PRN: Automotive Tire Market to Reach $306 Million by 2022: Rise in Competition Among Tire Manufacturers

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Automotive Tire Market to Reach $306 Million by 2022: Rise in Competition Among Tire Manufacturers

 
[04-August-2017]
 

DUBLIN, August 4, 2017 /PRNewswire/ --

The "Automotive Tire Market, 2014-2022" report has been added to Research and Markets' offering.

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The global automotive tire market is expected to reach $306 billion by 2022. Asia-Pacific accounted for approximately 43% share of the automotive tire market in 2015 and is expected to continue to dominate during the analysis period.

Increase in sales of automotive vehicles, rise in competition among tire manufacturers, enhancement of manufacturing processes, and increase in operating life of automobiles fuel the automotive tire market. However, growing market of retreading tires, and fluctuation in cost of raw materials could restrict the growth of this market. Moreover, rise in sales of automobiles across the globe is expected to unfold various opportunities for the key players.

By type, the tire market is further bifurcated into radial tire and bias tire. The radial tire segment generated the maximum revenue in 2015 and is expected to grow at a faster rate. However, the bias tire segment i! s anticipated to garner the highest CAGR of 7.9% during the analysis period.

By vehicle type, the automotive tire market includes two wheelers, passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger car tire is the fastest growing segment of tire market, globally; and is projected to garner a CAGR of 7.6% during the forecast period. However, the two wheeler segment is estimated to garner the highest CAGR of 7.8%. Asia-Pacific accounted for the largest revenue share in 2015, occupying a market share of around 42% and is expected to grow at a CAGR of 7.4%.

Key Findings of Automotive Tire Market

  • In 2015, passenger cars segment generated a revenue of $79 billion, and is expected grow at a CAGR of 7.6% and maintain its dominant position throughout forecast period.
  • In 2015, radial tire segment generated the maximum revenue of $145 billion and is expected to maintain its dominant position throughout the forecast period.
  • Bias tire segment is anticipated to witness the highest growth rate, at a CAGR of 7.9%.
  • In 2015, Asia-Pacific dominated the automotive tire market, generating revenue of $78 billion.

Key Topics Covered:

Chapter: 1 Introduction

Chapter: 2 Executive Summary

Chapter: 3 Market Overview

Chapter: 4 World Automotive Tire Market, By Vehicle Type

Chapter: 5 World Automotive Tire Market, By Type

Chapter: 6 World Automotive Tire Market, By Geography

Chapter: 7 Related Industry Insights

Chapter: 8 Related Industry Insights

Chapter: 9 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/3w38tf/automotive_tire

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Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

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