New York, United States , Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Tire Market Size is to Grow from USD 19.1 Billion in 2022 to USD 25.4 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 2.8% during the projected period.
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The Automotive Tires Market is a major segment of the worldwide automotive industry that focuses on the manufacture, distribution, and sale of tires for various vehicle types such as passenger cars, trucks, buses, and motorcycles. Tires are critical vehicle components that have a direct impact on safety, handling, and overall performance. This market includes several different areas, such as tire production, tire design and innovation, distribution networks, and sales channels. It serves the original equipment (OE) sector, in which tires are sold to manufacturers for new vehicle assembly, as well as the replacement sector, in which individuals and companies buy tires to replace worn-out or damaged ones on existing vehicles. The primary factors driving the automotive tire market are the vehicle's increased life and the miles driven each year as a result of regular maintenance, customer awareness, and advancement in new tire technology, which has resulted in longer tire life. Tire wear, punctures, seasonal tire changes, and consumer preferences all influence the replacement tire market. Replacement tires are chosen by customers based on factors such as tread life, durability, fuel efficiency, handling capabilities, and suitability for specific road and weather conditions. However, the price of raw materials used in tire production, such as natural rubber and synthetic compounds, can fluctuate due to factors such as weather, supply disruptions, and geopolitical tensions. Material cost fluctuations can have an impact on tire production and pricing.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Automotive Tire Market for OE & Replacement Size, Share, and COVID-19 Impact Analysis, By Rim (13-15, 16-18, 19-21,>21”), By Aspect Ratio (<60, 60-70, >70), By Season (Summer, Winter-Studded Non-Studded & All Season), By Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Electric vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The 16-18 segment is expected to hold the largest share of the global automotive tire market during the forecast period.
The global automotive tire market is divided into four segments based on rim size: 13-15, 16-18, 19-21, and >21. The 16-18 segment will probably account for the majority of the global automotive tire market during the forecast period. This is because this size range includes a diverse range of vehicles, including popular sedans, SUVs, and crossover models. They provide a good balance of performance and comfort, making them suitable for a wide range of vehicle types and driving preferences.
The Passenger Vehicle segment is expected to hold the largest share of the global automotive tire market during the forecast period.
The global automotive tire market is divided into three segments: passenger vehicles, commercial vehicles, and electric vehicles. The Passenger Vehicle segment will likely account for the majority of the global automotive tire market during the forecast period. This is due to the fact that passenger vehicles, such as sedans, hatchbacks, SUVs, and sports cars, have historically dominated the global automotive market in terms of sales volume.
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North America accounted for a significant share of the global automotive tire market in 2022.
North America is expected to hold a sizable share of the global automotive tire market in the coming years. The automotive tire market in the United States is the largest in North America and one of the largest in the world. It has a massive vehicle fleet, with millions of passenger cars, trucks, SUVs, and commercial vehicles on the road, resulting in high demand for tires. The automotive market in the United States is diverse, encompassing a wide range of vehicle types and sizes.
During the forecast period, Asia Pacific is projected to expand at the fastest rate in the global automotive tire market. China dominates the global automotive tire market. Its massive automotive industry, which includes the manufacture of passenger vehicles, trucks, and buses, drives significant tire demand. The growing middle-class population in India, as well as rising vehicle ownership, contribute to a sizable automotive tire market. Small passenger car tires are in particularly high demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Tire Market include Bridgestone Corp., Continental Automotive AG, Cooper Tire & Rubber Company, Goodyear Tire & Rubber Company, Hankook Tires Group, Michelin Tires, MRF (Madras Rubber Factory Limited), Pirelli & C SpA, Apollo Tires, Yokohama Rubber Co. Ltd, JK Tyre & Industries, and Others.
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Recent Market Developments
In May 2023, Bridgestone Corporation introduced the R192E, an electric bus tire designed specifically for electric buses. Because of their heavier battery packs and increased torque, electric buses have unique performance requirements. The R192E tire is designed to meet these requirements while also providing improved durability, traction, and energy efficiency for electric buses.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Automotive Tire Market based on the below-mentioned segments:
Global Automotive Tire Market, By Rim
- 13-15
- 16-18
- 19-21
- >21
Global Automotive Tire Market, By Aspect Ratio
- <60
- 60-70
- >70
Global Automotive Tire Market, By Season
- Summer
- Winter-Studded Non-Studded
- All Season
Global Automotive Tire Market, By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Electric vehicle
Global Automotive Tire Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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