Automotive Tire Market to Register a CAGR of 3.4%; Increasing Production of PassPosted by Rushikesh Pise on January 10th, 2020 The global Automotive Tire Market 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. Browse Report Summary: https://www.fortunebusinessinsights.com/industry-reports/automotive-tire-market-101594 List of the key players in the global automotive tire market, as profiled by Fortune Business Insights, include:
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. 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. Like it? Share it! More by this author |