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Tires market by Continental AG, The Goodyear Tire & Rubber Company, and Bridgestone Corporation.
The base year considered for the study is 2015, and the forecast period is 2016 to 2021.
According to the market research report Tires Market for OE & Replacement by Rim Size (13-15,16-18,19-21,22-26 inch), Replacement Market, Aspect Ratio (35-55, 60-70, 75-85), Section Width (<200,200-230,>230 mm), Retreading Market and OHV Tires Market, Application, and Region - Global Forecast to 2021. rising demand for eco-friendly tires is pushing original equipment manufacturers to switch from petroleum-based to eco-friendly materials. This upcoming trend is supporting the growth witnessed by the market for tires.
The tires OE market size was valued at USD 23.18 Billion in 2016, and is projected to grow at a CAGR of 5.48% during the forecast period. The base year considered for the study is 2015, and the forecast period is 2016 to 2021.
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Tier-1 manufacturers are extensively investing in R&D activities to develop newer tire technologies in order to gain traction in the business landscape. These include the noise reduction technology, which reduces the internal noise generated due to the friction produced between tires and road surface. Also, self-sealing tires are gaining popularity, with several tire manufacturers coming up with their own versions of this technology
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The study estimates Asia-Oceania as the fastest growing OE market for tires. This growth can be attributed to increased vehicle sales as a result of changing consumer preferences, increasing disposable income of the middle-class population, and cost advantages for OEMs. OEMs in this region are not only catering to local demands, but are serving developed markets as well through exports.
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Supply contracts/partnerships has been the key strategy adopted by major players to gain traction in the automotive tires market. Bridgestone Corporation (Japan) signed a contract with Lexus (Japan) for the manufacturing of TURANZA T005 RFT tires as the standard equipment on the 2017 Lexus LS sedan. Likewise, Michelin (France) signed a supply contract with Mercedes Benz (Germany) for
providing its Pilot Sport Cup 2 tires as the original equipment fitment on the Mercedes-AMG GT R. New product development has been the second most widely followed strategy in the automotive tires market
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instance, the aftermarket share of light and medium truck tires, imported from China, for Europe, Latin America and Africa is as high as 23%, 27% and 72%, respectively. Hence, these countries are a potential target for tire manufacturers as they not only have the highest domestic demand but also offer low production costs. Besides, the export market from these countries is high.
Tires Market Key Players
The tires market is dominated by a few global players, and comprises several regional players. Some of the key manufacturers operating in the market are Continental AG (Germany), The Goodyear Tire & Rubber Company (U.S.), and Bridgestone Corporation (Japan).
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