Global Automotive Tire Market Outlook

the global automotive tire market has been experiencing a consistently increasing demand from customers due to recent technological advancements in the automotive industry, increase in consumer spending on automobiles, and widening network of roads. tires are essential components of any automobile that provide the necessary traction and stopping power. the global automotive tire market is divided into various segments including passenger car tires, two-wheeler tires, and commercial vehicle tires, under which there are various types of tires available such as all-season, all-terrain, run-flat, mud-terrain, high-performance, etc. in the recently conducted research, the global market for automotive tires was valued at usd 131.6 billion in 2018 and is projected to experience cagr of 5.6%% during the forecast period (2018-2032). automakers are continuously striving to provide more efficient products, higher quality, and comfortable drive experience to customers; as a result tire manufacturers are encouraged to use advanced technologies and implement latest trends in the market. apart from performance, improved aesthetics also play a vital role in decision making while purchasing automotive tires. tire manufacturers are introducing varied designs, colors, and shapes for various model lines, which ultimately attract more customers. in addition, the availability of low-cost alternatives from china is creating strong pressure on domestic or regional manufacturers to constantly evolve and innovate their product offerings to maintain competitiveness. long term growth in the global automotive tire market is projected to be uneven due to challenges such as rising raw material costs, stiff competition, and government regulations regarding the minimum safety standards for tires. tire producers must remain updated with the changing trends in the auto industry to remain competitive and keep up with the lifestyle-oriented trends of the customers. the use of data analytics, connected tires, implementation of 3d printing technology, and wearable sensors in tires are some of the emerging trends that are expected to drive market demand in the future. such initiatives along with continued focus on quality, safety and low-cost production, are likely to form potential market opportunities in the automotive tire market in the near future.