Automotive Tire Market 2021 Revenue Share, SWOT Analysis, Product Types, Analysis and Forecast Presumption till 2027
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:
This Stellar Market Research Report covers the Automotive Tire Market overview, Automotive Tire market dynamics, Automotive Tire market features, regional industry insights, country-level market statistics, key market trends, and current market trends. Market research studies provide firms with the most up-to-date information about the newest products and services they offer. In the "Geographic Insights" portion of the report, the study looks at which regions are most likely to have the largest market share.
Leading companies invest considerably in research and development to improve efficiency and produce high-quality tyres. Tire producers have developed adaptable and lightweight tyres specifically for electric and hybrid vehicles as the popularity of electric vehicles grows. An growth in automobile manufacturing and robust demand for passenger cars are expected to boost the automotive tire market over the forecast period. Sport utility vehicles (SUVs) are growing in popularity in India and China, with significant market growth potential. According to the IOMM, 55.83 million passenger cars and 21.78 million commercial vehicles will be produced worldwide in 2020. As a result of tighter tyre performance standards and increased demand for fuel-efficient automobiles, tyre producers are being driven to design new tyres with better wet grip and lower rolling resistance. Furthermore, tyre manufacturers are resorting to automation in order to boost efficiency and productivity in order to satisfy rising demand.
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Automotive Tire Market Scope:
The Automotive Tire market is predicted to develop at the fastest rate between 2021 and 2027. An MMR study looks at import and export consumption, supply and demand, costs, prices, shares, sales volumes, revenues, and gross profits. The MMR data analysis looks at each manufacturer's manufacturing unit, capacity, production, factory price, market price, and market share.
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.
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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)
To gain a better grasp of the current situation of the Automotive Tire market and the majority of the country's policies, Stellar Market Research forecasts future growth in the target industry. The market size estimations and segment development trends, as well as qualitative and quantitative insights into the Automotive Tire market, are included in this study.
Automotive Tire Market Regional Analysis:
The MMR study covers North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. This research looks at a variety of important market segments and sub-segments, as well as key industrial sectors. By analysing market size, share, and quantity, the MMR survey explores creative nations in neighbourhood development. Statistics give demographic information in addition to the amount, area, revenue, and market chain system.
COVID-19 Impact Analysis on Automotive Tire Market:
The COVID-19 rule had an impact on worldwide expectations, sectors, and workers between 2020 and 2021. A COVID-19 outbreak might have a major impact on our society and standard of living, requiring immediate industrial innovation and assistance. For foreigners in India, COVID-19 has created a bevy of issues. Thousands of migrant workers have lost their jobs as a result of the embargo, and they are facing food shortages and uncertainty about their futures.
This Stellar Market Research Report is intended to assist you in learning more about the current economy, COVID-19, and its commercial implications. Since COVID-19, Stellar market research has grown throughout all industries, sectors, and specialties. COVID-19 can be evaluated using the Stellar Market Research Report (MMR), which provides similar figures on industry losses and growth.
Key Questions Answered in the Automotive Tire Market Report are:
- Which product segment grabbed the largest share in the Automotive Tire market?
- How is the competitive scenario of the Automotive Tire market?
- Which are the key factors aiding the Automotive Tire market growth?
- Which region holds the maximum share in the Automotive Tire market?
- What will be the CAGR of the Automotive Tire market during the forecast period?
- Which application segment emerged as the leading segment in the Automotive Tire market?
- Which are the prominent players in the Automotive Tire market?
- What key trends are likely to emerge in the Automotive Tire market in the forecast period?
- What is the expected Automotive Tire market size by 2027?
- Which company held the largest share in the Automotive Tire market?
About Stellar Market Research:
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