A recent surge in the mobility service offerings across the world is fueling demand for lightweight commercial vehicles. Growing traffic congestion, environmental concerns, and advancements in technology are gradually inducing a change in consumer perception. Mobility solutions include a wide array of services such as shared transport, on-demand transport, autonomous driving vehicles, and subscription-based transport services. These services are likely to create demand for commercial vehicles in the foreseeable future and are expected to be a vital cause contributing to the growth of the automotive tire market. According to the report, LCVs are estimated to contribute US$ 76 billion to the automotive tire market revenue in 2019. The automotive tire market is projected to register a steady growth during the 2017-2022 period with the market estimated to be valued at almost US$ 300 billion in 2019. Enhanced tire performance, surging tire production, and introduction of innovative products are some of the factors fueling automotive tire market growth.
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Increasing focus on implementing the corporate average fuel (CAFÉ) norms and growing demand for tires which contribute to fuel efficiency are key factors prompting tire manufacturers to focus on the development of sustainable products. Additionally, the imposition of stringent government regulations to limit carbon emissions during production is creating a demand for streamlining the tire manufacturing processes. Growing consumer awareness about the adverse environmental impact of waste produced due to tires is influencing their buying patterns and driving sustainability in production.
Automotive tire manufacturers are investing heavily in developing sustainable material and solutions to work in accordance with government regulations and accommodate for the changing consumer perception. For instance, Bridgestone announced the development of the first hybrid polymer which according to the company will substantially reduce the volume of materials required for manufacturing tires while providing high performance. Further, Bridgestone claimed that the new polymer will have a crack resistance significantly greater than normal tires making it far more durable than conventional tires.
Technological Breakthroughs to Aid in Market Proliferation
Technological headways are increasingly aiding automotive tire manufacturers to streamline their production process, attain sustainability, and cater to the changing consumer demands. The maturing industry 4.0 technologies are helping manufacturers gain greater control over the quality of production at lower costs. Additionally, sophisticated technology is providing a mechanism for manufacturers to optimize the supply chain and gain maximum profitability in the market.
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A recent development complementing the integration of technology in automotive tire manufacturing was when Michelin launched Vision, a 3D-printed tire using sustainable materials. The company is planning to leverage the technology for production of tires with 80% sustainable materials as constituents.
OEMs and other tire manufacturers are aiming to leverage vehicle connectivity to further strengthen their marketing and distribution network. With potential car-to-internet connectivity on the cards in the foreseeable future, manufacturers are planning to equip their stores to allow identification of consumers in need of tires in the vicinity.
In addition, the intensifying research toward the development of smart tires is expected to open new avenues in the automotive tire market. Automotive tire manufacturers are embedding sensors into tires to monitor the prevailing driving conditions and manufacture tires that could adapt to those conditions autonomously. Continental AG recently announced the launch of ContiAdapt and ContiSense technologies which offer efficient solutions for autonomous driving in the future.
Burgeoning demand for electric vehicles around the world is also estimated to pave ways to lucrative opportunities in the automotive tire market. Demand for specialized tires with heavyweight-bearing capacity and durability is likely to increase in both two-wheeler and four-wheeler segments creating new opportunities for manufacturers.
The FactMR report tracks the automotive tire market for the period 2017-2022. According to the report, the automotive tire market is projected to grow at 5.1% CAGR through 2022.
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Automotive Tire Market Growth Underpinned by Growing Preference for Mobility Services: FactMR
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