Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Automotive Tire OEM Global Market 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive tire OEM market is poised for expansion, with expectations of growth from $19.85 billion in 2022 to $21.49 billion in 2023, reflecting a compound annual growth rate (CAGR) of 8.29%. Moreover, projections indicate that the market will continue to grow to $28.89 billion by 2027, showcasing a CAGR of 7.68%.
Driving Forces: Investments in Research and Development
A significant driver of growth in the automotive tire OEM market is the escalating investment in research and development for automotive tires. Tire manufacturers are intensifying their research and development efforts to innovate and design new tire models, as well as develop compounds that enhance product performance. This focus on innovation benefits the automotive tire OEM sector by enabling the production of more efficient and sustainable tires.
A notable example of such investments is the announcement made by Pirelli, an Italy-based tire manufacturer, in May 2022. Pirelli revealed plans to invest $15 million over two years to establish an advanced technology and digitalization center for tire manufacturing in Silao, Mexico. This initiative aims to create a research and development facility that utilizes cutting-edge tire production technologies tailored for future mobility trends, including electric, sustainable, and connected transportation systems. These investments are set to propel the growth of the automotive tire OEM market.
Technological Innovation: A Key Trend
Technological innovation stands out as a prominent trend in the automotive tire OEM market. Leading industry players are actively developing novel technologies to cater to evolving consumer demands for advanced tire solutions. A case in point is Michelin, a France-based tire manufacturer, which embarked on a journey to offer up to 1,500,000 RFID-enabled vehicle tires in 2020, with plans to equip all of its automobile tires with the technology by 2023. This innovative approach involves integrating RFID chips into tires to establish a link between the tires and global backend systems. The RFID technology is anticipated to revolutionize tire management throughout the entire lifecycle, from manufacturing to the end of service life.
Industry Developments: Acquisitions and Expansion
In June 2021, the Goodyear Tire and Rubber Company, a US-based tire manufacturer, acquired Cooper Tire & Rubber Company, thereby bolstering its global tire industry position. This strategic acquisition enables Goodyear to provide customers and consumers with a wider range of options by offering both Goodyear and Cooper-branded tires. Cooper Tire & Rubber Company, a US-based entity specializing in replacement automobile and truck tires, adds depth to Goodyear's offerings across the value spectrum.
Regional Landscape
The automotive tire OEM market's landscape showcases Asia-Pacific as the largest region in 2022. Additionally, the market report encompasses regions such as Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Key Players Shaping the Market
Prominent players exerting substantial influence in the automotive tire OEM market include Bridgestone Corporation, Michelin SCA, Goodyear Tyre & Rubber Company, Continental AG, Sumitomo Rubber Industries Limited, Pirelli & C SpA, Zhongce Rubber Company, Cheng Shin Rubber Industry Company, MRF Limited, Toyo Tire & Rubber Co Limited, Apollo Tyres Limited, and Nokian Tyres Plc.
Conclusion
The global automotive tire OEM market is poised for robust growth, driven by increased research and development investments in tire innovation. Technological advancements and strategic acquisitions further contribute to shaping the trajectory of the market. With the Asia-Pacific region leading the way, the market's evolving dynamics present opportunities for both industry players and consumers seeking advanced tire solutions.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $21.49 Billion |
| Forecasted Market Value (USD) by 2027 | $28.89 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Automotive Tire OEM Market Characteristics
3. Automotive Tire OEM Market Trends and Strategies
4. Automotive Tire OEM Market Macro Economic Scenario
5. Automotive Tire OEM Market Size and Growth
6. Automotive Tire OEM Market Segmentation
7. Automotive Tire OEM Market Regional and Country Analysis
8. Asia-Pacific Automotive Tire OEM Market
9. China Automotive Tire OEM Market
10. India Automotive Tire OEM Market
11. Japan Automotive Tire OEM Market
12. Australia Automotive Tire OEM Market
13. Indonesia Automotive Tire OEM Market
14. South Korea Automotive Tire OEM Market
15. Western Europe Automotive Tire OEM Market
16. UK Automotive Tire OEM Market
17. Germany Automotive Tire OEM Market
18. France Automotive Tire OEM Market
19. Eastern Europe Automotive Tire OEM Market
20. Russia Automotive Tire OEM Market
21. North America Automotive Tire OEM Market
22. USA Automotive Tire OEM Market
23. South America Automotive Tire OEM Market
24. Brazil Automotive Tire OEM Market
25. Middle East Automotive Tire OEM Market
26. Africa Automotive Tire OEM Market
27. Automotive Tire OEM Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Automotive Tire OEM Market
29. Automotive Tire OEM Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes:
- Bridgestone Corporation
- Michelin SCA
- Goodyear Tyre & Rubber Company
- Continental AG
- Sumitomo Rubber Industries Limited
- Pirelli & C SpA
- Zhongce Rubber Company
- Cheng Shin Rubber Industry Company
- MRF Limited
- Toyo Tire & Rubber Co Limited
- Apollo Tyres Limited
- Nokian Tyres PLC
For more information about this report visit https://www.researchandmarkets.com/r/k77bpu
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