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An automotive tyre is a rubber-covered circular vehicle component that covers the wheel rim from the outside. The tyre's primary duty is to protect the wheel rim while simultaneously delivering tractive force between the vehicle and the road surface. Because it is made of rubber, it also functions as a flexible cushion, absorbing vibrations and cushioning vehicle shock. Tread, jointless cap heaps, beads, and other materials such as synthetic rubber, carbon black, and fabric are used to make rubber tyres.
Automotive Tire Market Report Scope and Research Methodology
The research includes an in-depth analysis of the strategies of the industry's major companies, as well as a complete examination of the various market segments and geographies. SWOT analysis was used to determine the Automotive Tire major players' strengths and weaknesses. A comprehensive analysis of Automotive Tire market dynamics, including drivers, constraints, opportunities, and challenges, is presented for each region and segment. The Automotive Tire Market study also includes figures for import/export consumption, supply and demand, price, cost, income, and gross margins. For correct inferences, the data acquired through primary and secondary research and analysed by MMR analysts on Automotive Tire Market was pooled. To gather data for the Automotive Tire Market research on critical parameters such as market trends, market size, growth patterns, competitive landscape, prognosis, and so on. Primary information was gathered through interviews, while secondary data was gathered from sources such as annual or financial reports, government records, company websites, industry white papers, paid databases, and free databases. To estimate the and regional Automotive Tire Market size, the bottom-up approach was utilised.
Automotive Tire Market Report Overview:
The study is based on significant company estimates as well as market facts. During the projected period, the Automotive Tire Market Report offers growth variables, current market share, various types, technologies, applications, and regional penetrations by 2029.
Automotive Tire Market size was valued at US$ 133.38 Billion in 2022 and the total Automotive Tire Market revenue is expected to grow at 6.32% through 2023 to 2029, reaching nearly US$ 204.84 Billion.
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Automotive Tire Market Dynamics:
Leading firms make significant investments in R&D to increase efficiency and manufacture high-quality tyres. As the popularity of electric vehicles develops, tyre manufacturers have designed adaptive and lightweight tyres specifically for them. Over the projected period, the automotive tyre market is expected to benefit from increased automobile manufacturing and solid passenger car demand. SUVs are becoming increasingly popular in India and China, with huge market development potential. In 2020, the IOMM predicts that 55.83 million passenger cars and 21.78 million commercial vehicles will be produced worldwide.
Automotive Tire Market Segmentation:
In 2020, the Passenger Cars category dominated the automotive tyre market in terms of revenue, accounting for more than 48% of total revenue. Passenger car demand is heavily influenced by economic situations such as changes in exchange rates, GDP growth, inflation rates, and government policies. Furthermore, variable fuel prices and transportation infrastructure influence passenger automobile demand. The better economic outlook in the United States, as well as emerging nations such as China and India, are likely to drive future PC demand.
In 2020, the Light Commercial Vehicle (LCV) sector accounted for around 37% of total sales, earning a significant market share. Operating and maintaining an LCV is inexpensive. Furthermore, because LCVs consume less gasoline than passenger vehicles, tyre producers are developing more commercial tyre products than passenger car tyres, as the CV market rapidly catches up.
Automotive Tire Market Regional Analysis:
The key geographic condition of the market, as well as segments and subsegments, are investigated in the Automotive Tire Industry Research. The research describes the present situation of the regional market in terms of market size, share, and volume. The Automotive Tire market research includes an examination of all regions:
Automotive Tire Market Key Players:
The Goodyear Tire & Rubber Company (USA)
Pirelli & C.S.p.A. (Italy)
Apollo Tyres Ltd. (India)
CEAT Ltd. (Italy)
China National Tire & Rubber Co. Ltd. (China)
Cooper Tire & Rubber Co., Ltd. (UK)
Giti Tire (Singapore)
Bridgestone Corporation (Japan)
Continental AG (Germany)
Michelin (France)
Sumitomo Rubber Industries, Ltd. (Japan)
Toyo Tire & Rubber Co., Ltd. (Japan)
Yokohoma Tire Corporation (Japan)
Maxxis International (Taiwan)
Cheng Shin Rubber Industry Co. (China)
Hangzhou Zhongce Rubber Co., Ltd. (China)
Hankook Tire (South Korea)
JK Tyre & Industries Ltd. (India)
Kumho Tire Co., Inc. (South Korea)
Nexen Tire Corporation (South Korea)
Nokian Tyres plc (Finland)
Qingdao Fullrun Tyre Corp., Ltd. (China)
Key Questions answered in the Automotive Tire Market Report are:
Key offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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