The increasing lifespan of automobiles is one of the major factors fuelling the demand for automotive tires throughout the world. The average life span of the vehicles across the world increased from 10.5 years to 12 years during 2010—2018, mainly on account of the increasing enactment of various regulations and policies by the governments of many countries and rising competition amongst the automobile manufacturing companies all over the world. The surging average life spans of vehicles have massively increased the mileage of the vehicles, which has in turn, amplified the incidence of wear and tear on the tires.
The flourishing automotive industry, especially in the Asia-Pacific (APAC) region is another important factor responsible for the soaring sales of automotive tires throughout the world. Driven by these factors, the revenue generated from the worldwide sales of automotive tires is expected to rise from 155.3 billion to 237.2 billion from 2018 to 2024. The global automotive tire market revenue is predicted to exhibit a CAGR of 7.7% during the forecast period (2019—2024).
Automotive tires are widely required in passenger cars, two-wheelers, medium and heavy commercial vehicles, and light commercial vehicles. Out of these vehicles, the passenger cars registered the highest demand for automotive tires in 2018. This is mainly credited to the ballooning sales of passenger vehicles all over the globe and the increasing disposable income of the people in several countries around the world. In addition to this, the rising popularity of crossover utility vehicles (CUVs) and sport utility vehicles (SUVs) are further boosting the sales of automotive tires for passenger vehicles throughout the world.
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One of the prominent trends currently being observed in the automotive tire market is the rising requirement of high-performance, next-generation tires across the world. These tires have recorded a tremendous rise in popularity amongst the automotive companies, especially in the automotive aftermarket. These tires have high fuel-efficiency and generate less noise and have been traditionally used in the luxury passenger cars in the past. However, since the last few years, these tires have been increasingly adopted in CUVs and premium SUVs, mainly on account of the high speed and reliability needs of these vehicles.
This study covers
- Historical and the present size of the automotive tire market
- Future potential of the market through its forecast for the period 2014-2024
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
