Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Increase in focus of automotive manufacturers and consumers on road safety is expected to spur demand for IoT-enabled tires. Connected tires are becoming popular in the automotive industry, as these enable crucial data transfer between vehicle-to-driver. The automotive tire market was valued at US$ 134.8 Bn in 2022 and is projected to reach US$ 209.2 Bn by 2031.
Advancement in vehicle-to-vehicle and vehicle-to-infrastructure communications in autonomous mobility globally is likely to broaden market outlook. Recent market trends indicate surge in adoption of connected, autonomous, shared, and electric vehicles in the automotive industry.
Automotive companies are incorporating novel sensors in tires, which help improve safety by collating a range of data on tire’s performance. Moreover, these data enable drivers in predictive maintenance of tires.
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Key Findings of Study
- Increase in Integration of Advanced Safety Features in Tires: Automotive companies are incorporating tires with advanced safety features, especially for winter season. Studded tires, for instance, are attracting significant R&D investment. For instance, increase in incorporation of radio frequency identification (RFID) communications technology in automotive tires is expected to offer significant business opportunities to OEMs, tire manufacturers, and vehicle manufacturers.
- Steady R&D Activities in Commercial and Passenger Vehicle Tires: Considerable advancement in tires used in commercial and passenger vehicles is anticipated to accelerate market development. Rise in focus on enhancing safety of passenger vehicles is expected to bolster adoption of advanced automotive tires. Constant improvements in regulatory frameworks for smart tires is influencing market growth.
Key Drivers
- Increase in sales of passenger vehicles in developing and developed countries is a key driver of the automotive tire market. Sales of sports-utility vehicles are likely to rise significantly, contributing to overall sales of passenger vehicles. Surge in production of commercial vehicles is also anticipated to drive the market in the next few years.
- Stringent implementation of government regulations pertaining to seasonal tires is expected to bolster the market. An instance is the UN regulations on winter tires used in passenger cars, trucks, and buses. Consistent update in regulations on road safety is anticipated to encourage R&D activities in the automotive tire industry. Tire manufacturers are adopting advanced testing requirements for winter tires.
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Regional Growth Dynamics
Asia Pacific constituted the leading share of the global automotive tire industry. Rapid expansion of the automotive sector in developing countries is anticipated to propel the market in Asia Pacific.
Europe and North America are projected to offer significant opportunities to companies in the near future. Rise in adoption of connected tires is likely to augment market size in these regions. Furthermore, significant demand for eco-friendly and high-performance tires for electric and autonomous vehicles is anticipated to create significant business opportunities for companies. Increase in efforts to boost mobility for smart cities offer lucrative opportunities for tire manufacturers in North America.
Competition Landscape
Leading players in the automotive tire market are focusing on product portfolio expansion to increase market share. They are also adopting merger & acquisition strategy in order to consolidate their market positions in the near future.
Prominent companies in the automotive tire industry are MICHELIN, Hankook Tire, Apollo Tyres Ltd., Giti Tire, Kumho Tire Co., Inc., Nokian Tyres plc, Yokohama Tire Corporation, Kumho Tire Co., Inc., Bridgestone Corporation, and Continental AG.
Key Points from TOC:
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Market Value US$ Bn, 2017-2031
1.2. Competitive Dashboard Analysis
2. Market Overview
2.1. TMR Analysis and Recommendations
2.2. Market Coverage / Taxonomy
2.3. Market Definition / Scope / Limitations
2.4. Macro-Economic Factors
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunity
2.6. Market Factor Analysis
2.6.1. Porter’s Five Force Analysis
2.6.2. SWOT Analysis
2.7. Regulatory Scenario
2.8. Key Trend Analysis
3. Industry Ecosystem Analysis
3.1. Value Chain Analysis
4. COVID-19 Impact Analysis – Automotive Tire Market
5. Pricing Analysis
5.1. Cost Structure Analysis
5.2. Profit Margin Analysis
6. Global Automotive Tire Market, by Rim Size
6.1. Market Snapshot
6.1.1. Introduction, Definition, and Key Findings
6.1.2. Market Growth & Y-o-Y Projections
6.1.3. Base Point Share Analysis
6.2. Global Automotive Tire Market Size Analysis & Forecast, 2017-2031, By Rim Size
6.2.1. 12” – 17”
6.2.2. 18” – 21”
6.2.3. More than 21”
TOC Continued……
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Automotive Tire Market Segmentation
Rim Size
- 12” to 17”
- 18” to 21”
- More than 21”
Aspect Ratio
- 35 – 55
- 60 – 70
- 75 – 85
Material
- Synthetic Rubber
- Natural Rubber
Ply Type
- Radial Ply
- Bias Ply
Tire Type
- Tubed Tire
- Tubeless Tire
Season
- Winter Tire
- All-season Tire
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Sales Channel
- OEMs
- Aftermarket
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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