Automotive Tire Sector to Post 7.6% CAGR to 2022, Says Allied Market Research in In-demand Report Available at MarketPublishers.com20 Feb 2017 • by Natalie Aster
LONDON – The global automotive tire market is projected to reach USD 306,098 million by 2022-end, posting 7.6% CAGR. The demand for tire has seen an exponential rise owing to a hike in the demand for vehicles, bolstering up the expansion and growth of the market for automobile tires.
The intense degree of competition between global tire makers to manufacture extremely durable, sustainable, and affordable tires is poised to augment the growth of the tire marketplace. Additionally, the sector growth is set to be fuelled by the uptake of cutting-edge technology in the tire manufacturing process.
Still, the material expenses necessary for replacing used tires are far less than making novel ones; hence, rise in retreading tires sector is set to hinder this market. Further, the variation in prices of raw material like plant rubber and reinforcing materials could possibly restrain the market growth.
APAC holds around 42% of the total market share and is set to grow at a considerable CAGR. Due to improving economy of the majority of the emerging countries across this region, the manufacturing sector of automobile tires and components is witnessing growth phase.
In-demand research publication “Automotive Tire Market” elaborated by Allied Market Research offers a detailed assessment of the marketplace and categorises it on the basis of type, vehicle type, and geographic region/country.
The report gives an exhaustive analysis of the factors driving and restraining the global automotive tire market, and sheds light on the opportunities. In includes granular market projections to 2022, alongside the affecting factors; offers an understanding of the trends and situation in the marketplace. Market share analysis for 2015 is included, as is Porter’s five forces analysis. The report canvasses the competitive scenario in the sector, highlighting the business practices used by top market players across different geographies. Profiles of the 10 dominant companies are provided, too.
Other in-demand reports by this publisher can be found at Allied Market Research page.