Advanced Tires Market to Reach $1,349.7 Million by 2030, Huge Opportunity For Investors

According to the report, the global automotive tire industry was estimated at $139.18 billion in 2015 and is predicted to gain $218.87 billion by 2030, growing at a CAGR of 3.8% throughout the forecast period.

The global automotive tire market growth is attributed to the production of vehicles in developing countries which has seen a significant increase in recent years and more competition between tire companies. However, the growing demand for tire remolding and fluctuation in raw material prices hindered the market growth to a certain extent. On the other hand, the surge in electric vehicle (EV) usage and technological advancements have brought new opportunities for key players in the sector.

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A damaged or worn tire on a moving vehicle is a hazard for passengers as well as pedestrians. There are number of accidents in history due to the overlooked damaged tire conditions which led to serious hazards. For instance, in 2016, tire related incidents on the British roads led to 120 serious injuries and 8 fatalities according to Highways England, the government-owned company in charge of improving and maintaining the country's A-roads and motorways.

In addition, government figures also suggest that one out of twelve tires installed on heavy duty vehicles are not in suitable condition of functioning. Thus, to avoid such accidents, leading tires manufacturers such as Bridgestone, Goodyear, Michelin, and Continental are working with a focus on development of software and sensors platforms to monitor and measure tire performance.

Top producers of tires are introducing new range of tire monitoring platforms for commercial vehicle fleets. For instance, Continental, an automobile industry giant, launched ContiConnect, a new tire monitoring platform for commercial fleets which is only available to the fleet operators in the U.S., Canada, Malaysia, and Thailand. However, the company announced that it will introduce this platform in some countries of Europe and Asia in 2019. Tire sensor, yard reader sensor, and software are the three major components of the ContiConnect technology.

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Tire sensor is installed on the inner liner of the tire for temperature and pressure monitoring. In addition, yard reader station can be defined as the connecting component between the tire sensor and Continental's software platform that reads the data off the sensors and sending it to the platform for further analysis. Further, underlying software includes a web portal, which sends out notification by email or SMS to the fleet managers when any issue is identified or maintenance is required.

By vehicle type, the passenger vehicle segment held the fundamental market share in 2020, contributing to more than two-thirds of the global automotive tire market revenue, and is anticipated to retain its dominance at some point of the forecast period. Due to the developing reputation of passenger cars in developing nations like India, Brazil, and other countries. On the other hand, the electric vehicle segment would exhibit the highest CAGR of 8.8% during the forecast period. Due to the increased government mandates regarding fuel efficiency.

By distribution channel, the aftermarket segment held the largest market share in 2020, accounting for more than three-fourths of the global automotive tire market revenue, and is projected to rule the roost by 2030. The same segment is estimated to witness the highest CAGR of 4.0% during the forecast period. This is due to the fact that tires need to be replaced regularly.

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By region, the Asia-Pacific region held the highest market share in 2020, holding nearly two-fifths of the global automotive tire market revenue, and is likely to dominate the market throughout the forecast period. The same region would cite the fastest CAGR of 4.5% during the forecast period. This is due to the fact that there is a large number of passengers and heavy goods vehicles in the region.

Automotive Tire Industry-Leading Players:

CEAT Limited
Nokian Tyres PLC
Apollo Tyres Ltd.
The Yokohama Rubber Co., Ltd.
Pirelli & C.S.p.A
Hankook & Company Co., Ltd.
Continental AG
JK Tyre & INDUSTRIES LTD.
Bridgestone Corporation
Michelin
Shandong Linglong Group Co., Ltd.
Triangle Tire Co., Ltd.
Zhongce Rubber Group Co., Ltd.
Sailun Group Co., Ltd.
Toyo Tire Corporation
Salsons Impex Pvt. Ltd.
Wanli Tire Co., Ltd.
Sumitomo Rubber Industries, Ltd.
MRF Limited
The Goodyear Tire & Rubber Company

The report offers an in-depth assessment of the leading players in the global automotive tire market. They have employed a variety of strategies, including product development and launches, to expand their market revenue and remain dominant in various geographic areas. The report demonstrates the competitive landscape by analyzing top segments, business performance, product portfolios, and the decisive action of market participants.

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