Global Automotive Tires Market 2017-2021
About Automotive Tires
A tire has a ring-shaped structure that is surrounded by a wheel's rim to provide grip on the surface it travels on, by transferring vehicle load from axle through the wheel to the ground. The automotive tires are flexible enough to absorb shock when they move on a rough surface because they are pneumatically magnified structures. The modern tires are made up of materials, such as synthetic rubber, natural rubber, fabric, and wire and also comprises other advanced materials, such as carbon black and chemical compounds.
Technavio’s analysts forecast the global automotive tires market to grow at a CAGR of 2.96% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive tires market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of automotive tires market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Tires Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive tires market: Bridgestone, Continental, Goodyear, and Michelin
Other Prominent Vendors in the market are: Apollo Tyres, ACooper Tire & Rubber Company, Hankook Tire, JK Tyre, MRF, Pirelli, Sumitomo Rubber Industries, and Yokohama Tire Corporation.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Use of radio frequency tags in tires. Commercial truck tire manufacturers have started implanting radio frequency identification (RFID) tags into the tires while manufacturing them because this technology provides benefits to both truck fleets and tire manufacturers. RFID system contains a tag or a label- surrounded by a transmitter, receiver, and a reader. Microchip and antenna are the two parts present on the tag of RFID component. Information is stored and processed by microchip, whereas signals are received and transmitted by an antenna. Passive RFID tags are used for tires because they do not require a battery.”
According to the report, one of the major drivers for this market is Eco-friendly tires that reduce fuel consumption and save money. The US Department of Energy revealed that to overcome rolling resistance from tires, up to 15% of a car's fuel is being used. With the increasing fuel prices, OEMs are developing ways to make the vehicles fuel-efficient, reducing the fuel consumption. One of the ways is the use of eco-friendly tires.
Further, the report states that one of the major factors hindering the growth of this market is Increasing raw material prices. For the tire industry, the major raw material is rubber, and it contributes to 40% of the total cost of raw materials. Both natural and synthetic rubber are used for tire manufacturing. In 2016, due to supply interruptions in Thailand, the natural rubber price increased all over the world, and in India, it reached a three years' high.
Bridgestone, Continental, Goodyear, Michelin, Apollo Tyres, ACooper Tire & Rubber Company, Hankook Tire, JK Tyre, MRF, Pirelli, Sumitomo Rubber Industries, and Yokohama Tire Corporation.
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