Automotive Tire Market Size & Industry Growth Analysis is Expected To Reach USD 24.06 Billion By 2032, at a CAGR of 2.7%

Global Automotive Tire Market size and share is currently valued at USD 19.12 billion in 2023 and is anticipated to generate an estimated revenue of USD 24.06 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 2.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 - 2032

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/request-for-sample

The automotive tire market is poised to grow at a steady rate over the estimated period, according to the latest report by Polaris Market Research. The rising car ownership across the globe has resulted in increased demand for tires, thereby driving market growth.

𝐌𝐚𝐣𝐨𝐫 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐨𝐟 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭

• Bridgestone Corporation
• CEAT Ltd.
• Continental AG
• Goodyear Tire and Rubber Company
• JK Tyre & Industries Ltd.
• Michelin Group
• MRF Tyres
• Pirelli & C. S.P.A.
• Sumitomo Rubber Industries Ltd.
• Toyo Tire & Rubber Co. Ltd.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/buy/221/2

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬

• The automotive tire market segmentation is primarily based on rim size, aspect ratio, vehicle type, tire type, season type, section width, and region.

• By rim size analysis, the 13" -15" segment led the industry market owing to the increased demand for compact vehicles.

• By aspect ratio analysis, the >70 aspect ratio segment witnessed the largest market share as these tires offer a more comfortable and smoother ride.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤

• The global market for automotive tires was valued at USD 19.12 billion in 2023.

• The market is projected to grow to USD 24.06 billion by 2032.

• The industry is anticipated to exhibit a compound annual growth rate (CAGR) of 2.7% during the forecast period from 2024 to 2032.

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

An automotive tire is a ring-shaped component that's made of rubber and surrounds the rim of the wheel. The primary function of the tire is to offer traction for acceleration and braking. As it's made from rubber, an automotive tire also acts as a flexible cushion, thereby reducing the impact of shocks and vibrations on the automobile. Automotive tires consist of a number of rubber compounds and other materials as they need to perform safely in a wide range of terrains and driving conditions. When producing automobiles, manufacturers choose a tire that meets the performance requirements of the vehicle, like longevity, high fuel efficiency and balanced ride noise for the vehicle.

𝐂𝐥𝐢𝐜𝐤 𝐡𝐞𝐫𝐞 𝐭𝐨 𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market

𝐆𝐫𝐨𝐰𝐭𝐡 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

• With rising emphasis on fuel economy, consumers are increasingly seeking tires that offer high fuel efficiency. Also, the demand for all-season tires has escalated as they eliminate the need for seasonal changes. The growing demand for convenience and focus on fuel economy primarily drives the market growth.

• Owing to enhancements in technology and road infrastructure, the average lifespan of tires has increased over the past few years. This rise in vehicle longevity has opened up growth opportunities for aftermarket tire manufacturers and is impacting the market sales favorably.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰

• North America (U.S., Canada)

• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)

• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)

• Latin America (Brazil, Mexico, Argentina)

• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬

• The >70 aspect ratio segment dominated the market in 2023, driven by their higher sidewall, these tires offer a more comfortable and smoother ride.

• The passenger segment led the market in 2023 and is expected to maintain its dominance. Passenger cars are available in a variety of models, sizes, and styles, each with unique tire requirements to match its performance characteristics.

• Asia Pacific holds a significant revenue share in the global Automotive Tire market, driven by region's low production costs, abundant cheap labor, lenient safety and pollution regulations, and government incentives for foreign direct investment (FDI).

• The global key market players include MRF Tyres, J.K. Tyre & Industries Ltd., Continental AG, Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Michelin Group, Toyo Tire & Rubber Co. Ltd., Goodyear Tire and Rubber Company, Pirelli & C. S.P.A. and CEAT Ltd.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐋𝐚𝐭𝐞𝐬𝐭 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐏𝐨𝐥𝐚𝐫𝐢𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐕𝟐𝐗 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-transmission-market

𝐀𝐮𝐭𝐨𝐧𝐨𝐦𝐨𝐮𝐬 𝐂𝐚𝐫𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/autonomous-cars-market

𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐭 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐀𝐮𝐭𝐨𝐦𝐚𝐭𝐢𝐨𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/intelligent-building-automation-technologies-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-electronics-market

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐇𝐯𝐚𝐜 𝐌𝐚𝐫𝐤𝐞𝐭: https://www.polarismarketresearch.com/industry-analysis/automotive-hvac-market

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐈𝐧𝐟𝐨:

Polaris Market Research
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New York City, NY 10005,
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Phone:+1-929 297-9727
Email: sales@polarismarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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This release was published on openPR.