The Global Automotive Tire Market accounted for US$ 233.15 Bn in 2017 and is expected to grow at a CAGR of 3.8% over the forecast period 2018–2025, to account for US$ 306.44 Bn in 2025. Asia Pacific is expected to be the region experiencing ample opportunities for the manufacturers and providers of automotive tires. China and India are densely populated countries and thus, the number of passenger cars on the roads in these countries are very high. In this regard, high disposable incomes of individuals has increased the sales of entry-level to medium-range cars and therefore, these two countries are highly lucrative for entry-level and medium range car segments.

In addition to this, China and India are considered to be largest manufacturing hubs globally on account of several factors. Lower labor wages, relatively less price of raw materials, and favorable Government policies compared to other countries are some of the factors in both countries which has supported the economy to attract foreign direct investments in many industrial fields including automotive. The growing economies has translated into rising per-capita incomes and consumer expenditures. As a result of this, APAC region witnessed very high growth in the sales of automobiles in the recent times.

The automotive industry is one of the early adopter of automotive tire. The increase in resistance power of rolling tires, which not only reduces fuel economy but also wears out the tires. Continuous monitoring and correcting the tire pressure helps in ensuring optimum vehicle performance. The customers of every vehicle segment look for fuel-efficient vehicles and owing to this, the vehicle manufacturers are increasingly integrating advance technological system with the vehicles in order to meet the demand of their customers.

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This factor is bolstering the growth of the market for automotive tire in the current scenario. Owing to the implementation of these laws and regulations, and the awareness of clean environment among the mass, the end users are anticipated to procure commercial vehicles line fitted with the advanced technologies. Thus, increasing vehicle production across the globe and strict governmental rules are directly impacting on the growth of automotive tire market.

Some of the key players operating in automotive tire market include Bridgestone Corporation, Goodyear Tire & Rubber Company, Michelin, Pirelli & C. S.P.A, Dunlop India Limited, Yokohama Rubber Co. Ltd., MRF, Continental AG, Apollo Tyre Ltd., and Hankook Tires among others among others.

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