Press release
Automotive Tire OEM Market trends, Top Companies, Share, Growth And Forecast 2033
Automotive Tire OEM Market
The Business Research Company presents an extensive market research report on the Automotive Tire OEM Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive tire oem market size has grown strongly in recent years. It will grow from $21.56 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to global automotive production growth, regulatory standards for fuel efficiency, safety regulations, consumer preferences for performance, original equipment fitment contracts, seasonal tire demand, automotive industry innovations..
The automotive tire oem market size is expected to see strong growth in the next few years. It will grow to $31.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing electric vehicle (ev) adoption, focus on sustainable materials, smart manufacturing processes, rise in ride-sharing services, global expansion of automotive markets.. Major trends in the forecast period include integration of advanced sensor technologies, focus on tire performance and efficiency, advancements in tire materials, run-flat and self-sealing tire technologies, collaborations for tire technology innovation, smart tires and connectivity, adoption of 3d printing technology..
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Key Market Players:
Major companies operating in the automotive tire oem market report are Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Pirelli & C. SpA, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co. Ltd., Toyo Tire Corporation, Cooper Tire & Rubber Company, Kumho Tire Co. Inc., Nokian Tyres plc, Giti Tire Corporation, MRF Limited, Apollo Tyres Ltd., Cheng Shin Rubber Industry Co. Ltd., Nexen Tire Corporation, Shandong Linglong Tyre Co. Ltd., Zhongce Rubber Group Co. Ltd., Triangle Tyre Co. Ltd., Sailun Group Co. Ltd., Yokohama Rubber Co. Ltd., Qingdao Sentury Tire Co. Ltd., Goodyear Tyre & Rubber Company, Aeolus Tyre Co. Ltd., Double Coin Holdings Ltd., Continental AG, Linglong Tire Co. Ltd., Shandong Wanda Boto Tyre Co. Ltd., JK Tyre & Industries Ltd., Hebei Tianyang Rubber Co. Ltd., Gui Zhou Tyre Co. Ltd.
Market Drivers:
The increasing investments in research and development of automotive tires are driving the growth of the automotive tire OEM market. The tire manufacturers are conducting research and development activities for designing new tires and creating compounds to improve product performance. The automotive tire OEM will benefit from this investment by providing a more efficient and sustainable tire. For instance, in May 2022, Pirelli, an Italy-based tire manufacturer, announced an investment of $15 million over two years to create an advanced technology and digitalization center for tire manufacture at its facility in Silao, Mexico. The investment will focus on establishing the first research and development facility in Mexico, which will use tire production technologies created for future mobility, such as electric, sustainable, and connected transportation systems. Therefore, such investments will propel the automotive tire OEM market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automotive-tire-oem-global-market-report
The automotive tire oem market covered in this report is segmented -
1) By Type: Tube Tire, Tubless Tire
2) By Design: Radial Tire, Bias Tire
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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