Global Automotive Tire Market 2019 Industry Outlook, Comprehensive Insights, Growth and Forecast 2026
The global automotive tire market is set to grow at a modest CAGR of 3.4% during the forecast period on account of increasing production of passenger vehicles. Tires are one of the central components in any vehicle and their importance cannot be overstated. As world population grows and economies develop, cars and bikes have become a necessity for most of the working populations in the world. As a result, vehicle production, especially passenger vehicles, has increased exponentially and markets associated with the automotive industry have also risen in tandem. The automotive tire market is one such market and increasing production of passenger vehicles has raised the demand for automotive tire manufacturing.
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Europe and North America to Exhibit Steady Growth; Asia-Pacific to Lead the Market
Asia-Pacific is projected to display fastest growth and hold the largest section of the global automotive tire market share till 2025. This is primarily a result of growing population in India and China, rising disposable incomes, and demand for better standard products in the region. North America and Europe are expected to grow healthily, mainly due to their commitment to reduce carbon emissions and increase fuel efficiency of their vehicles. Strict government regulations on vehicle manufacturing processes will also play an important part in the market in the two continents. In Europe, the prominent countries are expected to be Switzerland, Finland, Denmark, and Czech Republic.
Some of the key players in the global automotive tire market, as profiled by Fortune Business Insights, include:
• Sumitomo Rubber Industries, Ltd.
• Bridgestone Corp.
• Cooper Tire and Rubber Company
• Continental AG
• MRF LTD
• Zhongce Rubber Company
• Goodyear Tire & Rubber co.
• Toyo Tire & Rubber Co., Ltd
• Michelin SCA
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