Industrial Vehicles Market Size 2020 - Overview

Posted by sagark on February 25th, 2020

The report published by Market Research Future (MRFR) projects that the global Automotive Tire Industry to expand moderately at a CAGR of 4.48 percent during the forecast period of 2017-2023 and reach the market valuation of 262.72 Bn by the end of the review period from USD 203.14 Bn in the year 2017. Rapid expansion of automotive industry, high demand for heavy-duty tires for passenger as well as commercial vehicles, increased tire manufacturing due to the availability of cheaper raw materials and increased export and import activities of automotive tires are majorly fueling the growth of the global Automotive Tire Industry during the assessment period.

Segmental Analysis

The global market for automotive tire is segmented on the basis of section width, type, end market, and vehicle type. Based on type, the global Automotive Tire Industry has been segmented into bias and radial. Among these, the radial segment commands the major market share of the global Automotive Tire Industry and is expected to retain its dominant position over the global market during the forecast period. Based on section width, the global Automotive Tire Industry has been segmented into >230mm, <200 Mm & 200-230mm. The <200 Mm segment commands the principal market share of the global Automotive Tire Industry. Based on vehicle type, the global Automotive Tire Industry has been segmented into passenger car and commercial vehicle. Among these, the passenger car segment presently commands the major market share of the global Automotive Tire Industry. Based on end markets, the global Automotive Tire Industry has been segmented into aftermarket and OEM. Among these, the OEM segment presently commands the largest market share of the global Automotive Tire Industry and is anticipated to expand at the highest CAGR during the forecast period.

Regional Analysis

The global Automotive Tire Industry has been geographically segmented into five major regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia Pacific region commands the dominant share of the global Automotive Tire Industry and is marked to expand at a CAGR of 4.66 percent during the assessment period. Rapid expansion of automotive industry, high demand for heavy-duty tires for passenger as well as commercial vehicles, increased tire manufacturing due to the availability of cheaper raw materials and increased export of automotive tires in the emerging economies of China and India are majorly propelling the growth of the Automotive Tire Industry in the Asia Pacific region. The North America region has retained second position in the global Automotive Tire Industry with respect to market size. Surge in demand for automobiles, development and utilization fuel-based as well as electric vehicles, increased production of automotive tires and rapid industrialization are majorly fueling the growth of the Automotive Tire Industry in the North America region, which is leading to the expansion of the Automotive Tire Industry at a CAGR of 4.46 percent during the review period in this region. Proliferation ion automotive manufacturers, increased investments for business development and rise in import of automotive tires are primarily contributing to the expansion of the Automotive Tire Industry in the Europe region.

Key Players

The prime players profiled by Market Research Future (MRFR) that are operating in the global Automotive Tire Industry are Michelin Group (France), Bridgestone Corporation(Japan), Continental AG (Germany), Hankook Tire Co., Ltd. (South Korea), The Goodyear Tire & Rubber Company (the U.S.), Cooper Tire & Rubber Company (the U.S.), Toyo Tire & Rubber Co., Ltd (Japan), Yokohama Rubber Co. Ltd (Japan), Sumitomo Rubber Industries, Ltd. (Japan) and Pirelli (Italy).

Get Full Report @ https://www.marketresearchfuture.com/reports/automotive-tire-market-2253