Overview and Scope
An automotive tire refers to an element consisting of a rubber ring around the rim of an automobile wheel. Automotive tires are used in automobiles to support the weight of the vehicle, absorb road shocks, transmit traction, torque, and braking forces to the road surface and maintain and change the direction of travel. Tires are mounted on rims and pressurized air is pumped into them.
Sizing and Forecast
The automotive tire market size has grown strongly in recent years. It will grow from $132.89 billion in 2023 to $140.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to automotive industry growth, radial tire adoption, globalization and supply chain dynamics, regulatory standards and safety requirements, shifts in consumer preferences.
The automotive tire market size is expected to see strong growth in the next few years. It will grow to $176.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to market adaptation to changing vehicle types, rise in autonomous vehicles, sustainability and green initiatives, demand for all-terrain and all-weather tires, shift towards high-performance tires. Major trends in the forecast period include advancements in tire technology, shift towards electric vehicles (EVs), focus on fuel efficiency, sustainability and eco-friendly materials.
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Segmentation & Regional Insights
The automotive tire market covered in this report is segmented –
1) By Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
5) By Season Type: Summer, Winter, All Seasons
Asia-Pacific was the largest region in the automotive tire market in 2023. The regions covered in the automotive tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increasing production of vehicles and the growing popularity of electric cars and pickup trucks and similar light commercial vehicles propels the market growth of the automotive tire market. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the automotive tire market.
Key Industry Players
Major companies operating in the automotive tire market report are Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Nankang Rubber Tire Corp. Ltd., Sumitomo Rubber Industries Ltd., Hankook & Company Co. Ltd., Pirelli & C. S.p.A, The Yokohama Rubber Co. Ltd., MRF Limited, Trelleborg AB, Toyo Tire Corporation, Sailun Group Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Cheng Shin Rubber Industry Co., Apollo Tyres Ltd., Giti Tire Global Trading Pte. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire Co. Inc., Linglong Tire Co. Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Nokian Tyres plc, JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co. Ltd., Double Coin Holdings Ltd., Aeolus Tyre Co. Ltd., Salsons Impex Pvt. Ltd., Shinko Tires USA
The automotive tire market report table of contents includes:
1. Executive Summary
2. Automotive Tire Market Characteristics
3. Automotive Tire Market Trends And Strategies
4. Automotive Tire Market – Macro Economic Scenario
5. Global Automotive Tire Market Size and Growth
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32. Global Automotive Tire Market Competitive Benchmarking
33. Global Automotive Tire Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Tire Market
35. Automotive Tire Market Future Outlook and Potential Analysis
36. Appendix
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