Automotive Tire Market Forecast Based on Upcoming Trends and Major Driving Factors during 2017 to 2026
Verfasser: ashwani_kailiya on Thursday, 24 October 2019The Fact.MR report tracks the automotive tire market for the period 2017-2022. According to the report, the automotive tire market is projected to grow at 5.1% CAGR through 2022. A recent surge in the mobility service offerings across the world is fueling demand for lightweight commercial vehicles. Growing traffic congestion, environmental concerns, and advancements in technology are gradually inducing a change in consumer perception. Mobility solutions include a wide array of services such as shared transport, on-demand transport, autonomous driving vehicles, and subscription-based transport services. These services are likely to create demand for commercial vehicles in the foreseeable future and are expected to be a vital cause contributing to the growth of the automotive tire market. According to the report, LCVs are estimated to contribute US$ 76 billion to the automotive tire market revenue in 2019.
The automotive tire market is projected to register a steady growth during the 2017-2022 period with the market estimated to be valued at almost US$ 300 billion in 2019. Enhanced tire performance, surging tire production, and introduction of innovative products are some of the factors fueling automotive tire market growth.