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Strategic Investments In Research And Development Fuel Growth In The Automotive Tire OEM Market: Key Factor Driving The Growth In The Automotive Tire OEM Market
Automotive Tire OEM
What Is the Expected Automotive Tire OEM Market Size During the Forecast Period?
Recent years have seen substantial growth in the size of the automotive tire original equipment manufacturer (OEM) market. It is projected to expand from $23.04 billion in 2024 to $24.81 billion in 2025, marking a compound annual growth rate (CAGR) of 7.7%. This growth during the historic period can be linked to factors such as the rise in global automotive production, fuel efficiency regulatory standards, safety regulations, consumer inclinations towards performance, contracts for original equipment fitment, fluctuations in tire demand by season, and innovations within the automotive industry.
We can anticipate robust expansion in the automotive tire OEM market in the near future as it is projected to grow to a value of $34.35 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 8.5%. The uptrend during this forecasted period is likely due to the enhanced acceptance of electric vehicles (EVs), investment in eco-friendly materials, smart manufacturing approaches, increased ride-sharing services, and global growth of automotive markets. The forecast period will also witness key trends such as the inclusion of advanced sensor technologies, emphasis on tire efficiency and performance, progress in tire materials, the development of run-flat and self-sealing tire technologies, partnerships for tire technology development, smart tires with connectivity features, and the application of 3D printing technology.
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What Are the High-Growth Segments in the Automotive Tire OEM Market?
The automotive tire oem market covered in this report is segmented -
1) By Type: Tube Tire, Tubeless Tire
2) By Design: Radial Tire, Bias Tire
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
Subsegments:
1) By Tube Tire: Bias Tube Tires, Radial Tube Tires
2) By Tubeless Tire: Bias Tubeless Tires, Radial Tubeless Tires
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What Key Drivers Are Expected to Influence Future Automotive Tire OEM Market Growth?
The surge in investments towards research and development in the automotive tire sector is fueling the expansion of the automotive tire OEM market. Tire producers are investing in R&D to design innovative tires and formulate compounds that enhance product efficiency. This investment in research can significantly contribute to the automotive tire OEM by offering a more efficient and environmentally friendly tire. For example, Pirelli, a tire manufacturer based in Italy, disclosed a planned investment of $15 million over two years in May 2022. This investment will be used to develop a cutting-edge technology and digitalization hub for tire production at its Silao facility in Mexico. The central aim of this investment is to establish Mexico's inaugural R&D facility, which will use innovative tire production technologies designed for future modes of transport, including electric, eco-friendly, and interconnected transportation systems. Consequently, investments of this nature are likely to stimulate the growth of the automotive tire OEM market.
Which Companies Hold the Largest Share Across Different Automotive Tire OEM Market Segments?
Major companies operating in the automotive tire oem market are 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., Cheng Shin Rubber Industry Co. Ltd., Nexen Tire Corporation, Shandong Linglong Tyre Co. Ltd., Zhongce Rubber Group Co. Ltd., Triangle Tyre Co. Ltd., Sailun Group Co. Ltd., Yokohama Rubber Co. Ltd., Qingdao Sentury Tire Co. Ltd., Goodyear Tyre & Rubber Company, Aeolus Tyre Co. Ltd., Double Coin Holdings Ltd., Continental AG, Shandong Wanda Boto Tyre Co. Ltd., JK Tyre & Industries Ltd., Hebei Tianyang Rubber Co. Ltd., Gui Zhou Tyre Co. Ltd.
What Trends Are Driving Growth in The Automotive Tire OEM Market?
The emergence of technological advancements is becoming an increasingly popular trend within the automotive tire OEM market. Leading industry players are prioritizing the invention and introduction of cutting-edge technologies to redirect consumer interest to more advanced tires. For instance, Qualcomm Incorporated, an American semiconductor firm, launched its Snapdragon Digital Chassis Solution in September 2023. The primary objective of this solution is to aid intelligent and networked vehicles in handling the enormous data volume they accumulate. Once a vehicle is purchased, the Snapdragon Digital Chassis provides platforms that continually update with new feature additions, allowing manufacturers to create novel services and features. This strategy fuels enhanced customer interaction and paves the way for services-based revenue models.
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What Are the Emerging Geographies for The Automotive Tire OEM Market Growth?
Asia-Pacific was the largest region in the automotive tire OEM market in 2024. The regions covered in the automotive tire OEM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Tire OEM Market?
2. What is the CAGR expected in the Automotive Tire OEM Market?
3. What Are the Key Innovations Transforming the Automotive Tire OEM Industry?
4. Which Region Is Leading the Automotive Tire OEM Market?
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