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Global automotive tire market forecast with a CAGR of 4.1 percent through 2027

  6/3/2020 - Portland, OR - As per the report published by Allied Market Research, the global automotive tire market was pegged at $112.16 billion in 2019, and is expected to reach $154.40 billion by 2027, growing at a CAGR of 4.1 percent from 2020 to 2027. The rise in automotive production and sales across different vehicle segments, the introduction of advanced technology in the manufacturing process, and the rise in competition among tire manufacturers have boosted the growth of the global automotive tire market. However, the volatile price of raw materials and the growing market of retreading tires hamper the market. On the contrary, advancement in technology and fuel efficiency and safety concerns are expected to create lucrative opportunities for the market players in the coming years. The emergence of COVID-19 has hugely affected the global automotive tire industry. According to COVID-19 impact assessment presented by LMC Automotive Limited, around 78 percent of companies lack enough staff to run full production lines. As the majority of the automotive supply chain is connected to China, it would impact negatively on the sale of the forklift market. However, government relief funds are expected to minimize the overall impact on market growth. The global automotive tire market is segmented on the basis of type, vehicle type, rim size, distribution channel and geography. Based on type, the market is divided into summer, winter and all seasons. The all-season segment held the largest share in 2019, accounting for more than 90 percent of the total revenue. However, the winter segment is expected to register the highest CAGR of 6.0 percent during the forecast period. On the basis of vehicle type, the market is categorized into passenger cars, commercial vehicles and electric vehicles. The passenger car segment dominated the market in 2019, accounting for nearly three-fourths of the market. However, the electric vehicle segment is expected to register the highest CAGR of 7.6 percent during the forecast period. Based on the distribution channel, the market is divided into OEM and aftermarket. The aftermarket segment held the largest share in 2019, accounting for more than half of the market, and is expected to register the highest CAGR of 4.30 percent during the study period. The global automotive tire market is analyzed across several regions such as North America, Asia-Pacific, Europe and LAMEA. The market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market. The region is expected to register the highest CAGR of 4.3 percent during the forecast period. The global automotive tire market report includes an in-depth analysis of the major market players such as Bridgestone Corporation, Michelin, Continental Corporation, The Goodyear Tire & Rubber Company, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), Sumitomo Rubber Industries Ltd., Toyo Tire Corporation, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co., Ltd. and Nokian Tyres.

Thursday, July 2, 2020

Global silicone coating market forecast with a CAGR of 7 percent - click to expand

Royal DSM appoints Zhou Tao as DSM China president - click to expand

Bosch Rexroth hosts free virtual Explore the Factory of the Future event - click to expand

PolyOne launches OnColor WC Choice for wire and cable applications - click to expand

Trinseo strengthens CASE team with two new hires - click to expand

Siempelkamp announces departure of CEO Christoph Michel - click to expand

Repligen to acquire Engineered Molding Technology - click to expand

Wednesday, July 1, 2020

Hankook Tire named GM Supplier of the Year by General Motors - click to expand

Nokian Tyres invites drivers to enter their favorite road trips - click to expand

Total Cray Valley introduces aliphatic resin - click to expand

Rubber Division and Endurica partner on rubber industry training opportunities - click to expand

Bridgestone teams with Microsoft on intelligent tire monitoring system - click to expand

Global thermoplastic elastomer market forecast with a CAGR of 5.6 percent through 2025 - click to expand

Tuesday, June 30, 2020

Global OTR tire market anticipated to reach $26.4 billion by 2027 - click to expand

Bridgestone announces voluntary salary reduction for Japan-based corporate officers - click to expand

Kuraray America, Inc. launches nonprofit corporation to support its communities - click to expand

Stahl partners with CHAMPION project to replace conventional polymers - click to expand

Safic-Alcan extends distribution partnership with Momentive Quartz Technologies - click to expand

Cabot completes placement of all major air emission control equipment at Louisiana site - click to expand

Monday, June 29, 2020

JSR Corporation announces price increase for synthetic rubber and emulsion products - click to expand

Bridgestone completes purchase of iTrack Solutions - click to expand

Trinseo donates $100,000 for flood recovery efforts in Midland Count, Michigan - click to expand

Global pressure sensitive adhesives market forecast to reach $12.8 billion by 2025 - click to expand

Continental tires made from dandelion rubber win two awards - click to expand

Clariant launches pigment dispersions engineered for exact color matching - click to expand

Friday, June 26, 2020

Book of the Day - Rubber Extrusion Technology Short Course Notes - click to expand

Goodyear and Lordstown Motors connect on electric vehicles - click to expand

U.S. Commerce Department opens investigations into tire imports based on United Steelworkers petitions - click to expand

IRSG examines the rubber economy in the face of COVID-19 - click to expand

Apollo Tyres commissions Andhra Pradesh greenfield facility - click to expand

India disposable gloves market expected to reach $760 million by 2025 - click to expand

Thursday, June 25, 2020

R.D. Abbott's Rick Ziebell to present at Smithers Virtual Summit - click to expand

Researchers make significant progress in polymers made from waste sulfur - click to expand

Carlisle TyrFil announces two reforestation projects - click to expand

Carbon Resources Recovery wins binding injunction against ReOil use of pyrolysis technology - click to expand

Global elastomeric coating market forecast with a 15 percent growth rate through 2026 - click to expand

Market Reports

Global silicone coating market forecast with a CAGR new 7 percent - click to expand

Global thermoplastic elastomer market forecast with a CAGR of 5.6 percent through 2025 - click to expand

Global OTR tire market anticipated to reach $26.4 billion by 2027 - click to expand

Global pressure sensitive adhesives market forecast to reach $12.8 billion by 2025 - click to expand

Outlook for the rubber economy in the face of Covid-19 - click to expand

India disposable gloves market expected to reach $760 million by 2025 - click to expand

Global elastomeric coating market forecast with a 15 percent growth rate through 2026 - click to expand

Global coated fabrics market forecast to reach $21.6 billion - click to expand

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