Demand for Passenger Vehicles in Asia Pacific and Europe Drives Market

2024-10-30 05:36:03 News & Society

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Transparency Market Research (TMR) has recently published a research study on the global automotive tire market, estimating the market to expand at a CAGR of 6.80% during the period from 2015 to 2021 and reach a market value of 298.1 bn by the end of the forecast period.The research report, titled ?Automotive Tire Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021?, states that worldwide automotive tire market stood at US$188.3 bn in 2014.

The automotive segment is one of the booming sectors presently and it is expected to grow significantly in the next few years prioritizing more on customer safety and comfort. With the gradual decrease of recession, the automotive sector has witnessed a strong positive growth. The tire industry is also been noticing a steady improvement in the automotive sector.

Based on the type of tire safety systems, the market is segmented into two types: radial tire and bias tire. Due to advancements in technology, the market for radial tires is growing significantly. Based on applications of tire, the market is segmented in passenger cars, light commercial vehicle, heavy commercial vehicle and two wheelers.

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Growth of the automotive sector in emerging markets will affect the global automotive tire market positively and the industry is anticipated to expand substantially in the next few years. On the basis of tire safety systems, the global automotive tire market is segmented into bias tire and radial tires. Due to advances in the technological background of radial tires, this category has recorded substantial growth in the global automotive tire market. Radial tires are used in light commercial vehicles, heavy commercial vehicles, and in passenger cars. Bias tires are used in two wheelers.

Asia pacific accounted for the largest market share in 2014, which is expected to lure heavy investment and at the same time high end research is expected to be carried out in the field of tires. In addition, Improving lifestyles, and luxury vehicle demand and changing buyer?s preferences have ensured its dominance. The Asia Pacific automotive tire market was valued at USD 81.49 billion in 2014, and is expected to be the fastest growing automotive tire market in the coming years.

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