September 23, 2021
Automotive Tire

Automotive Tire Market Size Valuation To Exceed US$ 157.43 Bn by 2027

Precedence Research has published a new report titled “Automotive Tire Market (By Season Tire Type: Winter, Summer, and All Season; By Rim Size: Less than 15, Between 15 to 20, and Greater than 20; By Vehicle Type: Commercial Vehicle (Light Commercial and Heavy Commercial), Passenger Car, and Electric Vehicle; By Distribution Channel: Aftermarket and OEM) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027”, the global automotive tire market size is expected to grow US$ 157.43 Billion by 2027, decelerating at a CAGR of over 4.2% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

The global automotive tire market research report gives a brief summary of definitions, size analysis and place of production, sales, applications, types, and major players/key vendors of the automotive tire industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies. The report provides the overall revenue of the global automotive tire Market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

Market Estimations:

Market Was Valued In 2019 US$ 115.07 Billion
Market Is Projected To Grow By 2027 US$ 157.43 Billion
Compound Annual Growth Rate (CAGR) 4.2 percent from 2020 to 2027

Automotive tires are the most important part of any vehicle, made up of rubber and used to cover the rim of the wheel externally. Its prime function is to protect the rim and provide tractive force between vehicle and road surface.

Growth Factors

Increasing sale of passenger vehicles across the globe propel the market growth of automotive tire. In addition, ever-increasing global population along with rising disposable income of the public triggers the market growth. As per World Population Clock, the growth rate of global population is 1.05% per year. Besides this, the Organization for Economic Co-operation and Development (OECD) report 2018, Southeast Asia, China and India experienced firm growth in GDP in the last few years and expected to grow prominently in the coming years.

However, volatile prices of automotive tire analyzed to hinders the market growth. Petroleum reinforcing materials for example polyester and nylon are used as raw materials to manufacture tire. The prices of these materials fluctuate significantly due to frequent ups and downs in the global economy. Thus, uncertainty in the price of raw material repels the market growth.

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Report Highlights

  • The Asia Pacific held a promising market share in the global automotive tire market in 2019. Significant growth in population and low labor cost has made it most attractive site for the automotive tire manufacturers. Some of the manufacturers like Bridgestone Corporation, CEAT, and others invest prominently on their regional expansion to capture the untapped market opportunity.
  • Passenger vehicle segment dominated the global automotive tire market in 2019 with prominent revenue share of nearly 40%. Significant sales of passenger vehicles and continued advancements have flourished its growth in the past few years. In addition, introduction to electric vehicles along with integration of advanced drive assistance technologies in the passenger vehicles especially for semi-luxury and luxury vehicles expected to magnificently boost its demand over the coming years.
  • However, light commercial vehicles segment among other vehicle types experience the fastest growth during the forecast period. Flourished demand for e-commerce platform and online sales has triggered the logistics & transportation segment that in return propel the market growth for light commercial vehicles.

COVID-19 Impact on Automotive Tire Market Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the automotive tire market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Precedence Research’s study predicts gradual recovery for the automotive tire market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players & Strategies

The global automotive tire market has numerous regional and international players however the market is still consolidated in nature. Four major players that are Continental AG, MICHELIN, Bridgestone Corporation, and The Goodyear Tire & Rubber Company capture approximately 50% of the market value. Meanwhile, cheap and low quality tires provided by some of the regional players give tough price competition to these major market players. However, advanced tire technology and excellent driving experience offered by the players propel their growth.

In addition, product development and investment is the key market strategy adopted by various industry players. For instance, in August 2019, The Hankook Tire launched Dynapro AT2 for off & on-road SUVs. These tires offer optimal performance in all driving condition irrespective of the road type. Similarly, in Jan 2020, Bridgestone Corporation launched BATTLECROSS E50 motorcycle tire for motorbike race to test the tire endurance.

Some of the key players operating in the market are Continental Corporation, Bridgestone Corporation, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), MICHELIN, Toyo Tire Corporation, Hankook Tire & Technology Co., Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries Ltd, and NokianTyres plc among others.

Regional Snapshots

The Asia Pacific and Europe are the most prominent regions in the global automotive tire market. The Asia Pacific held significant value share of nearly 40% in the year 2019 and promises an opportunistic growth over the forecast period. The growth of the region is mainly due to the significant investment by major market players for their regional as well as product expansion in the region. The region offers low labor cost and significant consumer base for the manufacturers to tap maximum revenue out here. In addition, China and India are the two most flourishing automotive market that experienced prominent growth rate in the last few years. For instance, in India the automotive tire replace sales growth rate was projected to be 7-8% in the coming years and mainly from the passenger vehicles segment.

Europe garnered a growth rate of nearly 6.5% during the forecast period. The prominent growth of the region is attributed to the increased sales of passenger vehicles in the region especially the advanced vehicles such as electric vehicles and battery-powered vehicles. Furthermore, the European government has imposed stringent norms for the use the gas emission that encourages pubic as well as automotive players to switch to reliable and environment-friendly vehicle; this triggers the growth for automotive tire in the region.

Segments Covered in the Report

By Season Tire Type

  • Winter
  • Summer
  • All Season

By Rim Size

  • Less than 15
  • Between 15 to 20
  • Greater than 20

By Vehicle Type

  • Commercial Vehicle
    • Light Commercial
    • Heavy Commercial
  • Passenger Car
  • Electric Vehicle

By Distribution Channel

  • Aftermarket
  • OEM

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective
1.2. Scope of the Study
1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope

4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis

Chapter 5. Market Dynamics Analysis and Trends

5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition

Chapter 6. Competitive Landscape

6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers

Chapter 7. Global Automotive Tire Market, By Season Tire

7.1. Automotive Tire Market, by Season Tire Type, 2020-2027
7.1.1. Winter
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Summer
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. All Season
7.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 8. Global Automotive Tire Market, By Rim Size

8.1. Automotive Tire Market, by Rim Size, 2020-2027
8.1.1. Less than 15
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Between 15 to 20
8.1.2.1. Market Revenue and Forecast (2016-2027)
8.1.3. Greater than 20
8.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 9. Global Automotive Tire Market, By Vehicle Type

9.1. Automotive Tire Market, by Vehicle Type, 2020-2027
9.1.1. Commercial Vehicle (Light Commercial, Heavy Commercial)
9.1.1.1. Market Revenue and Forecast (2016-2027)
9.1.2. Passenger Car
9.1.2.1. Market Revenue and Forecast (2016-2027)
9.1.3. Electric Vehicle
9.1.3.1. Market Revenue and Forecast (2016-2027)

Chapter 10. Global Automotive Tire Market, By Distribution Channel Type

10.1. Automotive Tire Market, by Distribution Channel Type, 2020-2027
10.1.1. Aftermarket
10.1.1.1. Market Revenue and Forecast (2016-2027)
10.1.2. OEM
10.1.2.1. Market Revenue and Forecast (2016-2027)

Chapter 11. Global Automotive Tire Market, Regional Estimates and Trend Forecast

11.1. North America
11.1.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.1.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.1.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.1.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.1.5. U.S.
11.1.5.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.1.5.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.1.5.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.1.5.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.1.6. Rest of North America
11.1.6.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.1.6.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.1.6.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.1.6.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.2.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.2.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.2.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.2.5. UK
11.2.5.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.2.5.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.2.5.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.2.5.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.2.6. Germany
11.2.6.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.2.6.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.2.6.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.2.6.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.2.7. France
11.2.7.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.2.7.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.2.7.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.2.7.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.2.8. Rest of Europe
11.2.8.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.2.8.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.2.8.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.2.8.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.3.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.3.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.3.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.3.5. India
11.3.5.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.3.5.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.3.5.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.3.5.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.3.6. China
11.3.6.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.3.6.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.3.6.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.3.6.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.3.7. Japan
11.3.7.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.3.7.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.3.7.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.3.7.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.3.8. Rest of APAC
11.3.8.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.3.8.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.3.8.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.3.8.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.4.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.4.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.4.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.4.5. GCC
11.4.5.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.4.5.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.4.5.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.4.5.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.4.6. North Africa
11.4.6.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.4.6.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.4.6.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.4.6.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.4.7. South Africa
11.4.7.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.4.7.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.4.7.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.4.7.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.4.8. Rest of MEA
11.4.8.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.4.8.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.4.8.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.4.8.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.5.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.5.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.5.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.5.5. Brazil
11.5.5.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.5.5.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.5.5.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.5.5.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)
11.5.6. Rest of LATAM
11.5.6.1. Market Revenue and Forecast, by Season Tire (2016-2027)
11.5.6.2. Market Revenue and Forecast, by Rim Size (2016-2027)
11.5.6.3. Market Revenue and Forecast, by Vehicle Type (2016-2027)
11.5.6.4. Market Revenue and Forecast, by Distribution Channel Type (2016-2027)

Chapter 12. Company Profiles

12.1. Continental AG
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Bridgestone Corporation
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. MICHELIN
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Toyo Tire Corporation
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Hankook Tire & Technology Co., Ltd.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. The Goodyear Tire & Rubber Company
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. The Yokohama Rubber Co., Ltd
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Sumitomo Rubber Industries Ltd
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Nokian Tyres plc
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions

Chapter 14. Appendix

14.1. About Us
14.2. Glossary of Terms

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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