New York, USA, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The global automotive tire market was estimated at USD 19.12 billion in 2023. The market is expected to upsurge from USD 19.44 billion in 2024 to USD 24.06 billion by 2032 at a CAGR of 2.7% during the forecast period from 2024 to 2032.
What is Automotive Tire?
Automotive tires, the round-shaped rubber components that establish the vital connection between the vehicle and the road surface, are constructed from materials such as rubber, steel cord, fiber, and textile. These materials are carefully chosen to provide traction and support the vehicle's weight, thereby influencing the tire's performance. Quality plays a crucial role in choosing the right tire. The best one can enhance your car’s safety and performance by controlling steering and braking, as well as reduce maintenance costs and fuel consumption.
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Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 19.12 billion |
| Market value by 2032 | USD 24.06 billion |
| CAGR | 2.7% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
Key Highlights of Report:
- The automotive tire market is expected to grow significantly due to factors including a rising number of car purchases worldwide, an increase in research and development (R&D) activities, technological developments in the car tire sector, and a rising focus on fuel economy.
- The market is primarily segmented on the basis of rim size, vehicle type, tire type, season type, section width, and region.
- Based on region, in 2023, the Asia Pacific region accounted for the largest market share.
Automotive Tire Market Key Players:
- Bridgestone Corporation
- CEAT Ltd.
- Continental AG
- Goodyear Tire and Rubber Company
- JK Tyre & Industries Ltd.
- Michelin Group
- MRF Tyres
- Pirelli & C. S.p.A.
- Sumitomo Rubber Industries Ltd.
- Toyo Tire & Rubber Co. Ltd.
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Automotive Tire Market Trends and Drivers
- Demand For High-Performance Automobiles: The expansion of the automotive manufacturing industry majorly fuels the market growth, driven by increasing vehicle ownership worldwide and rising demand for high-performance vehicles, which in turn boosts the need for tires.
- R&D investments: Companies aimed at unveiling tires with enhanced performance, longevity, and eco-friendliness are heavily investing in research and development (R&D) activities. As the popularity of these vehicles increases, tire manufacturers are focusing on developing tires specifically designed to match their unique characteristics, such as weight distribution and driving dynamics. Thus, increasing investments by companies in developing advanced tires further propel the automotive tire market growth.
- Focus On Fuel Economy: Consumers worldwide are increasingly opting for the most durable and cost-effective tire alternatives, encouraging the automotive industry to develop innovative tire solutions. Additionally, as consumers seek tires that offer enhanced fuel efficiency, the emphasis on fuel economy becomes more prominent, driving market growth.
Which Region Dominates Automotive Tire Market Globally?
Asia Pacific accounted for the largest automotive tire market share in 2023 and is predicted to maintain its strong influence during the forecast period. The region has established a strong footprint in auto manufacturing due to low production costs, cheap labor, favorable safety and pollution regulations, and government incentives for foreign direct investment (FDI). This trend has attracted well-known automakers such as BMW AG, Volkswagen Group, Tata, BYD, Nissan, and Mitsubishi to expand their operations in the region, driving market growth.
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Segmental Outlook:
By Rim Size:
- 13–15"
- 16–18”
- 19–21"
- > 21"
By Aspect Ratio:
- <60
- 60-70
- >70
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Buses
- Trucks
By Tire Type:
- Bias Tire
- Radial Tire
By Season Type:
- Winter Tire (Non-Studded & Studded)
- Summer Tire
- All-Season Tire
By Section Width:
- <200mm
- 200-230mm
- >230mm
By Region
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's Automotive Tire Market Report Coverage from Different Publications:
The global automotive tire market size is expected to reach USD 24.06 billion by 2032, exhibiting a CAGR of 2.7% during the forecast period
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