According to Fact.MR, the worldwide automobile tyre industry will generate roughly US$ 270,000 Mn in revenue in 2017. People’s disposable income has increased, resulting in greater spending on autos by consumers, which has fueled demand for automotive parts such as tyres. Because of the rapid pace at which new technologies are influencing the automotive industry, automakers are investing heavily in research and development.
Furthermore, as vehicle lifespans have increased, there has been a global demand for tyre replacement. According to the analysis, the worldwide automotive tyre market will grow at a steady 5.1 percent CAGR through 2031, reaching revenues of US$ 342,209.2 million.
The Competitive Landscape of the Automotive Tire Market
Continental A.G recently announced that it had developed a sustainable adhesive for bonding rubber with textile reinforcing material in conjunction with Turkey-based Kordsa Tecnik Tekstil A.S., as the need for sustainability in the automobile tyre market grows. The tyre producers from Germany intend to use the sustainable adhesive to create a new range of tyres in the near future.
Vehicle performance and fuel efficiency are gradually becoming more important factors to consider when choosing a vehicle. Daimler North America has decided to outfit its Freightliner trucks with Michelin X Line EnergyTM D+ long-haul tyres in order to tap into the rising consumer base. Daimler intends to improve the Cascadia Class 8 heavy-duty truck’s fuel efficiency over prior models.
The following are six factual projections. Report on the Global Automotive Tire Market by Fact.MR
The market is divided into radial tyres and bias tyres based on product type. Although bias tyres will continue to be favoured in the market, radial tyre sales are expected to grow at a faster rate through 2022.
Despite the fact that sales of car tyres in North America will grow at a faster rate than in Europe, Europe will account for a larger revenue share by the end of 2022. The Middle East and Africa (MEA), on the other hand, will have the smallest revenue share in the worldwide automotive tyre industry.
Fact identifies key market players.
Bridgestone Corporation, Continental AG, Michelin North America, Inc., The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., Pirelli & C. S.p.A., and others are among the companies mentioned in MR’s study.
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