Top Trends in Automotive Tire Market Size 2020 - Global Industry Revenue and Upc

Posted by Rushikesh Pise on March 26th, 2020

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.