Automotive Tire Market Projected to Hit US$ 928.3 Billion by 2033 with a CAGR of 6.3% | Future Market Insights, Inc.

NEWARK, Del, Jan. 08, 2024 (GLOBE NEWSWIRE) -- According to FMI analysts, the automotive tire market is expected to reach US$ 503.91 billion in 2023, and US$ 928.3 billion by 2033. Between 2023 and 2033, the market is expected to register a growth rate of 6.3%.

The stringent safety regulations are a major factor that is set to boost demand for automotive tires over the next few years. Some countries mandate installing quality automotive tires in response to the rise in accidents. Bad tires cause nearly 11,000 accidents every year because they are worn, over-inflated, or under-inflated, according to the National Highway Traffic Safety Administration. This will result in an increase in demand for automotive tires in the future.

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In the transition to electric vehicles, tyre degradation is being reassessed and safety, comfort, and ride quality are being emphasized. Recycling end-of-life tyres into a valuable commodity is being made possible by new supply chains and manufacturing processes. Regulatory efforts to monitor tyre composition could lead to new materials and ecosystem partnerships that could benefit the industry.

Automobile tyres are reinventing themselves as sustainability concerns become more pressing. Tyre dust is released annually through wear and tear in the amount of 6.1 million metric tons. A toxic chemical compound in this dust creates a pollution problem in the air, water, and soil. In spite of the fact that electrical vehicles (EVs) are completely emission-free at the tailpipe, they are significantly larger than their internal combustion engine (ICE) counterparts, and they are more likely to wear out their tyres more quickly. In response to the demands of EVs, several companies are developing tyres specifically for them, but the sustainability picture extends far beyond that.

Manufacturers are continually improving tire performance by improving grip, handling, and noise reduction. A high-performance vehicle, sports car, or enthusiast market is especially important. Vehicle safety depends heavily on the performance of the tires on the vehicle.

Technological advances in tires can improve traction under low temperatures and decrease braking distances, contributing to road safety overall. Tire manufacture is increasingly using eco-friendly and sustainable materials. Producing and disposing of tires in this way reduces the environmental impact on the environment.

Key Takeaways

• Radial tires to account for 84.3% of the global automotive tire market revenue in 2023.
• Automotive tire sales for passenger cars to account for 56.3% of the total revenue share.
• Automotive tire sales in the United States is expected to increase at a 5.4% CAGR until 2033.
• The automotive tire market in India is expected to expand at a CAGR of 6.9% by 2033.

“Advances in tyre technology and environmental concerns are expected to boost the popularity of automotive tires in the coming years. The adoption of smart tyres and 3D printing techniques will increase sales," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) 

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Competitive Landscape

Several market players are establishing manufacturing units in emerging economies due to low labour costs and the availability of raw materials in the market. Increasing demand for vehicles and rising per capita income of the middle-class population has boosted the sales of automobiles which in turn drove the growth of the tire business.

Key Companies Profiled

• Continental AG
• Bridgestone Corp.
• Michelin
• Goodyear Tire and Rubber Company
• Pirelli & C. S.P.A
• Yokohama Rubber Company, Limited
• Cheng Shin Rubber Industries
• Sumitomo Rubber Industries Ltd.
• Toyo Tire & Rubber Company
• Trelleborg AB
• Cooper Tire & Rubber Company
• Hankook Tire

Market Developments Include

• In August 2023, JK Tyres is planning to raise funds for the investment plan of Rs. 1,100 crores (US$ 132 million). A part of the World Bank Group, IFC, had raised Rs. 240 crores (US$ 28.8 million) from the company in March for private sector investments in emerging markets. This type of investment is now being targeted for more in the months to come.
• In October 2023, CEAT to strengthen auto aftermarket e-commerce with Tyresnmore.com. The company will provide a top-notch automotive after-sales service right at the customer’s doorstep.

Report Scope

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Segmentation Analysis of the Automotive Tire Market

By Type:

• 2 or 3 Wheeler
• Passenger Vehicle
• Commercial Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Specialty Vehicle

By Tire Structure:

• Radial (Tubes, Tubeless)
• Bias

By Sales Channel:

• OEM
• Aftermarket

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• Middle East and Africa
  
  

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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