Automotive Tire Market Projected to Reach 666.6 Million Units by 2019 Report By MarketsandMarkets

(PRWEB) April 19, 2015

The tire provides necessary traction between the road and the wheels of a vehicle and absorbs shocks. Asia-Oceania is estimated to be the largest market for automotive tires. A tire is a ring shaped component made of rubber which is used to cover the rim of the wheel of a vehicle.The automotive tire market has witnessed decent growth in developing countries.

Browse 61 market data tables and 47 figures spread through 200 pages and in-depth TOC on Automotive Tire Market – Global Trends and Forecast to 2019″

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The automotive tire market size, in terms of volume, is projected to grow at a CAGR of 5.9% from 2014 to 2019, to reach 666.6 million units by 2019.

The Asia-Oceania region comprises countries such as China, India, and Japan. The region is dominated by developing countries such as India and China, where the automotive industry is growing at a rapid rate. The increasing number of vehicle manufacturing facilities due to low production costs, increasing production capacity, and growing demand for light and heavy vehicles is driving the market for automotive tires in these countries. The automotive tire market in the Asia-Oceania region is projected to grow at a CAGR of 6.16% from 2014 to 2019.

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Western Europe is a matured market for the automotive industry. In addition, the European automotive industry grew at a negative CAGR from 2008 to 2013, owing to the Euro Crisis of 2008. However, the European automotive industry has been recovering at a fast pace since 2013. This is likely to drive the demand for tires in Eastern and Western Europe. The European automotive tire market is projected to grow at a CAGR of 5.33% from 2014 to 2019.

The North American region comprises the U.S., Canada, and Mexico, which is also a matured automotive market. Several OEMs are setting up manufacturing facilities in Mexico, owing to cheap labor and low cost of production. This has increased the vehicle production volume of Mexico, and hence will drive the tire market in the country. Additionally, the vehicle parc volume and the average lifespan of vehicles are increasing in U.S.; this boosts the growth of the tire aftermarket. The North American automotive tire market is expected to grow at a CAGR of 6.39% from 2014 to 2019.

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This report covers the global automotive tire market, in terms of volume (million units) and value ($ million), across regions such as Asia-Oceania, Europe, North America, and the rest of the world (RoW). It explains the qualitative and quantitative aspects of automotive tires. The report briefly explains the automotive tire market on the basis of region, product, and vehicle type from 2014 to 2019.

The report also provides an overview of technical factors and other important aspects of the automotive tire market. It includes a value chain analysis, Porter’s five forces analysis, PEST analysis, competitive landscape, and company profiles. In addition to this, 10 key players of the automotive tire industry have been profiled.

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