Automotive Tire Market is Expected to Reach $257.5 Billion by 2021
Trends, opportunities and forecast in this market to 2021 by vehicle type (passenger car [small car, compact car, mid-size car, large car]), by light commercial vehicle type (pickup trucks, SUV, MPV, vans), by vehicle end user type (OEMs, aftermarket), by tire type (bias, radial), by region (North America, Europe, Asia Pacific, Rest of the World)
IRVING, Texas, November 16, 2017 (Newswire.com) - According to a new market report published by Lucintel, the future of the global automotive tire market looks promising with opportunities in the passenger car and light commercial vehicle. The global automotive tire market is expected to reach an estimated $257.5 billion by 2021 and it is forecast to grow at a CAGR of 4.6% from 2016 to 2021. The major drivers of growth for this market are increasing vehicle production, increasing demand for less rolling resistance tires led by stringent government regulations, increasing average age of vehicles in operation, and growing demand for green tires.
This report has 248 figures/charts and 86 tables spread through 284 pages. For more detail on this report please click link http://www.lucintel.com/automotive_tire_market_2016_2021.aspx
In this market, passenger car, light commercial vehicle, and heavy commercial vehicle are the market segments by vehicle type. On the basis of end user, the market is segmented into OEMs and aftermarket. The report also categorizes the market by tire type, which includes bias and radial tires. Based on its comprehensive research, Lucintel forecasts that the OEMs and heavy commercial vehicle segments are expected to show above average growth during the forecast period.
Within the global automotive tire market, the aftermarket segment is expected to remain the largest market segment. Increasing average age of vehicle in operation in the developed nations and high economic growth in the emerging nations are expected to drive the automotive tire sales globally, which would spur growth for this segment over the forecast period.
Asia Pacific is expected to overtake the North American automotive tire market during the forecast period due to its high vehicle production, improvement in the economic conditions and increasing investment by the industry players within the APAC region.
For business expansion, the report suggests innovation and new product development to produce eco-friendly tires, which reduces rolling resistance of vehicles and ensures passenger safety and comfort. The report further suggests the development of partnerships with customers to create win-win situations and development of low-cost solutions for customers.
Emerging trends, which have a direct impact on the dynamics of the market, include focus on fuel-efficient tires, evolution of green tires, development of TPMS systems, and development of non-pneumatic tires. Bridgestone Corporation, Michelin SCA, Goodyear Tire & Rubber Co, Continental AG, and Pirelli are the major automotive tire manufacturers in this market. Of these, several are seeking mergers and acquisitions as strategic initiatives to drive growth.
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The study includes a forecast for the growth opportunities in the global automotive tire market by vehicle type, end-user, tire type, and region, as follows:
By Vehicle Type ($ billion and million units from 2010 to 2021)
· Passenger Car
o Small car
o Compact car
o Mid-size car
o Large car
· Light Commercial Vehicle
o Pickup trucks
· Heavy Commercial Vehicle
By vehicle End-User ($ billion and million units from 2010 to 2021)
By Tire Type ($ billion and million units from 2010 to 2021)
By Region ($ billion and million units from 2010 to 2021)
· North America
· Asia Pacific
· Rest of the World
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This 284-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org.
Browse related report here http://www.lucintel.com/reports/mass_transportation_market_report.aspx
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