The global automotive tire market is experiencing growth. Worldwide, the APAC automotive tire industry has experienced the fastest development in the past few years and is projected to advance at a substantial rate in the future as well. The industry in the region is mainly boosted by growing automobile production, increasing gross domestic product, and growing per-capita income of individuals in developing nations, like China and India.
These are fuel-effective and low-noise-producing tires, which have been exclusively utilized in luxury passenger cars. However, in the past few years, they are being utilized in premium SUVs and crossover utility vehicles.
On the basis of vehicle, the passenger cars category held the largest share, in terms of both worth and size, in recent years, in the automotive tire market. This can be credited to the rising sales of passenger cars throughout the globe, along with growing per-capita income.
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Worldwide, APAC holds the largest industry share, in terms of both worth and size, followed by North America and Europe. China has the biggest automotive market in the globe, with more than 27.8 million vehicles manufactured.
While, Thailand is the fastest-rising industry for automotive tires in the APAC region, and the nation is a source of above 35% of the world’s raw rubber, which is a key component of tires. Other reasons like a steady rise in vehicle production and growing demand for automotive tires in the aftermarket in such regions will fuel the overall development of the automotive tire industry.
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