According to Data Bridge Market Research new Market report, global automotive OE tyres and wheels market will account to growth at a healthy CAGR during the forecast period of 2019 to 2026.
Automotive OE tyres and wheels are the most basic parts of an automotive vehicle. OE tyres and wheels are circular ring-like structures that when mobile result in the movement of the vehicle. Tyres are rubber-like circular structure that cover the wheels and when the power is transferred from the engine to the wheels resulting in the mobility of both, the vehicle starts to move.
Global automotive OE tyres and wheels market is segmented on the basis of vehicle type, wheel material, tyre material, vehicle class, wheel size and geography.
By Vehicle Type (Commercial Vehicles, Passenger Vehicles), Wheel Material (Alloy, Carbon Fibre, Steel, Others), Tyre Material (Natural Rubber, Synthetic Rubber), Vehicle Class (Luxury Vehicles, Economy Vehicles, Mid-Priced Vehicles), Wheel Size (13-15 inches, 16-18 inches, 19-21 inches, Greater than 21 inches) and Geography (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
FACTORS DRIVING GROWTH IN AUTOMOTIVE OE TYRES AND WHEELS MARKET
Rapid rise in demand of vehicles
According to International Organization of Motor Vehicle Manufacturers, in 2015 the total sales of vehicles amounted up to an estimated 89 million, where passenger car vehicles amounted up to 66 million of those sales and 23 million of commercial vehicles. This number rose to an estimated 94 million in 2016, where passenger car vehicles amounted to 70 million and 24 million of commercial vehicles sales. In 2017, this number rose to an estimated 97 million in 2017, 71 million of those sales in passenger car vehicles and 26 million in commercial vehicle sales. This rise in demand of vehicles bodes well for the growth of automotive OE tyres and wheels as these products are basis for the working operations of the vehicle.
Key Market Competitors:
Few of the major competitors currently working in the automotive OE tyres and wheels market are IOCHPE; Bridgestone Corporation; Superior Industries International, Inc.; Apollo Tyres; MICHELIN; CITIC LIMITED; Steel Strips Wheels Limited; Hitachi Metals, Ltd.; The Goodyear Tire & Rubber Company; Wanfeng Group Co., Ltd.; MANGELS; Accuride Wheels; Continental AG; RONAL GROUP; thyssenkrupp AG; TOPY INDUSTRIES LIMITED; Sumitomo Rubber Industries, Ltd.; Pirelli & C. S.p.A.; ZC-RUBBER; THE YOKOHAMA RUBBER CO., LTD.; CST; MRF; TOYO TIRE & RUBBER CO., LTD. and Nokian Tyres plc.
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