Authored By: Sarah
11 Jul 2024

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

According to a research report “ Automotive Tire Market” by Distribution Channel (Aftermarket, OEM) Vehicle Type (Passenger vehicle, Commercial vehicle, Electric vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 55.94 billion at a CAGR of  7.28% during the forecast period. The global automotive tire market is experiencing significant growth due to the increasing sales of passenger vehicles, including sedans, hatchbacks, minicars, SUVs, MPVs, crossovers, and passenger vans. This trend is driven by the extended lifespans of these vehicles, leading to a persistent demand for tires. The economic expansion in BRIC countries has propelled the automotive industry's growth, making it an attractive market for global vehicle manufacturers seeking to expand their reach and compete intensely. Additionally, the rising average age of vehicles in the US contributes to the ongoing demand for replacement tires..

Browse market data tables, figures, and in-depth TOC on “Automotive Tire Market” by Distribution Channel (Aftermarket, OEM) Vehicle Type (Passenger vehicle, Commercial vehicle, Electric vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028.

 View detailed Table of Content- Click here

By Distribution Channel, the Aftermarket segment is projected to dominate the market size in 2024.

In the context of the automotive industry, the burgeoning trend of urbanization and rising disposable income in emerging economies and Middle Eastern countries have significantly fueled the demand for passenger vehicles. Notably, China's GNI per capita experienced a 13.4% increase from 2020 to 2021, reaching USD11,930. This economic growth has translated into increased sales of passenger vehicles and subsequent demand for aftermarket products, such as tires.

By Vehicle Type, Passenger vehicle  segment is expected to hold the largest market size for the year 2024.

In the automotive tire market, the demand for tire replacement escalates as vehicles age. The aftermarket sector thrives due to consumers' desire to optimize their vehicle's performance and safety. This segment offers a multitude of tire options, enabling customization based on individual preferences, driving habits, and budgetary considerations. Seasonal changes and weather conditions stimulate demand for specialized tires, such as winter or all-terrain varieties. Enthusiasts and performance-focused consumers frequently seek high-performance or specialty tires from the aftermarket to enhance handling, traction, and aesthetic value.

APAC is forecasted to hold the largest market size by region in 2024.

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.

The Automotive Tire Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Apollo Tyres Ltd.
  • Bridgestone Corp.
  • CEAT Ltd.
  • FURUKAWA Co. Ltd.
  • Hankook Tire and Technology Co. Ltd.
  • Hefei Wanli Tire Co., Ltd.
  • JK Tyre and Industries Ltd.
  • Michelin Group
  • MRF Ltd.
  • Nokian Tyres Plc
  • Pirelli and C S.p.A
  • Sailun Group
  • Salsons Impex Pvt. Ltd.
  • Schaeffler AG
  • Shandong Linglong Tyre Co. Ltd.
  • Sumitomo Rubber Industries Ltd.
  • The Goodyear Tire and Rubber Co.
  • Toyo Tire Corp.
  • Triangle Tyres
  • Zhongce Rubber Group Co. Ltd.
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Automotive Tire Market encompasses a wide range of products for Passenger Vehicles, including Tube Tires and Tubeless Tires. Safety Regulations play a crucial role in the production of these tires, ensuring Balanced Ride Noise and Longevity for various types of tires such as Bias Tires and Radial Tires. The shift towards Electric Vehicles has led to advancements in tire technology, focusing on Fuel Efficiency and Product Differentiation. Global Automotive Production continues to grow, leading to an increase in sales of New Vehicles and the subsequent need for Tire Replacement. Maintenance costs and Convenience are significant factors influencing the choice between Conventional Tires and high-performance options. Cutting-edge Manufacturing Technology is employed to enhance tire durability and performance, while ensuring Fuel Economy remains a priority. In the competitive Automotive Vehicles landscape, tire manufacturers strive to differentiate their offerings through innovative designs and advanced materials. The market caters to the diverse needs of Passenger Cars and High-performance Automobiles, offering a comprehensive range of tires to meet the demands of various vehicle segments.

Market Research Overview

The Automotive Tire Market encompasses a wide range of products for Passenger Vehicles and Light Commercial Vehicles, including Safety Regulations compliant Electric Vehicles. Technological Innovation has led to the development of various tire types such as Tube Tires, Tubeless Tires, Bias Tires, Radial Tires, and non-pneumatic Airless Tires. Rim size varies based on Vehicle Production and the specific requirements of High-Performance Automobiles. Tire options include High-Caliber Products like Rubber Tires made from advanced Elastomer Grades such as Synthetic Rubber and cost-effective SBR. Technological Development has led to improvements in Balanced Ride Noise, Longevity, Fuel Efficiency, and Aesthetic Design. Motorsports Events showcase the capabilities of these tires on Extreme Terrain Rallies, Bike Racing, and Car Racing. The pursuit of Carbon Neutrality and Green Energy has led Commercial Fleet Operators to consider Cost Savings through Operating Cost reductions via Retreaded Tires and Affordability. Durability, Sustainability, Product Differentiation, and Cutting-edge Manufacturing Technology are key factors driving the market. Conventional Tires continue to be a significant portion of the market, with Maintenance Costs and Convenience influencing consumer decisions. New Vehicles and Sales are major drivers of tire demand. Fuel Economy and Tire Replacement are essential considerations for both consumers and manufacturers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio