It is the seventh largest tyre manufacturer in the world. The group is extremely popular for its great value for money tyres. Its original equipment tyres are supplied to car manufacturers such as: Audi, BMW, Mercedes-Benz and Porsche to name a few. Hankook tyres are high in performance and low in price.
The global automotive tire market is estimated to witness huge growth across key regions such as North America, Asia Pacific excluding Japan (APEJ), Eastern Europe, Western Europe, Japan, and Middle East and Africa (MEA) over the forecast period (2017-2027).Drivers and TrendsThe developing technology which is positively affecting to change future scenario of tires, rising mergers and acquisitions with the motive of growth of retail network, rising use of tire pressure monitoring systems (TPMS) thereby increasing awareness of tires and its functionality among consumers are some key factors that are boosting growth of the market.
Increasing preference of consumers to buy tires through online channels and trend of switching to green tires as an environment friendly option and reduction in selling price of small tires are some other factors positively influencing growth of the automotive tire market.Request For Report Sample: https://www.researchreportinsights.com/report/sample/110114964/Automotive-Tire-MarketLong-term OverviewGlobal automotive tire market is anticipated to witness high expansion at single-digit CAGR and estimated to reach nearly US$ 650 Bn by the end of 2027.Market Segmentation on the Basis of Vehicle TypeBased on vehicle type, passenger car segment is projected to remain most lucrative in the global automotive tire market.
The segment is estimated to ride on high CAGR of 7 % over the forecast period.
Commercial vehicle segment is poised to expand at high single-digit CAGR over the forecast period.
The light commercial vehicle segment is estimated to exhibit high growth, securing a valuation more than 100 Bn by 2027-end.Market Segmentation on the Basis of Tire StructureRadial tire segment by tire structure is estimated to reach over US$ 550 witnessing expansion at robust growth rate over the forecast period.
Based on sales channels, OEM segment exhibits high CAGR of single-digit.
