Enhanced tyre performance, surging tyre production, and introduction of innovative products will fuel automotive tyre market growth. The market will grow steadily during the 2017-2022 period with the market estimated to be valued at almost $300 billion in 2019, says the latest report by Fact.MR. According to the report, the automotive tire market is projected to grow at 5.1% CAGR through 2022.
According to the report, burgeoning demand for electric vehicles around the world is also estimated to pave ways to lucrative opportunities in the automotive tyre market. Demand for specialised tyres with heavyweight-bearing capacity and durability is likely to increase in both two-wheeler and four-wheeler segments creating new opportunities for manufacturers, it further said.
“A recent surge in the mobility service offerings across the world is fuelling 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 tyre market,” the report said.
LCVs are estimated to contribute $76 billion to the automotive tyre market revenue in 2019.
Increasing focus on implementing the corporate average fuel (CAFÉ) norms and growing demand for tyres which contribute to fuel efficiency are key factors prompting tyre manufacturers to focus on the development of sustainable products. Growing consumer awareness about the adverse environmental impact of waste produced due to tyres is influencing their buying patterns and driving sustainability in production, Fact.MR report said.
Recently, Bridgestone announced the development of the first hybrid polymer which according to the company will substantially reduce the volume of materials required for manufacturing tyres while providing high performance. It also claimed that the new polymer will have a crack resistance significantly greater than normal tyres making it far more durable than conventional tyres. A recent development complementing the integration of technology in automotive tyre manufacturing was when Michelin launched Vision, a 3D-printed tyre using sustainable materials. The company is planning to leverage the technology for production of tyres with 80 percent sustainable materials as constituents.
“Automotive tyre manufacturers are embedding sensors into tyres to monitor the prevailing driving conditions and manufacture tyres that could adapt to those conditions autonomously,” the report pointed out.
Continental recently announced the launch of ContiAdapt and ContiSense technologies which offer efficient solutions for autonomous driving in the future.