Automotive Tire Market Size to grow by USD 55.94 billion between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Automotive Tire Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: In the global automotive tire market, which is a segment of Technavio's larger tires and rubber market within the auto components industry, growth is anticipated. This market encompasses tire manufacturers catering to automobiles, commercial vehicles, off-road vehicles, heavy-duty vehicles, and motorcycles. The tires and rubber market's expansion is primarily driven by the aftermarket sector, which historically has demonstrated greater growth potential compared to original equipment fitment. - The Automotive Tire Market is experiencing significant growth, fueled by the Rise in sales of passenger vehicles globally. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Rise in sales of passenger vehicles globally
  • Increasing adoption of e-commerce platforms by tire manufacturers
  • Environmental issues due to automotive tire manufacturing activities
  • Government restrictions on tire imports
• Growth Projections

The market size is estimated to grow by USD 55.94 billion, at a CAGR of 7.28% during the forecast period. In the automotive tire market, airless radial tires have emerged as a promising alternative to traditional pneumatic tires, particularly for off-highway commercial applications. Manufactured with rubber treads and a compound of rubber and plastic, these tires feature spokes that distribute heat efficiently. Despite their limitations in operational efficiency, airless radial tires have gained traction since 2020, with major tire manufacturers investing in their development for ATVs since 2016. These tires are currently used in various industries, including agriculture, construction, and golf carts, and represent a nascent yet growing segment in the tire market.

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• Regional Insights

The APAC automotive tire market is experiencing robust growth, driven by the burgeoning automotive sector and escalating vehicle demand. Notable automobile conglomerates, including Great Wall Motors, Toyota, Hyundai, and Tata Motors, based in China, Japan, South Korea, and India, respectively, contribute substantially to APAC's tire manufacturing sector. The surge in demand for passenger cars and commercial vehicles, fueled by population growth, urbanization, and increasing disposable income, further bolsters the market. Favorable government policies and regulations have positively influenced production and tire quality in the region.

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