Automotive tire market Industry Size, Growth & Forecast to 2023 Automotive tire PDF file... | Page 2

“Rising sales of commercial and passenger vehicle will augment the global
automotive tire market”
Orion Market Research (OMR) recently published a market research report on Global Automotive Tire
Market. The global tire market is estimated to show a significant growth rate due to growing automotive
market specially in emerging economies such as China, India and Japan. The global automotive tire
market is segmented based on vehicle type, road application, carcass material, construction and tire
type. The report provides detailed and insightful chapters which includes market overview, key findings,
strategic recommendations, market estimations, market determinants, key company analysis, company
profiling, market segmentation, geographical analysis, analyst insights and predictive analysis of the
market.
A full report of Automotive tire market is available at: https://www.omrglobal.com/industry-
reports/automotive-tire-market/
A tire is a last connected link of transmission system to the road. A tire is used to support weight of the
vehicle, absorb road shocks, transmit traction, torque and braking forces to the road surface. A good tire
installed in the vehicle as per requirement can increase the efficiency by 15-20% even in extreme
weather condition such as slippery road. Growth in the automotive market is expected to create
demand for automotive tire market during the forecast period. As per International Organization of
Motor Vehicle Manufacturers, around 97 million 4-wheeler vehicles were sold in 2017, globally, with a
growth rate of 3.1% year on year basis. As an average, each car remains equipped with at least five new
tires and medium commercial vehicle from 6-10 tiers and heavy duty more than 10 tiers. Life span of a
tire of commercial vehicle is also lower as compared to other vehicle due to larger distance travelled by
the vehicle in a day. Additionally, with the technological advancement of the vehicle such as better
suspension, higher engine power, greater number of axle are getting introduced in the vehicle, hence,
increasing the need of tire in a commercial vehicle. Hence, commercial vehicle is expected to have a
major share in the automotive tire market.
Passenger car market is also expected to provide significant contribution to the tire market. It is due to
the rising demand of passenger cars in emerging economies. As per International Organization of Motor
Vehicle Manufacturers, the global sales of the passenger vehicle have been increased by 3.7% and 4.6%