Westford, USA, Feb. 28, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest report, the global automotive tire market is characterized by intense competition, prompting tire manufacturers to focus on product differentiation by integrating innovative technologies. These advanced technologies aim to enhance tire performance and durability, ensuring drivers receive the best value and safety from their tire investments.
Browse in-depth TOC on the "Automotive Tire Market"
- Pages - 157
- Tables - 59
- Figures – 75
The global automotive tire market is experiencing a notable upswing fueled by various factors. The increasing emphasis on fuel economy has prompted a shift towards more fuel-efficient tire options, while the rising demand for convenience has led to the development of innovative tire technologies that enhance performance and ease of use. Moreover, conventional tires' high maintenance and replacement costs have incentivized consumers to seek more durable and cost-effective alternatives.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 310.05 Billion |
| 2030 Value Projection | USD 521.10 Billion |
| CAGR | 7.7% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in Global Automotive Tire Market
- Bridgestone Corporation
- Michelin Group
- Goodyear Tire & Rubber Company
- Continental AG
- Pirelli & C. S.p.A
- Hankook Tire & Technology Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
- Yokohama Rubber Company, Ltd.
- Cooper Tire & Rubber Company
- Toyo Tire Corporation
- Kumho Tire Co., Inc.
- Cheng Shin Rubber Ind. Co., Ltd.
- Giti Tire
- Apollo Tyres Ltd.
- Nokian Tyres plc
- MRF Limited
- Nexen Tire Corporation
- Sailun Group Co., Ltd.
- Maxxis International
- CEAT Limited
Radial Tires Segment has Risen Significantly due to Surging Demand for Passenger Vehicles
Radial tires have generated significant revenues from firmly gripped the global automotive tire market, thereby occupying a dominant position. This prominence can be attributed to the surging demand for passenger vehicles on a global scale, paired with the compelling advantages offered by radial tires. These tires have gained favor due to several critical factors, including their contribution to fuel efficiency, vehicle handling improvement, and overall safety enhancement.
North America has emerged as the dominant force in the global automotive tire market, bolstered by several key factors. The region benefits from the significant presence of well-established automobile manufacturing industries, driving the tire demand. This demand is further propelled by a consistently high consumer interest in vehicles across the continent.
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Bias Tire Segment to Dominate Market due to Increase in ing Vehicular Population
Bias tire segment is currently undergoing significant growth, propelled by a surge in demand, particularly from the commercial vehicle sector in the global automotive tire market. This sector encompasses heavy-duty trucks and agricultural machinery, which necessitate tires capable of enduring challenging conditions, supporting heavy loads, and navigating rough terrains.
Asia-Pacific is witnessing the most rapid growth in the global automotive tire market. Several pivotal factors contribute to this remarkable expansion, such as the region's increasing population, urbanization trends, and the flourishing automotive industry.
A comprehensive analysis of primary global automotive tire market players has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Global Automotive Tire Market
- In 2023, Continental made a significant move in the automotive industry by introducing a new line of electric vehicle tires known as EcoContact Electric. These tires are specially engineered to cater to the unique needs of electric vehicles, with a primary focus on optimizing range, minimizing rolling resistance, and enhancing braking performance. This innovative product aims to address electric vehicles' key challenges, ensuring that they can operate with maximum efficiency and safety. Continental's EcoContact Electric tires exemplify the company's commitment to advancing tire technology in response to the evolving demands of the electric vehicle market.
- In 2023, Bridgestone ventured into a strategic partnership by announcing a substantial investment of $40 million in ClearMotion, a technology company renowned for its expertise in active suspension systems. This collaboration is geared towards jointly developing advanced tire technologies with a strong emphasis on enhancing ride comfort. By combining Bridgestone's tire expertise with ClearMotion's active suspension systems, the partnership seeks to create groundbreaking innovations that improve the overall driving experience.
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Key Questions Answered in the Global Automotive Tire Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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