The automotive segment is one of the booming sectors presently and it is expected to grow significantly in the next few years prioritizing more on customer safety and comfort. With the gradual decrease of recession, the automotive sector has witnessed a strong positive growth. The tire industry is also been noticing a steady improvement in the automotive sector.
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Based on the type of tire safety systems, the market is segmented into two types: radial tire and bias tire. Due to advancements in technology, the market for radial tires is growing significantly. Based on applications of tire, the market is segmented in passenger cars, light commercial vehicle, heavy commercial vehicle and two wheelers.
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Asia pacific accounted for the largest market share in 2014, which is expected to lure heavy investment and at the same time high end research is expected to be carried out in the field of tires. In addition, Improving lifestyles, and luxury vehicle demand and changing buyer’s preferences have ensured its dominance. The Asia Pacific automotive tire market was valued at USD 81.49 billion in 2014, and is expected to be the fastest growing automotive tire market in the coming years.
Major industry participants include Bridgestone, Goodyear, Continental AG, Pirelli, Michelin and among others.
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