Press release
Electric Vehicles Adding Prosperity to Automotive Tyre Market
The automotive industry is currently on an upward swing in the emerging economies such as China and India on the back of increased disposable income of expanding base of urban populations. And on top of it, the advent and commercialization of electric vehicles has given new thrust to the automotive industry in the developed countries such as the U.S., France, the U.K., and Germany. All these factors are combining to propel the demand in the global automotive tyre market.
A recent business intelligence study added to the repository to MarketResearchReports.biz has projected the demand in the global automotive tyre market to increment at a highly profitable CAGR during the forecast period of 2018 to 2025. The analyst of the report has evaluated that as of 2014, global production of tyres had reached more than 115,666 units and the growth margin stood at over 25% in the next five years since. The report is titled “Global Automotive Tyre Sales Market Report 2018.”
The trend in the automotive tyre market is the development of products that are not only robust enough to last long durations of time and manage with wear and tear but also are lightweight. With reduced weight, the vehicles return greater fuel efficiency, which has been a radical trend in the energy industry wherein the world is shifting past fossil fuel reserves that cause substantial pollution. Road conditions in different areas across the world are different and manufacturers are producing products that adequately match the requirements.
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As per the findings of the report, Continental, Bridgestone, Good Year, Michelin, Sumitomo, Hankook, Pirelli, Yokohama, Hangzhou Zhongce Rubber, and Cheng Shin Rubber (Maxxis) are the leaders in the global automotive tyre market, collectively reserving more than 58.23% of the global shares as of 2014. Most of these players have presence across the world and their technological advancements is expected to sustain them at prominent position in the near future too. The other half of the market is shared between other prominent players such as Giti, Zhongce Rubber, KUMHO TIRES, Cooper Tire, Triangle group, TOYO Tyre, MRF, Apollo Tyres, Linglong Tyre, Double Coin, Nokian Tyres, Xingyuan, and AEOLUS TYRE.
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Based on product type, the market has been segmented into radial automotive tyre and bias automotive type, whereas on the basis of end users or application, the market has been bifurcated into passenger vehicles and commercial vehicles. Some of the stockholders targeted by this report in terms of aiding in business decisions are type subcomponent manufacturers, distributors, traders, and wholesales, and manufacturers. Geographically, the report explores the demand potentials of the countries of Japan, the U.S., China, and India as well as that of the regions of Southeast Asia and Europe.
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