Latest Study on “Automotive Tires Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Automotive Tires market size is expected to be worth around US$ 157.42 billion by 2027, according to a new report by Nova One Advisor .
The global Automotive Tires market size was valued at US$ 102.9 billion in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2027.
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Advanced Tire are comprised of different mixes of various sorts of materials. They have less possibilities of getting penetrated and are eco-friendly. They have a superior hold out and about and less inclined to mishaps and can detect the states of the streets. Industrialization, commercialization, and an ascent sought after for cars, for example, trucks, vehicles, farm haulers, and so forth, have prompted an increment in the creation of autos and henceforth an expansion in the advance tire market.
Governments have updated more stringent safety regulations progressively in response to rising road accident rates, which is driving business growth. To reduce escalating accident rates, monitoring bodies in developed regions are mandating the installation of advanced automotive tires in automobiles. Furthermore, rising vehicle production and sales drive the market forward. The global rise in car sales has resulted in a strong demand for the automotive tire.
However, price volatility and the demand-supply gap in raw materials needed for tire production are the major factors expected to stymie market development. Furthermore, the need for a duty-free procedure presents commercial and regulatory issues for both vehicle and parts manufacturers.
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Retreading of Light Commercial Vehicle (LCV) segment is the fastest-growing market
Retreaded tires give the same mileage compared to new replacement tires, with 31%-50% less cost, and are supplied with the same warranties as that of new tires. For light commercial vehicle manufacturing of single tire consumes on an average 27 liters of oil, however, retreading of the same tire consumes only 9 liters of oil which is almost 34.2% of the new manufacturing process. On the other hand, according to Retread Tire Association, for pickup trucks, a new set of four tires cost almost double to that of retreaded tires. Few of the leading tire manufacturers have entered the tire retreading business; for instance, the Goodyear Tire and Rubber Company (U.S.) have more than 1,700 tire retreading and service centers globally for commercial trucks. Hence, to cut down the cost, the trend of tire retreading in LCV is increasing gradually.
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 42% in the year 2020 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 7.1% 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.
COVID-19 Impact on Automotive Tires 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 Tires 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, Nova one advisor’s study predicts gradual recovery for the Automotive Tires market 2021 onwards. This trend will however continue through the course of the report’s assessment period
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Recent report on the Automotive Tires market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the Automotive Tires market analyzes the scenario for the period of 2017 to 2027, wherein, 2021 is the base year and 2020 is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of Information enclosed in the study. The report also provides the compound annual growth rate (CAGR) of the global Automotive Tires market for the forecast period of 2021–2027. This data can help readers interpret quantitative growth aspects of the global market during the forecast period. It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as the structure of the global market across the globe.
The report analyzes the historical and present-day scenario of the global Automotive Tires market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global market in order to identify opportunities for stakeholders.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the Automotive Tires market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the market.
The report delves into the competition landscape of the global Automotive Tires market. Key players operating in the market have been identified and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the Automotive Tires market that are profiled in this report.
Y-o-Y growth comparison, volume and revenue comparison, and market share comparison of various market segments are provided in the report. The Automotive Tires market is analyzed at both regional and country levels.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Some of the prominent players in the Automotive Tires Market include: Michelin, Bridgestone, Continental AG, Hankook Tire, Pirelli & C. S.p.A., Toyo Tire Corporation, Kumho Tire, Giti Tire, Maxxis International, Nexen Tire Corporation.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
Automotive Tires Aftermarket, By Section Width
Automotive Tires Retreading Market, By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Tires Aftermarket, By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Tires Aftermarket, By Aspect Ratio
Automotive Tires OE Market, By Vehicle Type and Rim Size
- Passenger Car
- Light Commercial Vehicle
Automotive Tires OE Market, By Type
Automotive Tires Aftermarket, By Rim Size
Automotive Tires Aftermarket, By Season
- All Seasons
A unique research methodology has been utilized to conduct a comprehensive research on the growth of the global Automotive Tires market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions. Secondary sources referred to by analysts during the production of the global market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of our study on the market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from mattress topper industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global Automotive Tires market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped to estimates the future prospects of the global market more reliable and accurate.
Key Questions are
- What are the key factors influencing the Automotive Tires market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Why should you invest in this report?
If you are aiming to enter the global Automotive Tires market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for Automotive Tires are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
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