Accelerating Growth of Vehicles in Developed Countries to Fuel the Growth of Global Automotive Tire Market, Noted TMR

News provided by

Aug 28, 2019, 03:30 ET

ALBANY, New York, Aug. 28, 2019 /PRNewswire/ -- Rising number of cars and motorcycles in countries of Asia Pacific and North America is accelerating the growth of global automotive tire market in the forecast period of 2018 to 2026 says a latest report by Transparency Market Research. The report also predicts that growth in the sales of SUVs and crossover vehicles is further expected to bolster the market's growth. Furthermore, the growing preference of radial ply tires in countries like India, U.S., and China is also surging the growth of global automotive tire market.

Variety Offered by Manufacturers to Skyrocket the Market to US$ 190 Bn

Automobile manufacturers are launching new vehicles periodically. This has surged the demand of a variety of tires across the globe. Automotive tire manufacturers are pacing their production to cater to this demand, which is elevating the revenue generation of overall market. As a result of this demand, the automotive tire market is expected to reach a value of US$ 190 Bn during the forecast period. The competition among different automotive tire manufactures could increase at a rapid pace with projected rise in automobile sales in future. Moreover, the potential sales of automotive tires could increase tremendously.

To Know the Segments Analyzed in the TMR Report, Ask for a Brochure here: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=4979

Moreover, with a rise in the demand of variety of tires for various vehicles, the market is expected to witness a 3% CAGR during the estimated time frame. Factors such as increasing disposable income, and rising luxury and sports vehicle tire segment are further expected to support the automotive tire market to witness this growth.

Asia Pacific to Account for Largest Growth Share in Automotive Tire Market

Owing to the rising economy of the people in countries like India and China, the automotive industry is booming in Asia Pacific. As a result, the demand for tires in these countries has also escalated over the past few years. This results in Asia Pacific emerging as a dominant region of the global automotive tire market. According to the report, the region is expected to account for 41.56% of the overall growth of the market.

To Know More About TMRs Unique Offerings for Automotive Tire Market, Request a Sample here: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4979

This dominance of the region is also the result of rising application of commercial vehicles in various industries. Since, these vehicles carry precious assets of various businesses, it is essential for them to keep their vehicle tires updated for providing efficient protection to the assets during transport. This is the reason that is expected to accelerate the growth of the region in global automotive tire market.

18"- 21" Rim Size to Be the Leading Segment in Automotive Tire Market

Demand for a bigger rim size is expected to grow exponentially during the forecast period as a result of shifting consumers' preference towards SUV. This changing preference is expected to support the growth of 18"-21" rim size segment in the global automotive tires markets. On the basis of aspect ratio, 35''-77'' tires are expected to dominate the global automotive tire market especially in North America and Europe.

Stringent Government Policies Boost the Market

Countries like Russia, Switzerland, and Iceland gets extremely cold during the winters. The governments of these countries incorporate strict regulations for businesses and consumers to update their vehicles with winter tires. These rules are implemented in order to avoid vehicle slippage and subsequent damage to life and property. Owing to such regulations, the players and users regularly update their vehicle with mandatory winter tires. This is further expected to support the global automotive tire during the forecast period.

To Get a Bird's Eye View of Automotive Tire Market Forecast, Ask for a Custom Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=4979

The study presented here is based on a report by Transparency Market Research (TMR), titled, "Tire Market (Rim Size - 12"- 17", 18"-21", >22; Aspect Ratio - 35 - 55, 60 - 70, 75 - 85; Material - Natural Rubber, Synthetic Rubber; Season - Winter Tire, All-season Tire; Ply - Radial ply, Bias Ply; Tube - Tubed Tire, Tubeless Tire; Vehicle Type - Passenger Vehicle, Light Commercial Vehicle, Heavy Light Commercial Vehicle; Sales Channel - Original Equipment Manufacturer, Aftermarket) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026."

Request For Discount On This Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=4979

The global Automotive Tire Market is segmented on the basis of:

Rim Size

12''- 17''
18''- 21''
> 22''

Aspect Ratio

35-55
60-70
75-85

Material

Synthetic Rubber
Natural Rubber

Season

Winter
All-season/Summer

Ply

Radial
Bias

Tube Type

Tube
Tubeless

Vehicle Type

Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle

Sales Channel

OEM
Aftermarket

Region

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain
Rest of Europe

Asia Pacific

China
India
Japan
Australia & New Zealand
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

Browse More Automotive & Transport Market Research Reports

Popular Research Reports by TMR:

Predictive Vehicle Technology Market - https://www.transparencymarketresearch.com/predictive-vehicle-technology-market.html
Automotive Intelligent Tires Market - https://www.transparencymarketresearch.com/automotive-intelligent-tires-market.html
Specialty Tire Market - https://www.transparencymarketresearch.com/specialty-tire-market.html
Automotive 3D Printed Tires Market - https://www.transparencymarketresearch.com/automotive-3d-printed-tires-market.html

About Us

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.

Browse our Blogs for More Research Insights:

https://bitgmx.com/ | https://techdadz.com/ | https://www.redfoxinfo.com/

Contact
Mr. Rohit Bhisey
ransparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: [email protected]
Website: https://www.transparencymarketresearch.com
Research Blog: https://tmrblog.com/