Major factors driving growth of the global automotive tire market are rising disposable income, resulting to growing demand from sport vehicle which in turn is increasing demand for automotive tires. In addition, rising vehicle production in developing countries is another factor expected to support growth of the global automotive tire market.
The global automotive tire market is segmented on the basis of type, vehicle type, region.
The type segment of global automotive tire market is segmented on the basis of radial automotive tire and bias automotive tire.
The vehicle type segment of global automotive tire market is segmented on the basis of passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers.
On the basis of region, the global automotive tire market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
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The market in Asia Pacific is expected to account for largest share in the global market in terms of revenue, owing to increasing demand for two wheelers among middle class people, and presence of major two wheelers manufacturers in countries such as India and China. The markets in North America and Europe is expected to account for significant revenue shares in the global market. The market in Europe is projected to register lucrative CAGR in terms of revenue over the forecast period, owing rising disposable income and presence of prominent players operating in this region. According to International Council On Clean Transportation, by 2016, car sales in the EU with new car registrations increased to 14.6 million. In 2011–2012, about 55 % of newly registered cars in the EU were powered by diesel fuel.
Key players operating in the global automotive tire market include Bridgestone Corporation, Continental AG, Pirelli & C. S.p.A., Michelin Tyre PLC, The Goodyear Tyre & Rubber Co., Sumitomo Rubber Industries Ltd., Madras Rubber Factory Limited, The Yokohama Rubber Co. Ltd., JK Tyre & Industries Ltd. and CEAT Ltd.