New York, NY -- (SBWIRE) -- 10/05/2018 -- The global Automotive tire market generated USD 246.3 billion in 2017 and is anticipated to grow at a CAGR of 7.1% during the forecast period according to the new study published by Polaris Market Research.

Automotive tires are rubber components filled with air under pressure encircling the rim of a wheel and forming a tread that rolls on ground. Vehicles such as cars, trucks, and buses use rubber tires owing to need for increased friction and cushioning ability. Rubber tires can be solid, or cushion tires, and pneumatic tires. Solid tires use the rubber component to carry the load, absorb shocks, and resist cutting and abrasion, whereas the pneumatic tires use compressed air filled in the tire for load carrying and absorbing shocks. Pneumatic tires find greater applications in automobiles while solid rubber tires are used only for industrial and military vehicles.

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The demand for automotive tire has increased owing to increasing need for road safety, and growing demand for vehicles from emerging economies. The growth in global automotive industry and growing average life of vehicles has resulted in the Automotive tire market growth. The growing need for improved fuel efficiency and reduced rolling resistance increases the demand for automotive tires. The growth in sales of construction and mining equipment also boosts the adoption of automotive tires. The introduction of stringent government regulations regarding use of eco-friendly tires further increases the demand for automotive tires. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities for Automotive tire market during the forecast period.

The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Automotive Tire Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.

The Asia-Pacific Automotive tire market generated the highest revenue in the market in 2017 owing to increasing disposable income and improved living standards in the region. The established automotive industry, and strict government regulations have resulted in increasing adoption of automotive tires in the region.

Competitive Landscape and Key Vendors

The global automotive tire market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.

The leading companies profiled in the Automotive tire market report include MRF Tyres, JK Tyre & Industries Ltd., Continental AG, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Michelin Group, Toyo Tire & Rubber Co. Ltd., Goodyear Tire and Rubber Company, Pirelli & C. S.P.A., and CEAT Ltd.

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Key Segments

Type

- Radial Tire
- Bias Tire

End-User

- Passenger Cars
- Commercial Vehicles
- Two-Wheelers

Sales Channel

- OEM
- Aftermarket

Region

- North America

o U.S.
o Canada
o Mexico

- Europe

o Germany
o UK
o France
o Italy
o Rest of Europe

- Asia-Pacific

o China
o India
o Japan
o Rest of Asia-Pacific

- Latin America

o Brazil
o Rest of Latin America

- Middle East and Africa

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About Polaris Market Research
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