Published Date : Mar 29, 2016
With the positive growth of the automotive industry, the global automotive tire market is witnessing a steady improvement. The automotive sector is focussing more on customer safety and comfort, and hence the demand for technologically advanced and durable tires is increasing. While the demand for radial tires is high across the heavy commercial vehicle, light commercial vehicle, and passenger vehicle segments, bias tires are being extensively used in the two wheelers segment. Increasing focus on the quality and safety standards is expected to define the future outlook of tire manufacturing.
Green Tire: A Bright Scope of Product Innovation
Some of the key players in the global automotive tire market are Goodyear, Bridgestone, Continental, Michelin, Pirelli, Yokohama, and MRF Tyres. The growing demand for cheaper and technologically advanced tires has led system integrators and OEMs to heavily invest in research and development activities. Companies such as Bridgestone and Continental are investing about 4.5% of their total sales into research activities. Product innovation has emerged as one of the key points to create a positive brand image in the global automotive tire market. Green tires with high energy efficiency and durability are in demand and the market players are focussing on the development of such tires while adhering to the safety standards.
Sports Events Emerge as Platforms for Brand Visibility for Tire Companies
Partnering with international sports authorities has emerged as an effective channel for brand promotion for the tire manufacturing companies. MRF Tyres have been chosen as the global partner for International Cricket Council (ICC) events from 2016-2020. MRF had been a successful partner of ICC at the Cricket World Cup 2015. Further, the company has set up the MRF Pace Foundation that has promoted and helped a number of fast bowlers. While Bridgestone is a sponsor of both the summer and winter Olympics till 2024, Yokohama is the shirt sponsor for soccer club Chelsea for the next five years.