Automotive Tire Market Growth Research Statistics, Business Analysis And Share

◆Automotive Tire Market Overview

Automotive Tire Market size was valued at USD 19.60 Bn in 2023 and Automotive Tire market revenue is expected to reach USD 22.82 Bn by 2030, at a CAGR of 2.2 % over the forecast period.

Market Dynamics

Several factors are propelling the expansion of the automotive tire market:​

Increased Vehicle Production and Sales: The surge in both passenger and commercial vehicle manufacturing, especially in emerging economies, is a primary driver of tire demand. ​

Technological Advancements: Innovations such as run-flat tires, self-sealing technologies, and smart tire monitoring systems are enhancing safety and performance, attracting consumers seeking advanced features.

Sustainability Initiatives: Manufacturers are focusing on eco-friendly tires that offer improved fuel efficiency and longer lifespans, aligning with global environmental concerns.

Competitive Landscape

The automotive tire market is characterized by intense competition among key players, including Bridgestone Corporation, Michelin, Goodyear Tire & Rubber Company, Continental AG, and Pirelli & C. S.p.A. These companies are investing in research and development, strategic partnerships, and mergers and acquisitions to strengthen their market positions.

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Regional Demand

The Asia-Pacific region dominates the global automotive tire market, accounting for approximately 44.3% of the market share in 2024. This dominance is attributed to rapid urbanization, increased vehicle production, and a growing middle-class population. ​

Country-Specific Insights

Vietnam: Opportunities in Tire Manufacturing

Vietnam's burgeoning automotive industry presents significant opportunities for tire manufacturers. The country's strategic location and favorable trade agreements make it an attractive destination for investment in tire production facilities.​

Thailand: Growth in Tire Exports

Thailand has solidified its position as a leading tire exporter to the U.S., with exports valued at approximately $1.8 billion in 2020. This underscores the country's robust manufacturing capabilities and its pivotal role in the global tire supply chain. ​

Japan: Trends in Technological Innovation

Japanese tire manufacturers are at the forefront of technological advancements, focusing on developing puncture-free tires to enhance safety and performance. These innovations are expected to revolutionize the market and cater to the evolving needs of consumers. ​

South Korea: Consolidation in the Tire Industry

South Korean tire companies are engaging in strategic consolidations to bolster their market presence and competitiveness. Collaborations and mergers are facilitating resource pooling and technological sharing, driving growth in the sector.​

Singapore: Opportunities in Sustainable Solutions

Singapore is emerging as a hub for sustainable tire solutions, with companies investing in eco-friendly technologies and recycling initiatives. This aligns with the nation's commitment to environmental sustainability and positions it as a leader in green innovation.

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United States: Updation in Tariff Policies

The U.S. has implemented elevated import tariffs on tires from major trading partners, including Thailand and Vietnam. These policy changes are influencing domestic tire prices and impacting international trade dynamics. ​

China: Trends in Domestic Demand

China's automotive tire market is experiencing substantial growth, driven by increased vehicle ownership and a shift towards high-performance tires. Domestic manufacturers are expanding capacities to meet this rising demand.​

Europe: Consolidation and Innovation

European tire manufacturers are focusing on consolidation and innovation to address challenges such as increased competition from low-cost imports and the transition to electric vehicles. Companies like Michelin are restructuring operations to enhance efficiency and competitiveness. ​

Recent Developments

Bridgestone and Michelin are testing advanced puncture-free tires, aiming to enhance safety and cater to the needs of autonomous vehicles. These innovations represent a significant leap forward in tire technology. ​

Continental AG has announced cost-cutting measures, including job reductions, to improve profitability and competitiveness, particularly focusing on growth opportunities in the Chinese market.

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◆ Automotive Tire Market Segmentation

by Vehicle Type

Passenger Cars
Light Trucks and SUVs
Commercial Vehicles
Two-Wheelers

by Tire Type

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

by Rim Size

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

by End-User

OEM (Original Equipment Manufacturer)
Aftermarket

To Gain More Insights Into The Market Analysis, Browse Summary Of The Research Report: https://www.maximizemarketresearch.com/market-report/automotive-tire-market/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

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