Automotive Tire Market: Analysis and Forecast upto 2021
The automotive segment is one of the booming sectors presently and it is expected to grow significantly in the next few years prioritizing more on customer safety and comfort. With the gradual decrease of recession, the automotive sector has witnessed a strong positive growth. The tire industry is also been noticing a steady improvement in the automotive sector. Product innovation is one of the essential strategies implemented by the companies to sustain in the global market. In order to do so, the leading players in the automotive tire market are investing heavily on a continued basis on research and development activities. Green tires with high durability and energy efficiency are being largely demanded by the consumers and automobile manufacturers. Therefore, there has been increasing efforts by the automotive tire manufacturers to meet such demands by bringing innovation in their products. In the dynamic business environment where numerous technological advancements are taking place each day, it is necessary for the automotive tire companies to align its strategies with the technological shifts. Presently, self inflating tire and low rolling resistance technologies are becoming very popular. Such advancements are expected to take the tire market to a new level. In the automotive tire market, it is essential for all companies to adhere to the safety standards and regulations set up by governments of respective countries. Superior quality of products ensures long term business profitability through customer satisfaction. Adherence to the quality standards also creates goodwill and a positive brand image of the company. Obtain Report Details @ http://www.transparencymarketresearch.com/automotive-tire-market.html Based on the type of tire safety systems, the market is segmented into two types: radial tire and bias tire. Due to advancements in technology, the market for radial tires is growing significantly. Based on applications of tire, the market is segmented in passenger cars, light commercial vehicle, heavy commercial vehicle and two wheelers. Asia pacific accounted for the largest market share in 2014, which is expected to lure heavy investment and at the same time high end research is expected to be carried out in the field of tires. In addition, improving lifestyles, and luxury vehicle demand and changing buyer’s preferences have ensured its dominance. Tire industry is facing some intense competition from the China and South East Asian countries in tire exports. Passenger cars dominated the