The global automotive tire market size is set to grow at a modest CAGR of 3.4% during the forecast period on account of increasing production of passenger vehicles. Tires are one of the central components in any vehicle and their importance cannot be overstated. As world population grows and economies develop, cars and bikes have become a necessity for most of the working populations in the world. As a result, vehicle production, especially passenger vehicles, has increased exponentially and markets associated with the automotive industry have also risen in tandem. The Automotive Tire Market is one such market and increasing production of passenger vehicles has raised the demand for automotive tire manufacturing. For example, according to the European Automobile Manufacturers Association, there were close to 80 million passenger cars that we on the streets in 2017, with China leading the charge. This augurs well for the global Automotive Tire Market growth till 2025.
According to a report published by Fortune Business Insights, titled “Automotive Tire Market Size, Share & Industry Analysis, By Design (Radial, Bias), By Tire Type (Tubeless, Tube), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Regional Forecast, 2019-2025”, passenger cars production in 2018 stood at 343.3 million units. The report also contains valuable analysis regarding the factors, trends, and various dynamics that will influence development of this market during the forecast period.
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List of best companies in the global Automotive Tire Market, as profiled by Fortune Business Insights, include:
- Bridgestone Corp.
- Michelin SCA
- Goodyear Tyre & Rubber co.
- Continental AG
- Sumitomo Rubber Industries, Ltd.
- Pirelli & C. SpA
- Zhongce Rubber Company
- Cheng Shin Rubber Industry Co.
- MRF LTD
- Toyo Tire & Rubber Co., Ltd
- Cooper Tire and Rubber Company
- Apollo Tyres Ltd
- Nokian Tyres plc
Advancements in Vehicular Tire Technology to Boost the Market
The global Automotive Tire Market is slated to experience a dynamic growth period owing to the increasing number of innovations in the manufacturing of tires. Many companies and government organizations are engaging in developing new technologies keeping safety and efficiency as the ultimate goals. For example, Goodyear came up with their BH 03 concept tire in 2015, designed to generate electricity through interaction of the materials in the tire.
The product is aimed at enhancing the efficiency and capabilities of electric cars. The company also developed the Eagle 360 Urban which is Artificial Intelligence-enabled, the first of its kind in the Automotive Tire Market. Similarly, Michelin developed its Vision concept tire that can be 3D printed from biomaterials, is rechargeable, and never blows out. These innovations will significantly elevate the market potential and grease the wheels of the global Automotive Tire Market revenue during the forecast period.
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Europe and North America to Exhibit Steady Growth; Asia-Pacific to Lead the Market
Asia-Pacific is projected to display fastest growth and hold the largest section of the global Automotive Tire Market share till 2025. This is primarily a result of growing population in India and China, rising disposable incomes, and demand for better standard products in the region. North America and Europe are expected to grow healthily, mainly due to their commitment to reduce carbon emissions and increase fuel efficiency of their vehicles. Strict government regulations on vehicle manufacturing processes will also play an important part in the market in the two continents. In Europe, the prominent countries are expected to be Switzerland, Finland, Denmark, and Czech Republic.
Extensive Investment in R&D to Intensify Market Competition
Major companies in the global Automotive Tire Market are increasingly focusing on research and development activities to create new and innovative products to stay ahead of the competition. For example, recently, Hankook unveiled its non-pneumatic concept tire, iFlex, that removes the need for air pressure and the company claims that it performs better than conventional tires.
Some players are widening their operability and venturing into new industries. For instance, in June 2019, Goodyear secured the contract to supply Airbus with its most advanced aviation product, The Flight Radial, that is made of high quality rubber, ensuring longer durability and resistance.
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