Transparency Market Research has published a new report titled, “Global Tire Market for Automotive (Rim Size: 12’’-17’’, 18’’-21’’, and ≥22’’; Aspect Ratio: 35-55, 60-70, and 75-85; Material: Natural Rubber and Synthetic Rubber; Ply: Radial and Bias; Tube: Tubed Tire and Tubeless Tire; Season: All Season Tire and Winter Tire; Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle; Sales Channel: OEM and Aftermarket) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.” According to the report, the global tire market for automotive is projected to surpass US$ 190 Bn by 2027, expanding at a CAGR of above 3% during the forecast period.
Global Tire Market for Automotive:
- According to the report, the global tire market for automotive is expected to expand steadily at a CAGR of 3%, owing to rising vehicle sales globally
- Rise in sales of vehicles in developing countries in Asia Pacific and Latin America is also anticipated to drive the global tire market for automotive
Expansion of Global Tire Market for Automotive
- Rise in sales of SUVs and crossover vehicles, due to change in consumer preference for high clearance and vehicles with sporty appearance, is fueling the demand for automotive tires. SUVs and crossover vehicles accounted for 34% of total vehicle sales in China and 42% of total global vehicle sales in 2017.
- 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 sizes. 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 35-55.
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- Based on ply, the radial segment held a dominant share of the global automotive tire market in 2018. Its share is estimated to rise during the forecast period. In developing regions, such Asia Pacific & Latin America, commercial vehicles are undergoing a radialization, i.e., shift of preference toward deployment of radial ply tires. Commercial vehicles in these regions are dominantly bias ply; however, they are shifting to radial ply. Therefore, demand for radial ply tires in commercial vehicles is estimated to rise significantly.
- In terms of sales channel, the aftermarket segment held a prominent share of the automotive tire market due to the wear and tear nature of tires and requirement of periodic replacement. Rise in average age of vehicles and increasing number of vehicles on road are boosting the aftermarket segment.
Regional Analysis of Global Tire Market for Automotive
- In terms of region, the global tire market for automotive has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
- Asia Pacific dominated the global tire market for automotive in 2018 due to high volume sales of vehicles in the region and presence of large number of vehicles on road. North America and Europe are lucrative markets for winter tires, as winter tires are mandatory in several countries in Europe such as Norway, Russia, and Latvia. Moreover, North America, Japan, and China have also witnessed significant increase in winter tire sales and hence, these tires 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 and therefore, boost the tire market for automotive.