This report provides major statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
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Introduction / Market Synopsis:
A tyre surrounds a wheel’s rim to transfer the vehicle’s load on the surface and offers a strong grip between the road and the vehicle. It is a flexible and robust structure that is manufactured using various materials such as wire, fabric, natural rubber, carbon black, and synthetic rubber. Tyres are strong and flexible and help absorb vibrations. Since they improve the overall performance of the vehicle, they are widely utilized in buses, cars, trucks, bikes, bicycles, wheelchairs, lawn mowers, forklifts, shopping carts and airplanes. The global automotive tyre (premium tyres) market accounted for US$ 233.15 bn in 2017 and is expected to grow at a CAGR of 3.8% over the forecast period 2018-2025, to reach US$ 306.44 bn in 2025. The key factors propelling the growth of this market are:
Increase in global automobile production and sales
Increase in per-capita income across developed as well as developing geographies
Increase in consumer spending
Production of technologically advanced tyres to increase the tyre tread life, tyre lifespan, and vehicle safety
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Market Segment:
The global Premium Tyres market is broadly classified by Product Type, Vehicle Type, and Top Players / Brands. On the basis of the product type, the market is segmented into OEM and Replacement.
By vehicle type, the global tyre market is broadly classified into six categories – passenger car tyre, light commercial vehicle (LCV) tyre, medium and heavy commercial vehicle (M&HCV) tyre, two-wheeler tyre, three-wheeler tyre, and the OTR tyres.
To determine the market segment, the report covers the key players (along with key players’ sales, revenue, and market share). A few of them are:
Bridgestone
Goodyear
Pirelli
Michelin
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players, and the competitive landscape as a whole. Moreover, the report presents a comprehensive overview, total market share, and growth opportunities of the global premium tyres market.
Regional Analysis:
In the report, by region, the global Premium Tyres market is divided into Americas (United States, Canada ,Brazil and Mexico), Europe (Germany, France, UK, Spain, Russia and Italy), Asia-Pacific (China, Japan, India, Korea, South East Asia, and Australia), and the Middle East & Africa (GCC countries, Egypt, Turkey, Israel and South Africa).
Conclusion:
The global tyre market is poised to grow at a significant pace over the next five years. In 2016, Bridgestone continued as the leader in the global tyre market, followed by Michelin and Goodyear and will continue dominating global tyre market during the forecast period due to large product portfolio and widespread dealership network. The demand for automotive tire is largely influenced by an escalating demand for vehicle productions throughout the world; and supportive government regulations related to the production of tires. The governments of developed economies (US, Canada, UK, and Germany) have undertaken different initiatives to propel the growth of the automotive tyre market by establishing new assembly and development centers.
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Source: MarketersMedia
Release ID: 88919759
