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Automotive Tire Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Tire Market Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Automotive tire companies are focusing on developing airless tires for passenger and commercial vehicles. The zero-pressure tires ensure zero downtime and no loss of productivity for commercial vehicles and ensure greater auto safety and performance. For instance, in November 2021, Goodyear launched its own airless tire to compete with the Uptis from Michelin. The non-pneumatic tire approach taken by Goodyear and Michelin are comparable. A network of spokes maintains the wheel stiff enough to drive on rather than air pressure keeping the tire taut and prepared. The system is amazing to see in action; in contrast to conventional tires, the wheels bend in ways that seem unnatural.
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Major Key Players of the Market:
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
Automotive Tire Market 2024 Key Insights:
• 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%.
• Surging Vehicle Production Fuels Expansion Of The Automotive Tire Market
• Advancements In Automotive Tires With The Rise Of Airless Technology
• Asia-Pacific was the largest region in the automotive tire market in 2023
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