The global auto tire market is anticipated to grow at a significant CAGR of 3.9% during the forecast period (2022-2028). The global auto tire market is growing due to the increasing vehicle production in developing countries. Several government policies, rising GDP, and rising consumer spending power are also boosting the growth of the market. The increasing demand for commercial vehicles due to the increasing demand for e-commerce and delivery and transportation facilities is also driving the growth of the market.
The rising demand for remolding tires is generating new opportunities for the market as remolding saves a significant amount of money on tire and material costs. The rising accidental cases and the awareness to reduce road accident cases globally are also boosting the growth of the market. According to the report published by the World Health Organization in June 2021, around 1.3 million people die every year as a result of road traffic crashes. Additionally, rising productivity and profitability due to the use of automation and technological advancement in the tire industries are also driving the growth of the global auto tire market.
The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new launches, to stay competitive in the market. For instance-
- In December 2021, Yokohama Tire Corp. announced the launch of its ultra-high-performance ADVAN Sport V107 as its new global flagship tire.
- In June 2021, CEAT announced the launch of launched a new range of compact SUVs.
- In March 2021, ATL announced the launch of the Apterra Cross range of tires suited to the compact and mid-size sport utility vehicle segment.
- In February 2020, JK TYRE & INDUSTRIES Ltd. announced the launch of Revolutionary ‘Smart Tire’ at Auto Expo 2020 which allows early detection of issues and deployment of timely preventive measures to avoid them and also deliver higher fuel efficiency up to 4-5% leading to a reduction in carbon emission.
(Get 15% Discount on Buying this Report)
Get Sample Copy of Global Auto Tire Market at: https://orionmarketreports.com/request-sample/?id=108717&submit=Request+Sample%0D%0A
Market Coverage
- The market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- The Goodyear Tire & Rubber Co., MRF Ltd. MICHELIN, Bridgestone Corp., Sumitomo Corp., and Yokohama Tire Corp., among others.
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 has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- 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?
A full report of Global Auto Tire Market is available at: https://orionmarketreports.com/global-auto-tire-market/108717/
Global Auto Tire Market Report by Segment
By Type
- Bias Automotive Tire
- Radial Automotive Tire
By Application
- Commercial Vehicle
- Passenger Vehicle
About us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
Media Contact:
Company name: Orion Market Reports
Contact person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
