Automotive and Transportation Automotive Tire Market Business Report Globally | Page 3

Automotive Tire Market
Improved Lifespan of Vehicles is Propelling the Growth of the Market
Due to enormous technological developments in the recent past, the usual lifecycle of the vehicles had significantly
increased from 10.5 years in 2010 to 12 years in 2018. Different factors, such as rising competition among automobile
manufacturers and increasing government regulations, have resulted in the development of vehicles’ durability and
dependability over the years. Moreover, in recent years, it is seen that customers are buying additional units of small
crossover vehicles and are also possessing their older vehicles for longer span than before. This changing consumer
behavior is predicted to further increase the number of tire replacements required within a vehicle’s lifespan. Further,
with the more mileage being provided by vehicles, the probabilities of depreciation of tires have amplified significantly,
which cause the need for replacing the tires more often. Thus, the rising overall life of the vehicles is driving the
growth of the automotive tire market.
Segmentation Analysis of Automotive Tire Market
The passenger cars category held the largest share in the automotive tire market in 2018, and is expected to continue
being the largest category during the forecast period. This can be primarily ascribed to the rising sales of these vehicles
in the growing economies, globally, coupled with increasing disposable income of consumers.
P&S Intelligence