The global market for automotive tires is dependent upon the macroeconomic aspects such as consumer spending, GDP (Gross Domestic Product), currency conversion rates, automotive production and distribution market, disposable income as well as exports. There are other factors which also influence the global automotive tire market, such as, taxation on foreign tires, cost of raw material and environmental considerations. As per analysis of Future Market Insights, the global automotive tire market is anticipated to grow at a robust growth rate throughout the period of assessment and poised to register a CAGR of 6.3% by value during the 2017-2027 period. This market is also expected to be valued at about US$ 645 Bn by the end of 2027. The key trends, drivers, restraints and opportunity analyses are portrayed which impact the growth of the global automotive tire market.
Passenger Cars segment to lead the global automotive tire market
By vehicle type, the passenger cars segment is anticipated to show high market share by the end of 2027. In 2016, this segment dominated the global automotive tire market and this trend is expected to continue over the projected period of 2017-2027, thus dominating the market by the end of 2027. The passenger cars segment is also anticipated to reflect highest growth rate, as compared to other segments by vehicle type, during the forecast period. It is poised to register a high CAGR of 6.8% during assessment period 2017-2027. Following this segment, the commercial vehicle segment is expected to grow at CAGR of 6.1% throughout the forecast period, also reflecting a significant value share by the end of 2027.
Light Commercial Vehicle segment to witness high growth potential
Light commercial vehicle sub-segment by commercial vehicle segment has shown dominance since 2016 and this is expected to continue during the period of forecast. This sub-segment dominates the commercial vehicle segment with respect to value and growth rate. The light commercial vehicle segment is expected to be valued at about US$ 102.7 Bn by the end of 2027.
Two and three wheeler segment and specialty vehicle segment are expected to grow slow compared to passenger cars and commercial vehicle segments, with a moderate CAGR throughout the forecast period.
Asia Pacific Excluding Japan (APEJ) the most lucrative market for automotive tires
The question if Asia Pacific excluding Japan (APEJ) region is worth investing in is answered here. The APEJ region shows high market attractiveness and can be considered to be the most lucrative segment after Western Europe, as it is expected to show higher market share of about US$ 194 Bn by the end of 2027. Western Europe stays in the second place as it is anticipated to reflect a market share of US$ 166Bn by 2027. Both these regions have a similar growth rate patterns, yet APEJ leads by dominating the market by value. North America region comes after Western Europe, reflects a high yet comparatively less CAGR than Western Europe and APEJ during the assessment period.
Global Automotive Tires Market: Impact Analysis
The global automotive tires market is influenced by several factors which impact the growth of the market. High demand for replacement tires, increasing demand for two wheelers and commercial vehicles, higher demand for low rolling resistance tires, higher demand for SUVs, rising production of tires due to rising automotive industry, growth in the number of automobiles per capita ownership especially among middle class consumers, increasing research and technological developments to make tires more efficient in order to satisfy the rising demand for energy efficient and high quality tires, reduction in rubber prices and growing demand for passenger vehicles are few of the many influencers contributing to the growth of the global automotive tire market. Also, there are few factors which pose challenges to the growth of the global automotive tire market, such as, decline in export, incorrect government administration and strict regulations and fluctuations in the availability of raw material and their prices.
The exhaustive research report titled “Automotive Tire Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” gives all the guidelines essential to take the product from the conceptualisation to commercialisation stage and a feel of the future by presenting thoughts on the future scenario using an effective forecasting model.
Unique research methodology
The global automotive tire market is researched with the help of a unique research methodology. Future Market Insights follows a robust research process which delivers high accuracy in market number crunching and statistical data analysis, thus delivering the necessary value addition from a strategic standpoint. Secondary research, along with an extensive primary research along with opinions from key players and sources are the three pillars of this value adding research process. The secondary research gives an overview of the market scenario on the basis of which a large number of primary interviews are conducted and with the insights obtained from market observers, the data is validated. This data is again re-validated as the primary interview process continues and each data point gets a realistic shape. With this the data triangulation is carried out to achieve maximum accuracy, eliminating the possible market deviations and errors thereby presenting a thought leader angle to the researched insights. This also enables the reader of the report to correlate the various segmentations and micro segmentations included in the report with the past, current and future market scenario.
Actionable intelligence at your disposal
It becomes important to understand the pulse running the global automotive tire market and mere numbers or data or conclusions would not help if not given the right contour. Every region has its own characteristic value which contributes to the global automotive tire market scenario. An unbiased opinion is what matters and the market research report on the global automotive tire market offers actionable insights which can be used to unmask the trends, develop strategies, and sketch a growth road map, enabling the reader to make informed decisions.
A separate section of the global automotive tire market research report discusses on the key market players. The competitive dashboard speaks about the strategies adopted by the key companies, their growth patterns, mergers and acquisitions, product portfolios and new innovations coming up, analysis of the technological aspects, their global presence, etc. It becomes easier to track the market once a view of the players piloting the market are studied and this is as vital as analysing the “to do” things in order to achieve growth with stability. The research report gives an exquisite contour of the strengths, weaknesses, the possible threats and the “can be grasped” opportunities.
By Vehicle Type
By Sales Channel
By Tire Structure
The market research report on automotive tire market offers many reasons for investing in the report.
It elaborates all the macro economic factors influencing the market
It involves a detailed market segmentation which explores each brick of the market
It involves a detailed competitive analysis
It involves a detailed SWOT analysis, Porters five forces model, regulatory scenario, analysis of supply chain
It gives forecasts based on the past and the present scenario
Higher Accuracy of the market data
Unbiased view of the entire market
New developments and trends shaping the market
Weighted analysis to give justice to the segmentation involved