Global Automotive Tire Market Size, Trend, Segmentation, Revenue, Regional Growth, Drivers, and Forecast Research Report 2029

[akash Arjun pingale]

Global Automotive Tire Market: size was valued at USD 122.49 Bn. in 2021 and it is expected to reach US$ 189.42 Bn. by 2029, at a CAGR of 5.6% through out the forecast period.

Global Automotive Tire Market Overview: 

For the global industry's Global Automotive Tire Market analysis, a research team did thorough primary and secondary research. Secondary research was carried out in order to supplement existing data, segment the market, estimate overall market size, and anticipate market size and growth rate.

Primary and secondary research is used to identify market leaders, and primary and secondary research is used to calculate market revenue. In-depth interviews with important thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives were conducted as part of the primary study. Primary research comprised in-depth interviews with key thought leaders and industry professionals such as experienced front-line staff, CEOs, and marketing executives, while secondary research included a review of the main manufacturers' annual and financial reports. Secondary sources are utilized to generate global market percentage splits, market shares, growth rates, and breakdowns, which are then cross-checked with primary data.

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Global Automotive Tire Market Dynamic:

In 2021, the IOMM estimates that 55.83 million passenger cars and 21.78 million commercial vehicles would be produced globally. Tire manufacturers are being encouraged to develop new tires with greater wet grip and reduced rolling resistance as a result of tight tire performance rules and rising demand for fuel-efficient vehicles. Moreover, tire market companies are turning to automation for manufacturing in order to increase efficiency and output in order to meet increased demand. Over the forecast period, advancements in the field of composite materials, as well as the use of carbon fiber and metals in tire manufacture, will have a beneficial impact on the automotive tire market.

Market Scope:

The study supports an understanding of the Global Automotive Tire Market dynamic structure by identifying and evaluating market segments and projecting market size. The study also contains a competitive analysis of major corporations based on price, financial status, application expansion goals, and geographical presence. A PESTLE analysis is also included in the report to assist shareholders in prioritizing their efforts and investments in the Global Automotive Tire Market.

External and internal components projected to have a positive or negative impact on businesses have been researched, presenting decision-makers with a clear future picture of the sector. By studying market segments and projecting Global Automotive Tire Market size, the study also assists in understanding the dynamic structure of the Global Global Automotive Tire Market. The study acts as a reference for investors by offering a comprehensive portrayal of the competitive analysis of significant firms in the Global Global Automotive Tire Market based on price, financial status, growth strategies, and geographical presence.

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Global Automotive Tire Market Segmentation: 

Passenger Cars Segment is dominating the Market:

In 2021, the Passenger Cars segment led the industry, accounting for nearly 48% of total revenue. The demand for passenger automobiles is largely dependent on economic conditions, which are influenced by changes in exchange rates, GDP growth, inflation rates, and government policies. Furthermore, fluctuating fuel prices and transit infrastructure tend to influence passenger car demand. The improving economic outlook in the United States, as well as rising countries such as China and India, are likely to boost PC demand in the future.

In 2021, the Light Commercial Vehicle (LCV) sector captured a large share of the market, accounting for nearly 37% of total revenue. LCVs are inexpensive to operate and maintain.

Global Automotive Tire Market Key Players: The key players are

• Bridgestone Corporation
• Continental AG
• Michelin
• The Goodyear Tire & Rubber Company
• Pirelli & C.S.p.A.
• Apollo Tyres Ltd.
• CEAT Ltd.
• China National Tire & Rubber Co. Ltd.
• Cooper Tire & Rubber Co., Ltd.
• Giti Tire
• Hangzhou Zhongce Rubber Co., Ltd.
• Hankook Tire
• JK Tyre & Industries Ltd.
• Kumho Tire Co., Inc.
• Nexen Tire Corporation
• Nokian Tyres plc
• Qingdao Fullrun Tyre Corp., Ltd.
• Sumitomo Rubber Industries, Ltd.
• Toyo Tire & Rubber Co., Ltd.
• Yokohoma Tire Corporation
• Maxxis International
• Cheng Shin Rubber Industry Co.

Global Automotive Tire Market Regional Analysis:

A country-level examination of the Global Automotive Tire Market focuses on categories identified as potentially high-growth, countries with the largest market share, and countries with the highest development potential. The regional breakdowns in the Global Automotive Tire Market report include North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), and Other countries.

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Key Questions Answered in the Global Automotive Tire Market Report are: 

• What will be the Global Automotive Tire market's CAGR throughout the projected period?
• Which market category emerged as the market leader in the Global Automotive Tire market?
• Who are the key players in the Global Automotive Tire market?
• How big will the Global Automotive Tire market be in 2027?
• Which firm had the biggest market share in the Global Automotive Tire market?

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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