR of 3.4% during the forecast period on account of increasing production of passenger vehicles. Tires are one of the central components in any vehicle and their importance cannot be overstated. As world population grows and economies develop, cars and bikes have become a necessity for most of the working populations in the world.
As a result, vehicle production, especially passenger vehicles, has increased exponentially and markets associated with the automotive industry have also risen in tandem. The automotive tire market is one such market and increasing production of passenger vehicles has raised the demand for automotive tire manufacturing. For example, according to the European Automobile Manufacturers Association, there were close to 80 million passenger cars that we on the streets in 2017, with China leading the charge. This augurs well for the global automotive tire market growth till 2025.
Some of the key players in the global automotive tire market, as profiled by Fortune Business Insights, include:
- Sumitomo Rubber Industries, Ltd.
- Bridgestone Corp.
- Cooper Tire and Rubber Company
- Continental AG
- MRF LTD
- Zhongce Rubber Company
- Goodyear Tire & Rubber co.
- Toyo Tire & Rubber Co., Ltd
- Michelin SCA
Key questions answered in the Automotive Tire Market report:
- What will the market growth rate of Automotive Tire Market in 2025?
- What are the key factors driving the Global Automotive Tire Market?
- What are sales, revenue, and price analysis of top manufacturers of Automotive Tire Market?
- Who are the distributors, traders and dealers of Automotive Tire Market?
- Who are the key vendors in Automotive Tire Market space?
- What are the Automotive Tire Market opportunities and threats faced by the vendors in the Asia Automotive Tire Market?
- What are sales, revenue, and price analysis by types, application and regions of Automotive Tire Market?
- What are the market opportunities, market risk and market overview of the Automotive Tire Market?
Extensive Investment in R&D to Intensify Market Competition
Major companies in the global automotive tire market are increasingly focusing on research and development activities to create new and innovative products to stay ahead of the competition. For example, recently, Hankook unveiled its non-pneumatic concept tire, iFlex, that removes the need for air pressure and the company claims that it performs better than conventional tires. Some players are widening their operability and venturing into new industries. For instance, in June 2019, Goodyear secured the contract to supply Airbus with its most advanced aviation product, The Flight Radial, that is made of high quality rubber, ensuring longer durability and resistance.
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