Published Date : Jul 28, 2016
The automotive industry is linked to numerous sub-segments such as tires, metals, and plastics. In the global consumer goods market, currently, the automotive tire market is one of the most lucrative markets. Rising sales of automobiles have led to the growth of the global automotive tire market. Many second-hand car owners, as well as automobile companies, are investing in new radial and bias tires. The rising sale of heavy commercial vehicles, light commercial vehicles two-wheelers, and passenger cars has led to the growth of the global automotive tire market. The high sales and consistent performance from the passenger cars have been benefiting the global automotive tires market since many years.
Auto manufacturers are concentrating more on consumer comfort and safety. For this, they are using better grip tires for all types of cars and two-wheelers. Product innovation has played the lead role for tire manufacturing companies to compete in the global market. As new tire manufacturers aim to enter the mainstream, the global automotive tire market is set to be highly competitive. Superior quality products have ensured leading players to maintain long-term profitability and customer satisfaction.
The wheels and tire industry has been benefiting from many factors from the addition of new materials to the influence of the internet. Even advanced manufacturing procedures have benefited the global automotive tire market in many ways.
Just like any other market, the auto industry also has gone through many changes. The advancements in the technology and consistently changing trends have made it possible for the tire manufacturers to introduce product innovations. Tire manufacturers are currently focusing on improving tire efficiency and performance. To match the needs, tire manufacturers are focusing on introducing fuel-efficient tires that will add value to the vehicles.
The use of nanofiber, lightweight materials is benefiting the manufacturers to meet their goal of manufacturing energy efficient tires. The growing environmental concerns and rubber recycling issues have boosted tire manufacturers to use new nano-fiber materials.
The demand for radial tires is expected to be the highest in the years to come. Increasing penetration of radial tires in light commercial vehicles, heavy commercial vehicles, and passenger cars will further boost the global market for radial tires.