Automotive Tire Market Size to grow by USD 55.94 billion between 2024-2028
Technavio, a leading provider of market research reports, has released its latest study on Automotive Tire Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
Key Highlights:
The market size is estimated to grow by USD 55.94 billion, at a CAGR of 7.28% during the forecast period. In the automotive tire market, airless radial tires have emerged as a promising alternative to traditional pneumatic tires, particularly for off-highway commercial applications. Manufactured with rubber treads and a compound of rubber and plastic, these tires feature spokes that distribute heat efficiently. Despite their limitations in operational efficiency, airless radial tires have gained traction since 2020, with major tire manufacturers investing in their development for ATVs since 2016. These tires are currently used in various industries, including agriculture, construction, and golf carts, and represent a nascent yet growing segment in the tire market.
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The APAC automotive tire market is experiencing robust growth, driven by the burgeoning automotive sector and escalating vehicle demand. Notable automobile conglomerates, including Great Wall Motors, Toyota, Hyundai, and Tata Motors, based in China, Japan, South Korea, and India, respectively, contribute substantially to APAC's tire manufacturing sector. The surge in demand for passenger cars and commercial vehicles, fueled by population growth, urbanization, and increasing disposable income, further bolsters the market. Favorable government policies and regulations have positively influenced production and tire quality in the region.
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