Press release
Automotive Tire Market Is Projected To Grow At 5.1% CAGR Through 2022
Latest industry analysis by Fact MR, predicts Automotive Tire sales to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges.The market intelligence study therefore includes demographics analysis so market players can plan their product and marketing strategy. It offers sales outlook in 20+ countries. It identifies the most lucrative segments to assist companies in creating winning strategies for future.
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Automotive Tire Market: Key Insights
• Despite sluggishness in the sales of automotive vehicles in the past, the automotive tire market growth remained buoyant registering a CAGR of 4.2% during the 2012-2016 period.
• The automotive tire market generated a revenue of almost US$ 280 billion in 2018 and is estimated to register a Y-o-Y growth of 5% in 2019 through 2018.
• APEJ is expected to retain the bulk of the automotive market share during the forecast period with the region expected to account for almost 50% of the market revenue share in 2019.
• The Asian Pacific Excluding Japan (APEJ) region is also expected to register the fastest growth in the automotive tire market. Rapid industrialization due to the bolstering manufacturing industry in the region coupled with the emergence of newly developed economies in Philippines, Indonesia, Malaysia, and Thailand is expected to uphold automotive market growth.
What are the Challenges Stifling the Automotive Tire Market Growth?
• Although tire manufacturing companies are continuously investing in developing sustainable materials, the volume of waste produced due to tires currently is mounting. Stringent government guidelines involving tire manufacturing companies for investing in research and development of effective and sustainable waste management solutions are anticipated to incur additional costs for manufacturers.
• Volatility in raw material pricing is expected to continue to dampen automotive tire market growth. Surging prices of butadiene and EPDM rubber due to a limited production is expected to cause a trickle-down effect in the automotive tire market. The increasing prices of tires are expected to adversely impact the profit margins of manufacturers.
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Automotive Tire Market – Competitive Landscape
With the traction for sustainability in the automotive tire market on the rise, Continental A.G recently revealed that it had developed a sustainable adhesive for bonding rubber with textile reinforcement material in collaboration with Turkey-based Kordsa Tecnik Tekstil A.S. The German-based tire manufacturers plan to leverage the sustainable adhesive for production of a new line of tires in the foreseeable future.
Vehicle performance and fuel efficiency are gradually becoming key parameters of vehicle selection. In order to tap into the growing consumer base, Daimler, North America, has decided to equip its Freightliner trucks with Michelin X Line EnergyTM D+ long-haul tires. Daimler plans to enhance the fuel efficiency of its Cascadia Class 8 heavy-duty truck from its previous models launched in 2017.
Intensifying innovation in the automotive tire market saw another development complementing the concept after Goodyear launched a new aero concept tire. The company claims the tires will pave way for the development of flying cars with the propeller blades installed in the tire providing the mechanism for helping cars to transition from land to air.
To meet the growing demand for automotive tires Sumitomo Rubber Industries announced it would be doubling its production of truck tires at its production facility in Fazenda, Rio Grande, Brazil. With an investment of $37 million, the company expects the production of 1000 truck tires per day at the production plant.
Other leading players operating in the automotive tire market include Bridgestone Corporation, The Yokohama Rubber Co., Ltd., Madras Rubber Factory Limited, Pirelli & C. S.p.A, Apollo Tyres Ltd., and Cheng Shin Rubber Industry Co.
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