The Impact of Electric Vehicles on the Tire Industry
Automotive Tire Industry Overview The global automotive tire market size was valued at USD 227.7 billion in 2015 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2016 to 2024. Companies in the automotive tire space continuously focus on product differentiation by offering innovative technologies due to the competitive nature of the industry. The technology offers high levels of performance and durability, for example, the tread pattern self-regenerates as it is used, which means it can deliver a high level of grip even when worn. Gather more insights about the market drivers, restrains and growth of the Automotive Tire Market Increasing sales for passenger and commercial vehicles across the globe is anticipated to drive the consumption for tires over the future. According to the OICA, the International Organization of Motor Vehicle Manufacturers, over 90 million new passenger and commercial vehicles were manufactured in the year 2015, registering a cumulati