Automotive Tire Market SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis, Emerging Trends, Key Players, Future Scope

Factors such as the booming automobile industry and the surging lifespan of vehicles are expected to drive the automotive tire market at a CAGR of 7.7% during the forecast period (2019–2024). The market registered sales of 1,866.7 million units in 2018, and it is projected to sell 2,894.4 million units by 2024. Moreover, the growing preference of automakers for private labeling will create ample growth opportunities for market players in the forthcoming years.

One of the primary factors behind the market growth is the increasing lifespan of vehicles, owing to the constant technological advancements being made in the automotive sector. Over the years, automobile manufacturers have been making constant efforts to improve the durability and reliability of vehicles, primarily on account of the rising implementation of stringent government regulations and growing competition among automakers. Besides, the amplifying chances of wear and tear of tires, due to the increasing mileages being offered by vehicles, will also augment the need for automotive tires in the forecast years.

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In recent years, the rising popularity of next-generation high-performance tires has become a prominent trend in the automotive tire market. These tires are gaining high popularity among customers, automakers, and aftermarket vendors, due to their fuel efficiency and low noise making capabilities. Such tires are mostly used in premium crossover utility vehicles (CUVs) and sport utility vehicles (SUVs). Additionally, the development of ultra-high-performance tires has also amplified the overall speed and reliability of the tires. These tires are extremely suitable for traveling long distances and cruising over uneven terrains.

Currently, the automotive tire market is consolidated in nature, with the top four companies accounting for nearly 45% of the global tire sales. The leading players of the market are Compagnie Générale des Établissements Michelin, Bridgestone Corporation, Continental AG, and The Goodyear Tire & Rubber Company. Among these, Compagnie Générale des Établissements Michelin dominated the market in 2018, due to the escalating presence of large dealers across the world and soaring investments being made by the company in product development and marketing.

The vehicle segment of the automotive tire market is classified into two-wheelers, light commercial vehicles, medium and heavy commercial vehicles, and passenger cars. Among these, the passenger cars category accounted for the largest market share in 2018, and it is expected to retain its position throughout the forecast period. This can be attributed to the burgeoning demand for passenger cars, such as SUVs and CUVs, and the mushrooming disposable income of people across the world.

According to P&S Intelligence, Asia-Pacific (APAC) held the largest share in the automotive tire market in 2018, wherein China was the major contributor. The leading position of China can be attributed to the presence of the world's largest automobile manufacturing hub in the country. According to the International Organization of Motor Vehicle Manufacturers (OICA), China produced 19,994,081 units of passenger cars and 5,231,161 units of commercial vehicles in 2020. Whereas, Thailand will demonstrate the fastest growth in the coming years, due to the presence of around 35% of global reserves of raw rubber in the country.

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Therefore, the flourishing automobile sector and growing lifespan of vehicles will supplement the market growth in the upcoming years.

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This release was published on openPR.