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Global automotive tire market forecast to reach $645 billion by 2027  

Thursday, October 19, 2017

Valley Cottage, NY - According to Future Market Insights, the global automotive tire market is expected to grow at a robust growth rate during the forecast period, to register a CAGR of 6.3 percent during 2017-2027 and is anticipated to be valued at about $645 billion by the end of 2027. The global automotive tire market is segmented by vehicle type (2/3 wheeler, passenger vehicle, commercial vehicle and specialty vehicle), by sales channel (OEM and aftermarket), by tire structure (radial and bias) and region. The passenger cars segment by vehicle type is expected to lead the global market in terms of growth rate and market share. This segment is anticipated to grow at a high CAGR of 6.8 percent throughout the forecast period. The commercial vehicle segment by vehicle type also shows high potential, and is poised to grow at a CAGR of 6.1 percent during the assessment period. In this category, the light commercial vehicle segment is a high growth segment and is expected to be valued at $102.7 billion by the end of 2027. By tire structure, the radial segment is expected to be valued at $550.2 billion by the end of 2027, and is also anticipated to grow at a robust growth rate throughout the forecast period 2017-2027. By sales channel, the OEM segment reflects a higher growth rate during the period of assessment; however, the aftermarket segment is poised to show high market value by the end of the forecast year. The OEM segment is expected to grow at a CAGR of 6.4 percent during 2017-2027. By region, Asia Pacific, excluding the Japan (APEJ) region and the western Europe region are expected to grow at similar growth rates; however, APEJ is poised to lead the global automotive tire market in terms of high market share by the end of 2027, as it is expected to be valued at around $194 billion by the end of the assessment period. The global automotive tire market research report has analyzed various key players involved in the operations related to automotive tires. Continental AG, Bridgestone Corp., Michelin, Goodyear Tire And Rubber Company, Pirelli & C. S.P.A, Yokohama Rubber Company, Limited, Cheng Shin Rubber Industries, Sumitomo Rubber Industries Ltd., Toyo Tire & Rubber Company, Trelleborg AB, Cooper Tire & Rubber Company, Hankook Tire, Madras Rubber Factory Limited, Kumho Tire Co. Inc., Apollo Tyres Ltd, Sailun Tires Ltd, Shandong Linglong Tyre, Nokian Renkaat Ojy, Titan Tire Corporation and Nexen Tire America Inc. are the key companies profiled in the global automotive tire market research report.


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