Press release
Automotive Tire Market: Rapid Growth from $138.64 billion in 2024 to $185.55 billion in 2029
Automotive Tire Market
This report analysis the Automotive Tire Market with strong growth towards the forecast period due to automotive industry growth, new trends in tire technology and emergence of high-performance tires.
What Is The Projected Market Size Of The Global Automotive Tire Market And Its Growth Rate?
• The automotive tire market size grew robustly from $138.64 billion in 2024 to $145.87 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%.
• The growth is expected to continue towards $185.55 billion in 2029 with a CAGR of 6.2%.
• The key factors influencing this growth include automotive industry growth, radial tire adoption, regulatory standards and safety requirements, shifts in consumer preferences, market adaptation to changing vehicle types, sustainability and green initiatives, increased demand for all-terrain and all-weather tires, and a shift towards high-performance tires.
What Is Driving The Growth In The Automotive Tire Market?
The increasing production of vehicles, particularly electric cars and light commercial vehicles, significantly propels the automotive tire market. According to the European Automobile Manufacturers Association (ACEA), global new car sales rose nearly 10% in March 2024, with EU sales increasing almost 14% to 10.5 million units. Furthermore, battery-electric vehicle sales grew by 37%, capturing a 14.6% market share. Therefore, the rising production of vehicles worldwide is expected to drive the automotive tire market.
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Who Are the Key Players Driving Automotive Tire Market Growth?
• 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.
• Apollo Tyres Ltd.
• Giti Tire Global Trading Pte. Ltd.
• Shandong Linglong Group Co. Ltd.
• Kumho Tire Co. Inc.
• 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.
What Are The Key Trends In The Automotive Tire Market?
• Advancements in tire technology
• Shift towards electric vehicles (EVs)
• Focus on fuel efficiency
• Sustainability and eco-friendly materials.
What Are The Segments Of The Global Automotive Tire Market?
• Rim Size: Less Than 15 Inches, 15 To 20 Inches, More Than 20 Inches
• Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
• Manufacturing: Radial Tire, Bias Tire
• Distribution Channel: Original Equipment Manufacturer (OEM), After market
• Season Type: Summer, Winter, All Seasons
Which Region Leads The Automotive Tire Market?
Asia-Pacific led as the largest region in the automotive tire market in 2024. This dominance can be attributed to the significant growth of the automotive industry in the region and increasing demand for vehicles, including electric vehicles.
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What Is Covered In The Automotive Tire Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Tire Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Tire 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 Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Tire Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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