Automotive Tire Market: size was valued at US$ 118 Billion in 2020 and the total Automotive Tire Market revenue is expected to grow at 6.32% through 2021 to 2027, reaching nearly US$ 181.21 Billion.
Automotive Tire Market Overview:
The report is based on extensive research, qualitative and quantitative evaluations by industry experts, and feedback from field personnel and supply chain stakeholders. The study delves deeply into parent market trends, macroeconomic statistics, and regulating variables, as well as market attractiveness by segment. The analysis also maps out the qualitative impact of major market factors on market segments and geographies.
This Automotive Tire Market review looks at the most recent developments, regulatory frameworks, trade analysis, business models, supply chain utilization, market dominance, the impact of residential and localized market participants, assessments of possibilities in terms of evolving revenue spots, regulatory shifts, tactical industry growth analysis, sales volume, categorical market growth, implementation niches and dominance, product releases, global coverage, and product latitude. To understand more about the Automotive Tire market, contact Stellar Market Research and get an Analyst Brief. Our personnel will help you make an informed market decision to achieve market growth.
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Automotive Tire Market Key Players:
The Goodyear Tire & Rubber Company (USA)
Pirelli & C.S.p.A. (Italy)
Apollo Tyres Ltd. (India)
CEAT Ltd. (Italy)
China National Tire & Rubber Co. Ltd. (China)
Cooper Tire & Rubber Co., Ltd. (UK)
Giti Tire (Singapore)
Bridgestone Corporation (Japan)
Continental AG (Germany)
Sumitomo Rubber Industries, Ltd. (Japan)
Toyo Tire & Rubber Co., Ltd. (Japan)
Yokohoma Tire Corporation (Japan)
Maxxis International (Taiwan)
Cheng Shin Rubber Industry Co. (China)
Hangzhou Zhongce Rubber Co., Ltd. (China)
Hankook Tire (South Korea)
JK Tyre & Industries Ltd. (India)
Kumho Tire Co., Inc. (South Korea)
Nexen Tire Corporation (South Korea)
Nokian Tyres plc (Finland)
Qingdao Fullrun Tyre Corp., Ltd. (China)
The market's leading players are embracing various growth techniques such as partnerships and strategic alliances, as well as new product launches, to expand their presence in emerging nations and eventually widen their customer base. Some of the prominent players in the Automotive Tire market are as follows:
Automotive Tire Market Segmentation:
The Passenger Cars category dominated the automotive tire market by revenue in 2020, contributing for over 48% of total revenue. Economic conditions, which are influenced by changes in exchange rates, GDP growth, inflation rates, and government policies, have a big impact on passenger car demand. Furthermore, passenger automobile demand is influenced by fluctuating fuel prices and transit infrastructure. The improving economic outlook in the United States, as well as emerging markets like China and India, are expected to bolster PC demand in the future.
The Light Commercial Vehicle (LCV) segment accounted for roughly 37% of total sales in 2020, capturing a major share of the market. The cost of operating and maintaining an LCV is low. Furthermore, because LCVs are more fuel efficient than passenger cars, tyre manufacturers are creating more commercial tyre products than passenger car tyres, as the CV market is rapidly catching up.
Automotive Tire Market Regional Analysis:
Individual market influencing aspects and changes in market regulations that affect existing and future marketing tactics are also explored in the Automotive Tire market study's country-focused discussion. Consumer volumes, processing facilities, and inventories, shipping analysis, price prediction modeling, raw material prices, and upstream and downstream value chain analysis are some of the major factors used to forecast the market scenario for specific countries. While providing forecast analysis of national data, the availability and affordability of global brands, as well as the challenges they face due to large or limited competition from local and domestic producers, the effect of local tariffs, and shipping routes, are all considered.
COVID-19 Impact Analysis on Automotive Tire Market:
The COVID-19 outbreak resulted in a severe and prolonged decline in production efficiency, while travel bans and factory closures kept people away from their businesses, leading the Automotive Tire market to slow in 2020. The new research features pandemic's impact on the Automotive Tire # market, as well as observations, research, estimations, and projections. The Stellar Automotive Tire Market Research study contains an in-depth examination of customer behavior in the aftermath of the virus, as well as its influence on the Automotive Tire market's outlook, classification, trends, and economic constraints.
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Key Questions Answered in the Automotive Tire Market Report are:
- What are the drivers motivating overall Automotive Tire market advancement in the upcoming period?
- What revenue potential is estimated from the Automotive Tire market’s transactions in the years ahead?
- What CAGR potential is forecasted for the Automotive Tire market in the approaching period?
- Who are the significant contenders functioning in the Automotive Tire market?
- Which region is leading the global Automotive Tire market share at the end of the forecast period?
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