Automotive Tire Market Is Set To Garner Staggering Revenues By 2027

The automotive tire market is estimated to experience significant growth opportunities in the upcoming years. This market growth is on the back of increasing demand for different vehicles. The automakers in the market provide innumerable models to diversify their company’s product portfolio.

SUV sales have contributed with 34% of the total sales of vehicles in China in 2017. The increasing demand for vehicles with sporty looks and high clearance has stimulated an evolution in the automotive tire market. Rising demand for SUVs is likely to bolster the tire market. Increasing penetration of luxury and premium vehicles is projected to fuel demand for low aspect or low profile ratio tires.

Rapid expansion in the economies of countries such as Brazil, India, and Mexico are bolstering sales of luxury vehicles. This leads to rising demand for low aspect or low profile ratio tires.

A wide range of rim size options is provided along with the vehicle models. Rising demand for individualization by the consumers and the growing diversification of tire sizes according to models have been anticipated to bolster growth opportunities in the automotive tire market.

Winter Tire Segment Projected to Experience Significant Growth Opportunities with Enactment of Regulations

The automotive tire market has been bifurcated on the basis of region, sales channel, vehicle, season, tube, ply, material, aspect ratio, and rim size. Further, on the basis of season, the market is divide into winter tires and other seasons tire. Between these two types, the winter season tires are likely to expand at a significant rate during the forecast period. This market growth is anticipated with the enactment of various regulations in some European countries such as Norway, Latvia, Russia, and Iceland. These regulations have made it compulsory to fit winter tires during the respective season. Along with Europe, in some provinces of Canada, winter tires are compulsory when weather permits. Owing to these factors, the automotive tire market has been expected to experience significant growth opportunities in the North America and Europe region.

On the basis of rim size, the market has been divided into 12’”-17”, 18”-21”, and >22”. Among these segments, the 18”-21” rim size vertical is likely to expand at a significant rate in the forthcoming years. Crossovers and SUVs have accounted for almost 42% of total vehicle sales in the United States in the year 2017. In the same year, around 26% of total market sales has been covered by crossovers and SUVs in the Europe region. An increasing shift in the passenger vehicles toward SUVs has been expected to propel demand opportunities for 18”-21” rim size tires.

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