Press release
Automotive Tire OEM Market: Tremendous Growth, Market Size Outlook, and Major Trends
Automotive Tire OEM Market
What Is The Projected Market Size Of The Global Automotive Tire OEM Market And Its Growth Rate?
The Automotive Tire OEM market shows a strong growth trajectory with the market size poised to increase:
* From $23.04 billion in 2024 to $24.81 billion in 2025 at a compound annual growth rate (CAGR) of 7.7%, attributed to global automotive production growth, innovations in the automotive industry, regulatory standards for fuel efficiency, and consumer preferences for performance.
* It is estimated that by 2029, the market will reach $34.35 billion, growing at a CAGR of 8.5%, driven by increasing electric vehicle (EV) adoption, focus on sustainable materials, smart manufacturing processes, and global expansion of automotive markets.
What Is Driving The Growth In The Automotive Tire OEM Market?
Investments in research and development activities in the automotive tire industry are notable driving factors of the automotive tire OEM market. Tire manufacturers are focusing on designing new products and materials to improve performance efficiency. A key illustration of this is Pirelli's planned investment of $15 million over two years to create an advanced technology and digitalization center for tire manufacture at its facility in Silao, Mexico. This investment exploits tire production technologies suitable for future mobility such as electric and sustainable transportation systems, thereby driving the automotive tire OEM market's growth.
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Who Are the Key Players Driving Automotive Tire OEM Market Growth?
The automotive tire OEM market is dominated by the following key players:
* Bridgestone Corporation
* Sumitomo Rubber Industries Ltd.
* Pirelli & C. SpA
* Hankook Tire & Technology Co. Ltd.
* Toyo Tire Corporation
* Cooper Tire & Rubber Company
* Kumho Tire Co. Inc.
* Nokian Tyres PLC
* Giti Tire Corporation
* MRF Limited
* Apollo Tyres Ltd.
What Are The Key Trends In The Automotive Tire OEM Market?
Major trends expected to influence the market include:
* Integration of advanced sensor technologies
* Focus on tire performance and efficiency
* Advancements in tire materials
* The emergence of run-flat and self-sealing tire technologies
* Collaborations for tire technology innovation
* Smart tires and connectivity
* Adoption of 3D printing technology
What Are The Segments Of The Global Automotive Tire OEM Market?
The market is segmented by:
* Type: Tube Tire, Tubeless Tire
* Design: Radial Tire, Bias Tire
* Vehicle: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
Which Region Leads The Automotive Tire OEM Market?
Asia-Pacific was the largest region in the automotive tire OEM market in 2024, covering regions such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Automotive Tire OEM Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Tire OEM Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Tire OEM Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Tire OEM Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Tire OEM Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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