Increased Production of Vehicles Bolster the Growth of Automotive Tire Market.

Tire is a ring shaped vehicle component that covers the wheel rim to enable better vehicle performance. Out of two types, radial tires are being commonly used in passenger vehicle, light commercial vehicle and heavy commercial vehicle whereas bias tires are being used in two wheelers segment. Currently, system integrators and OEM?s are heavily investing in R&D for manufacturing of cheaper and technologically improved tires. Global players like Continental, Bridgestone are investing approximately 4.5 % of their total sales. The tires come in different sizes and shapes depending on the vehicle requirements.

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The Automotive Tire Market was valued at USD 188.37 billion in 2014, which is expected to reach USD 298.15 billion by 2021, growing at a CAGR of 6.8% from 2015 to 2021.

The rise of the global automotive tire market is directly proportional to the development of the automotive sector in the global arena. The increase in disposable income of the average consumer in many countries is augmenting the purchasing capacity of consumers across the world, driving their interest towards luxury items such as automobiles. With the rising demand for automobiles, the demand for auto parts is witnessing a high rate of growth at present.

The global automotive tire market is segmented into:

By Types

> Radial Tire
> Bias Tire

The radial tire segment is reporting robust growth at present owing to ongoing technical development.

By Application

> Passenger Cars
> Light Commercial Vehicle
> Heavy Commercial Vehicle
> Two Wheelers

Passenger vehicles emerged as the biggest consumers of automotive tires in 2014. Analysts expect this hierarchy to continue throughout the forecast period. The soaring demand for passenger vehicles from Asia Pacific and Europe is the main reason for the extensive growth of this market segment.

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By Region

> North America
> Europe
> Asia Pacific
> Rest of the World

Asia Pacific, among these, led the global market for automotive tires in 2014 with an overall value of US$81.4 bn. The regional market is likely to maintain its dominance as well as register the fastest growth over the forecast period. The rising demand for luxury vehicles, triggered by the increase in disposable incomes, has stimulated the growth of this market extensively in recent times.

Major market participants profiled in this report include :

> Bridgestone
> Michelin
> Goodyear
> Pirelli
> Continental

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