The contribution of advanced tire manufacturing of nanotechnology is substantiating to a decrease in wear and tear surging its market growth. Growth of the automotive tire market is impacted by macroeconomic factors including consumer spending, GDP of country, currency conversion rates, automotive production and distribution market, and disposable income of consumers and export market. The demand for the tire has been considerably increased due to a rise in automobile purchases across the world. High competition among the tire manufacturers offering various advanced types of tires is driving the market growth.
The continuous fluctuation of rubber prices is impacting the production capabilities of tire companies. Another kind of low-tech tires are demand recently has a feature of discoloration when the tire is at its threshold limit of wear and tear. Such technological advancements have contributed to the growth potential of the tire market. Advancements in the tire manufacturing process are boosting the demand for such an eco-friendly market. This is being observed because of the government’s policy reconsideration that is inclined with the policies.
The automotive tire market registers a CAGR of 6.3% during 2018-2025. It is projected to be off-market valued at approximately USD 645 billion by the end of 2025.
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Radial Tires segment:
Radial tires are projected to be having higher demand in the industry. Because of the flexibility and durability of the radial tire the market has substantial growth during the forecast period. Technology advancements are being enshrined allowing them for optimized power consumption by the vehicle because of which radial tires are considered as one of the highly demanded offerings in the market. The production of the tire is also being enabled by the use of orange peel oil decreasing the petroleum products in the industry. Retreading tires segment of light commercial vehicles contributing to the market growth.
Asia-Oceania having substantial market growth:
The substantial growth of the tire market for original equipment is due to increased disposable income, vehicle sales and changing in customer preference along with the advantages of cost reduction to the original equipment manufacturers. Asia-Oceania also has a substantial amount of foreign direct investments being boosted which are not only contributing to the tire industry but also automotive.
Automotive tire market is highly competitive due to the presence of various manufacturing organizations and has a wide range of offerings. Moreover the penetration rate of the new entrants is low for this market.
Key players in the tire manufacturing industry are Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A., Michelin, The Goodyear Tyre & Rubber Co. Sumitomo Rubber Industries Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd., CEAT Ltd., among others.
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