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Automotive Tire Market Trends, Growth and Profit Analysis

The flourishing automotive industry, especially in the Asia-Pacific (APAC) region is another important factor responsible for the soaring sales of automotive tires throughout the world. Driven by these factors, the revenue generated from the worldwide sales of automotive tires is expected to rise from 155.3 billion to 237.2 billion from 2018 to 2024. The global automotive tire market is predicted to exhibit a CAGR of 7.7% during the forecast period (2019—2024).

Globally, the Asia-Pacific (APAC) region is predicted to observe the highest growth in the sales of automotive tires during the forecast period. This is mainly ascribed to the mushrooming manufacturing of automobiles in the region, increasing gross domestic product (GDP) of several APAC countries, and surging disposable income of the people in various APAC nations such as India and China. The adoption of automotive tires is also expected to rise significantly in North America over the coming years owing to the increasing investments being made by the many automotive manufacturers in the region.

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The flourishing automotive industry, especially in the Asia-Pacific (APAC) region is another important factor responsible for the soaring sales of automotive tires throughout the world. Driven by these factors, the revenue generated from the worldwide sales of automotive tires is expected to rise from 155.3 billion to 237.2 billion from 2018 to 2024. The global automotive tire market revenue is predicted to exhibit a CAGR of 7.7% during the forecast period (2019—2024).

Market Segmentation by Vehicle

  • Two-Wheelers
  • Passenger Cars
  • Light Commercial Vehicles
  • Medium and Heavy Commercial Vehicles

Market Segmentation by Design

  • Radial
  • Bias

Market Segmentation by End Use

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

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This study covers

  • Historical and the present size of the automotive tire market
  • Future potential of the market through its forecast for the period 2014-2024
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
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