Automotive Tire Market Set to Accelerate with 2.2% CAGR by 2030

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐨𝐢𝐬𝐞𝐝 𝐟𝐨𝐫 𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

The global automotive tire market is on a trajectory of substantial expansion, with projections indicating a rise from USD 19.60 billion in 2023 to approximately USD 22.82 billion by 2030, reflecting a compound annual growth rate (CAGR) of 2.2% during this period.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬

Several factors are propelling this growth:

𝑰𝒏𝒄𝒓𝒆𝒂𝒔𝒆𝒅 𝑽𝒆𝒉𝒊𝒄𝒍𝒆 𝑷𝒓𝒐𝒅𝒖𝒄𝒕𝒊𝒐𝒏 𝒂𝒏𝒅 𝑺𝒂𝒍𝒆𝒔: Rapid industrialization has led to a surge in the production and sales of commercial vehicles, including trucks, tractors, and trailers. Additionally, rising disposable incomes and improved living standards have boosted the sales of luxury passenger cars and premium segment bikes.
𝑻𝒆𝒄𝒉𝒏𝒐𝒍𝒐𝒈𝒊𝒄𝒂𝒍 𝑨𝒅𝒗𝒂𝒏𝒄𝒆𝒎𝒆𝒏𝒕𝒔: The industry is witnessing innovations such as run-flat tires, self-sealing tires, and smart tire monitoring systems, enhancing safety and performance.
𝑺𝒖𝒔𝒕𝒂𝒊𝒏𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝑰𝒏𝒊𝒕𝒊𝒂𝒕𝒊𝒗𝒆𝒔: Manufacturers are focusing on developing eco-friendly tires that are more fuel-efficient and have longer lifespans, aligning with global environmental concerns.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐜𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐭𝐨 𝐬𝐞𝐞 𝐰𝐡𝐚𝐭'𝐬 𝐢𝐧𝐬𝐢𝐝𝐞: https://www.maximizemarketresearch.com/request-sample/11879/

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙂𝙧𝙤𝙬𝙩𝙝 𝙞𝙣 𝙑𝙞𝙚𝙩𝙣𝙖𝙢

Vietnam's automotive sector is experiencing rapid growth, leading to increased demand for automotive tires. The government's supportive policies and investments in infrastructure have attracted major tire manufacturers to establish operations in the country.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙊𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨 𝙞𝙣 𝙏𝙝𝙖𝙞𝙡𝙖𝙣𝙙

Thailand, being a significant automotive manufacturing hub in Southeast Asia, presents substantial opportunities in the tire market. The presence of major automotive manufacturers has led to increased demand for both OEM and aftermarket tires.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙏𝙧𝙚𝙣𝙙𝙨 𝙞𝙣 𝙅𝙖𝙥𝙖𝙣

Japan's focus on technological innovation has led to the development of advanced tire technologies, including smart tires equipped with sensors for real-time monitoring. Japanese manufacturers are also investing in sustainable materials to produce eco-friendly tires.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙂𝙧𝙤𝙬𝙩𝙝 𝙞𝙣 𝙎𝙤𝙪𝙩𝙝 𝙆𝙤𝙧𝙚𝙖

South Korea's automotive industry is marked by significant investments in electric vehicles (EVs), driving the demand for specialized tires designed for EVs. Manufacturers are focusing on reducing rolling resistance to enhance energy efficiency.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙊𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨 𝙞𝙣 𝙎𝙞𝙣𝙜𝙖𝙥𝙤𝙧𝙚

Singapore's strategic location and status as a logistics hub have led to increased demand for commercial vehicle tires. The government's emphasis on sustainable transportation is also driving the adoption of eco-friendly tires.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙏𝙧𝙚𝙣𝙙𝙨 𝙞𝙣 𝙩𝙝𝙚 𝙐𝙣𝙞𝙩𝙚𝙙 𝙎𝙩𝙖𝙩𝙚𝙨

The U.S. automotive tire market is characterized by a high rate of vehicle ownership, leading to continuous demand for replacement tires. Advancements in tire technology, such as the development of smart tires, are gaining traction among consumers.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙂𝙧𝙤𝙬𝙩𝙝 𝙞𝙣 𝘾𝙝𝙞𝙣𝙖

China's automotive tire market is expected to grow at a CAGR of 6.9% during the forecast period. The rise in electric vehicle sales and production is a significant driver, leading to increased demand for automotive tires.

𝘼𝙪𝙩𝙤𝙢𝙤𝙩𝙞𝙫𝙚 𝙏𝙞𝙧𝙚 𝙈𝙖𝙧𝙠𝙚𝙩 𝙊𝙥𝙥𝙤𝙧𝙩𝙪𝙣𝙞𝙩𝙞𝙚𝙨 𝙞𝙣 𝙀𝙪𝙧𝙤𝙥𝙚

Europe's automotive tire market is projected to grow at a CAGR of over 6.5% from 2016 to 2024. The presence of several vehicle OEMs and the demand for high-performance tires are driving market growth.

𝐓𝐨 𝐚𝐜𝐜𝐞𝐬𝐬 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐯𝐢𝐬𝐢𝐭 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐰𝐞𝐛𝐩𝐚𝐠𝐞: https://www.maximizemarketresearch.com/request-sample/11879/

𝐑𝐞𝐜𝐞𝐧𝐭 𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬

𝐇𝐚𝐧𝐤𝐨𝐨𝐤 𝐓𝐢𝐫𝐞 & 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐚𝐧𝐝 𝐊𝐮𝐦𝐡𝐨 𝐏𝐞𝐭𝐫𝐨𝐜𝐡𝐞𝐦𝐢𝐜𝐚𝐥 𝐂𝐨., 𝐋𝐭𝐝.: In May 2023, these South Korean companies signed a Memorandum of Understanding (MOU) to develop eco-friendly tires, focusing on sustainability and performance.
𝐒𝐭𝐫𝐚𝐢𝐠𝐡𝐭𝐚𝐰𝐚𝐲 𝐓𝐢𝐫𝐞 & 𝐀𝐮𝐭𝐨: In the United States, Straightaway Tire & Auto acquired Maple Grove Auto Service and Warzecha Auto Works, enhancing service capabilities and distribution networks within the industry.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

𝒃𝒚 𝑽𝒆𝒉𝒊𝒄𝒍𝒆 𝑻𝒚𝒑𝒆

Passenger Cars
Light Trucks and SUVs
Commercial Vehicles
Two-Wheelers

The market is divided into four categories based on the kind of vehicle: passenger cars, light trucks and SUVs, commercial vehicles, and two-wheelers. The market was dominated by light trucks and SUVs in 2023, and this segment is anticipated to continue to maintain the greatest share of the automotive tyre market during the forecast period. SUVs and light trucks are preferred by consumers due to their off-road capability, payload capacity, and versatility. They therefore look for tires that go well with these car attributes. Many light vehicle and SUV consumers value the ability to travel off-road. Some of the tires in this category have robust construction and deeper treads for off-road use. SUV and light truck tires must be strong enough to resist the extra weight and load-bearing demands of these vehicles.

𝒃𝒚 𝑻𝒊𝒓𝒆 𝑻𝒚𝒑𝒆

Summer Tires
All-Season Tires
Winter Tires
Performance Tires
Run-Flat Tires
Off-Road Tires
Specialty Tires

Summer tires, all-season tires, winter tires, performance tires, run-flat tires, off-road tires and speciality tires are the several categories into which the market is divided based on tire type. The All-Season Tires sector is anticipated to lead the automotive tire market during the forecast period, having had the biggest market share in 2023. All-season tires are made to function well in a variety of weather conditions, such as light snow, rain, and dry conditions. They are appropriate for a variety of driving situations and seasons since they achieve a balance between different performance features. All-season tires usually have a combination of tread blocks and grooves in their tread design.

𝒃𝒚 𝑹𝒊𝒎 𝑺𝒊𝒛𝒆

13"_15"
16"_18"
19"_21"
>21"

𝒃𝒚 𝑬𝒏𝒅-𝑼𝒔𝒆𝒓

OEM (Original Equipment Manufacturer)
Aftermarket

𝐓𝐨 𝐟𝐢𝐧𝐝 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐩𝐥𝐞𝐚𝐬𝐞 𝐯𝐢𝐬𝐢𝐭: https://www.maximizemarketresearch.com/request-sample/11879/

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐓𝐢𝐫𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

1. Bridgestone Corporation
2. Michelin
3. Goodyear Tire & Rubber Company
4. Continental AG
5. Pirelli & C. S.p.A.
6. Sumitomo Rubber Industries
7. Hankook Tire Co. Ltd.
8. Cooper Tire & Rubber Company
9. Yokohama Rubber Co., Ltd.
10. Toyo Tire Corporation
11. Kumho Tire Co., Inc.
12. Nokian Tyres plc
13. MRF Ltd.
14. CEAT Ltd.
15. Apollo Tyres Ltd.
16. Nexen Tire Corporation
17. Hankook Tire America Corp.
18. Maxxis International
19. Giti Tire Group
20. Falken Tires

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐭𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐟𝐫𝐨𝐦 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐭𝐡𝐚𝐭 𝐚𝐫𝐞 𝐦𝐚𝐤𝐢𝐧𝐠 𝐰𝐚𝐯𝐞𝐬:

Manuka Honey Market https://www.maximizemarketresearch.com/market-report/manuka-honey-market/217559/

Global Food Grade Gases Market https://www.maximizemarketresearch.com/market-report/global-food-grade-gases-market/28592/

Global Alternative Sweeteners Market https://www.maximizemarketresearch.com/market-report/global-alternative-sweeteners-market/21291/

Pickles Market https://www.maximizemarketresearch.com/market-report/pickles-market/221120/

Cocoa Liquor Market https://www.maximizemarketresearch.com/market-report/cocoa-liquor-market/188078/

Dog and Cat Food Market https://www.maximizemarketresearch.com/market-report/dog-and-cat-food-market/194019/

Seaweed Market https://www.maximizemarketresearch.com/market-report/seaweed-market/220718/

Dog Supplement Market https://www.maximizemarketresearch.com/market-report/dog-supplement-market/185014/

Whey Market https://www.maximizemarketresearch.com/market-report/whey-market/219939/

Global Soybean Derivatives Market https://www.maximizemarketresearch.com/market-report/global-soybean-derivatives-market/96682/

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

MAXIMIZE MARKET RESEARCH PVT. LTD.
3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
+91 9607365656
sales@maximizemarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

This release was published on openPR.