Increase in demand for vehicles is expected to boost the tire market for automotive. Several automakers are offering numerous models in order to diversify their product portfolio. The vehicle models often come with variety of rim size options. Rise in demand for individualization by customers and diversification of tire sizes as per models is expected to boost the tire market for automotive. In 2017, SUV sales contributed to 34% of total vehicle sales in China.
Demand of high clearance and sport appeal vehicles has led to evolution of tire market towards higher rim sizes. Rise in global demand for SUVs is expected to boost the tire market for automotive. Increase in penetration of premium and luxury vehicles is fueling the demand for low profile or low aspect ratio tires. Rapidly growing economies of China, India, Mexico & Brazil are boosting luxury vehicle sales, which in turn is fueling the demand for low profile or low aspect ratio tires.
Demand for automotive tires in 18’’-21’’ rim size segment is anticipated to witness a high demand during the forecast period. In 2017, SUVs and crossovers accounted for 42% of vehicle sales in the U.S., and 26% of vehicle sales in Europe. Shift in passenger vehicle demand from sedans to SUVs is expected to propel the demand for 18’’-21’’ rim size tires. In Europe, Japan, South Korea and Brazil, vehicle tires are required to be labelled according to their noise performance, rolling resistance, and fuel efficiency. Automakers are choosing to opt for tires labelled between A and C, as they improve fuel efficiency and also offer better road handling. Rising popularity of homologation and similar plans of China and U.S. to implement tire labelling are expected to drive the tire market for automotive.
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During winter, some countries in Europe such as Iceland, Russia, Latvia, and Norway have enacted regulations that make it mandatory to fit winter tires. Countries in Europe that experience mild winters and in some provinces of Canada, winter tires are partly mandatory when the weather permits. Therefore, the Europe and North America region are very lucrative for winter tire sales and is estimated to witness a steady expansion during the forecast period.
In developing countries the commercial vehicles still dominantly run on bias ply tire. The commercial vehicle segment is however undergoing a rapid radialization or shift of market epicenter from bias ply to radial ply. The developing region such as Asia Pacific and Latin America are thus estimated to witness a high growth of radial tires.