The global automotive tire market is anticipated to grow at a considerable CAGR during the forecast period (2021-2027). The key companies across the globe are highly inclined towards the adoption of different growth strategies including capacity expansion, mergers and acquisitions, new product launches, and product innovation to remain competitive in the marketplace. For instance, in February 2021, the Goodyear Tire & Rubber Company acquired, the Cooper Tire & Rubber Company for $2.5 billion. By adding Cooper’s product portfolio and other manufacturing assets, Goodyear will be able to expand its business and production & distribution networks along with broader offerings. The acquisition will aid the Goodyear company to strengthen its market position in the US and other North American markets. Through this acquisition, the Goodyear company will expand its product offerings in light truck and SUV product segments.
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Furthermore, earlier to this in June 2020, Bridgestone Corp. acquired iTrack Solutions Business from UK-based Transense Technologies PLC (Transense). The iTrack Solutions company is a global provider of tire management solutions for the off-the-road (OTR) vehicle industry. By this acquisition, the company wanted to strengthen its position in advanced mobility solutions. Apart from this, the acquisition also aids Bridgestone to offer mobility-related data, which can further aid the company to enhance its operations and profitability.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Rim Size
o By Vehicle Type
o By Road Application
o By Construction
o By Sales Channel
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Bridgestone Corp., The Goodyear Tire & Rubber Company, Continental AG, Michelin Group, Pirelli & C. S.p.A.,
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Automotive Tire Market Report Segment
By Rim Size
- 10-14 Inches
- 15-21 Inches
- More than 21 inches
By Vehicle Type
- Two-Wheeler
- Passenger Car
- Light and Medium Commercial Vehicles
- Heavy Commercial Vehicles
- Other (Construction, Agriculture, Customized Sports)
By Road Application
- Summer Tire
- Winter Tire
- All-Season Tire
- High-Performance Tire
- Other (All-Terrain Tire)
By Construction
- Radial Tire
- Bias & Belted Bias Cross Ply Tire
By Sales Channel
- OEM (Original Equipment Manufacturer)
- Aftermarket (Replacement)
This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.
