Press release
Surging Vehicle Production Fuels Expansion Of The Automotive Tire Market: A Significant Driver Propelling The Automotive Tire Market In 2025
Automotive Tire Market Size
What Is the Automotive Tire Market Size and Projected Growth Rate?
The size of the automotive tire market has seen significant growth in recent years. The market is projected to expand from $138.64 billion in 2024 to $145.87 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.2%. The historical growth can be credited to factors like the expansion of the automotive industry, the uptake of radial tires, globalisation, changes in supply chain dynamics, regulatory norms, safety needs and changes in consumer tastes.
The size of the automotive tire market is anticipated to experience robust enhancement in the upcoming years, reaching a market value of $185.55 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%. Factors contributing to this expansion in the forecast period include the market's adaptability to the evolving types of vehicles, an increase in self-driving cars, commitment to sustainable and eco-friendly initiatives, a surge in demand for all-terrain and all-weather tires, as well as a transition towards high-performance tires. Key trends from now to the forecast period include tire technology improvements, a shift towards electric vehicles (EVs), a focus on fuel efficiency, sustainability, and environmentally friendly materials.
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What Are the Major Segments in the Automotive Tire Market?
The automotive tire market covered in this report is segmented -
1) By Rim Size: Less Than 15 Inches, 15 To 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), After market
5) By Season Type: Summer, Winter, All Seasons
Subsegments:
1) By Less Than 15 Inches: Passenger Car Tires, Light Truck Tires, Motorcycle Tires, Other Specialty Tires
2) By 15 To 20 Inches: Passenger Car Tires, SUV Tires, Light Truck Tires, Performance Tires
3) By More Than 20 Inches: SUV Tires, Light Truck Tires, Performance Tires, Heavy-Duty Truck Tires
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What Are The Driving Automotive Tire Market Evolution?
The surge in vehicle production and the rising demand for electric cars, pickup trucks, and similar light-weight commercial vehicles are significant factors propelling the automotive tire market's growth. For example, in March 2024, as reported by the Belgium-based trade association, the European Automobile Manufacturers Association (ACEA), there was nearly a 10% global sales increase in new cars after a period of stability in 2022. EU sales saw a close to 14% jump, selling around 10.5 million units. Sales of battery-powered vehicles saw a rise of 37%, accounting for a 14.6% market share. While the car market in China experienced a slowdown during the first three quarters of 2023, the overall yearly sales went up by 4.5%. Japan and the U.S. also witnessed robust growth with sales heightening around 16% and more than 14%, respectively. Hence, the global escalation in vehicle production is anticipated to fuel the automotive tire market.
Which Firms Dominate The Automotive Tire Market Segments?
Major companies operating in the automotive tire market include 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., Cheng Shin Rubber Industry Co., Apollo Tyres Ltd., Giti Tire Global Trading Pte. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire Co. Inc., Linglong Tire Co. Ltd., 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., Salsons Impex Pvt. Ltd., Shinko Tires USA
What Trends Are Expected to Dominate the Automotive Tire Market in the Next 5 Years?
Car manufacturers are concentrating their efforts on generating airless tires for both private cars and business automobiles. These pressure-less tires ensure there is no lack of productivity in commercial vehicles and offer improved safety and performance. For instance, Hankook Tire, a company based in South Korea, offers a diverse range of tires and related services across various sectors, launched Smart iON AU06+ in October 2022. This launch marked the company's first Truck and Bus Radial (TBR) tire from its innovative iON product series and is exclusively crafted for upmarket electric vehicles (EVs). This tire is formulated to accommodate the special requirements of electric buses and trucks, such as compensating for the added weight from the motor batteries and handling the immense torque placed on the wheels. The Smart iON AU06+ elevates the grip on damp roads by nearly 10% in comparison to its previous models, thereby ensuring driving safety.
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Which Is The Largest Region In The Automotive Tire Market?
Asia-Pacific was the largest region in the automotive tire market in 2024. The regions covered in the automotive tire 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 Market?
2. What is the CAGR expected in the Automotive Tire Market?
3. What Are the Key Innovations Transforming the Automotive Tire Industry?
4. Which Region Is Leading the Automotive Tire Market?
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