Prescient & Strategic (P&S) Intelligence Private Limited: Automotive Tire Market to Reach 237.2 billion by 2024

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automobiles

Summary

Browse report overview with detailed TOC on "Automotive Tire Market" Research Report by P&S Intelligence

Press Release

Browse report overview with detailed TOC on “Automotive Tire Market Research Report: By Vehicle (Two-Wheelers, Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles), Design (Radial, Bias), End-Use (OEM, Aftermarket), Geographical Outlook (U.S., Canada, Germany, France, Italty, Spain, U.K., Poland, Netherlands, Belgium, Switzerland, Austria, China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia, Malaysia, Taiwan, Brazil, Mexico) – Global Industry Analysis and Forecast to 2024”

The global automotive tire market registered revenue of $155.3 billion in 2018, which is expected to reach $237.2 billion by 2024, growing with a CAGR of 7.7% during 2019–2024. In terms of vehicles, the passenger cars category held the largest share in the market during the historical period.

However, the fastest growth in the automotive tire market is projected to be observed by the medium & heavy commercial vehicles category, during the forecast period. This is attributed to the rising demand for these vehicles in the manufacturing industries across the world. For instance, as per the American Trucking Associations (ATA), the U.S. truck transportation volume grew by 4.2% in 2018, owing to the rebound of the manufacturing industry, along with rising economy, in the U.S.

  • In the automotive tire market, greater usage of tires is observed in the aftermarket. This is because with the improves lifespan of the vehicles, there is an increase in the number of replacements of the tires, which is causing higher demand for tires in the aftermarket.

Key Questions Addressed/Answered in the Report

  • What is the current scenario of the global automotive tire market?
  • What are the emerging technologies for the development of the market?
  • What is the present size of the market segments and their future potential?
  • What are the existing regulations on tire in different countries across various regions in the world?
  • What are the major catalysts for the market and their impact during the short, medium, and long terms?
  • What are the evolving opportunities for the players in the market?
  • Which are the key regions from the investment perspective?
  • What are the key strategies being adopted by the major players to expand their market share?
  • What are the market shares of the major players operating in the market?

Some players, who held significant share in the automotive tire market in 2018, include Sumitomo Rubber Industries Limited, Pirelli & C. S.p.A., Hankook Tire Company Limited, and The Yokohama Rubber Company Limited.

Source Link: https://www.psmarketresearch.com/market-analysis/automotive-tire-market