Published on : Mar 18, 2016
The innovative approaches at improving the quality of automotive tires by top players such as Yokohama, Pirelli, Michelin, MRF Tyre, Bridgestone, Goodyear, and Continental has made a remarkable difference in the revenues of the overall market. Despite the economic downturn and the staggering economies the strong foothold of the automotive market has helped the automotive tires market maintain its pace in the overall economy.
The types of automotive tires in the global market are bias tires and radial tires. These tires are mainly used for light commercial vehicles, two wheelers, and heavy commercial vehicles. Geographically, this market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
Developing Countries of Asia Pacific to Drive Growth in Overall Automotive Tires Market
According to the research report, the radial tires segment was the largest contributor to the overall automotive tires market. This positive trend is attributable to the increasing developments in the technology used for making these tires. Furthermore, the biggest users of these tires were the passenger cars in Europe and Asia Pacific as the increasing per capita in these regions is permitting consumers to buy newer vehicles or upgrade the existing one. The countries contributing towards growth of automotive tires market in Asia Pacific are India, China, Australia, and Japan.
Passenger Cars to Be the Biggest Contributors to the Overall Automotive Tires Market
The overall automotive tires market is being driven by growing number of passenger and commercial vehicles, improving quality of tires, and an increasing demand for eco-friendly tires. The accelerated growth of this market is also attributable to the technological advancements.
Consumer Safety and Evolving Lifestyles to Propel Global Market
In addition to the aforementioned factors, the changing preferences of buyers, evolving lifestyles, and a huge demand for sports utility and luxury vehicles are expected to propel this market in the near future. Furthermore, the increasing focus on consumer safety, fuel-efficiency, and reliable technologies is also driving the growth of this market.