NEW YORK, Dec. 12, 2016 /PRNewswire/ -- Opportunities identified 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)
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 $257.5 billion by 2021 and it is forecast to grow at a CAGR of 4.6% from 2016 to 2021. The major drivers of growth for this market are increasing vehicle production, increasing demand for less rolling resistance tires led by stringent government regulations, increasing average age of vehicles in operation, and growing demand for green tires.
Emerging trends, which have a direct impact on the dynamics of the market, include focus on fuel-efficient tires, evolution of green tires, development of TPMS systems, and development of non-pneumatic tires.
A total of 248 figures / charts and 86 tables are provided in this 284-page report to help in your business decisions. Sample figures with some insights are shown below. To learn the scope of, benefits, companies researched and other details of this report, download the report brochure.
The study includes a forecast for the growth opportunities in the global automotive tire market by vehicle type, end-user, tire type, and region, as follows:
By Vehicle Type ($ 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 World
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.
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.
This report addresses the following key questions:
Q.1. What are some of the most promising, high-growth opportunities for the automotive tire market by vehicle type (Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle ), end-user (OEMs and Aftermarket), tire type (Bias and Radial), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by materials / product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what is its impact on the industry?
Lucintel has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team.
The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in this market
- Detailed secondary research from competitors' financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel's professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted in the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts in the market. Some of the raw material suppliers in global automotive tire market are S Cabot Corporation, Birla Carbon, Orion Engineered Carbons, Kolon Industries, Inc. and others. Some of the automotive tire manufacturers in this market are Bridgestone Corp, Michelin SCA, Goodyear Tire & Rubber Co, Continental AG, and others
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
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