Automotive Tire Market
According to Market Research Future (MRFR), the global automotive tire market is expected to reach a valuation of USD 260 billion from 2017 to 2023 (forecast period). The report illustrates and examines the effects of the outbreak of COVID-19 on the global automotive tire market, including possible opportunities and threats, drivers, and risks.
Automotive tires are pneumatic structures placed on the vehicle’s rims to move the vehicle’s drive to the ground. The tires are made of natural rubber, synthetic rubber, wire, and fabric.
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The burgeoning demand for replacement tires is expected to sustain the growth of the automotive tire industry. Vehicle owners, particularly car owners, are looking to replace conventional tires with high-performance tires that offer better durability, safety, and ride comfort. In addition, the growing trend of experiential travel strengthens the demand for tires for off-road activities.
Rising environmental issues, combined with increased government support for environmentally friendly and sustainable manufacturing, impact tire production. Original Equipment Manufacturers (OEM) are investing in research and development of sustainable materials and production processes.
Industry 4.0, or the incorporation of IoT, data analytics, and other forms of automation, is helping automobile tire manufacturers to streamline their production processes while expanding their distribution network.
Automotive Tire Market Size and Regional Analysis