Automotive Tire Market Rolls Toward $166.1 Billion by 2033, Fueled by Smart Tire Tech and EV Adoption

There are prominent factors that drive the growth of the automotive tire market such as rise in the competition among global tire manufacturers and an increase in the operating life of automobiles. The increasing demand for special purpose tires also propels the growth of the Automotive Tire Market Size. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive tire market. Also, in some undeveloped countries, there is an increase in automobile sales, which is expected to boost the automotive tire market. In addition, an increase in the operating life of vehicles is anticipated to create after market opportunities for the growth of the global automotive tire market.

According to a new report published by Allied Market Research, titled, "Automotive Tire Market," The Automotive Tire Market Size was valued at $113.9 billion in 2023, and is estimated to reach $166.1 billion by 2033, growing at a CAGR of 4% from 2024 to 2033.

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The automotive tire market encompasses the design, production, and sale of tires for vehicles, including passenger cars, commercial vehicles, and two-wheelers. It is driven by factors such as increase in vehicle production, rise in demand for fuel efficiency, and advancements in tire technology, including eco-friendly and smart tires.

The process of replacing the tread on worn tires is known as remolding or retreading. It is recognized as the tire re-manufacturing process and is also known as recap or remold. When compared to the manufacturing of a new tire, the re-manufacturing process of the tire saves a significant amount of material.

As a result, the materials for this procedure are less expensive. Furthermore, compared to building a new one, it saves a significant amount of money on tires and material costs. As the labor and costs are much lower, retreading is environmentally friendly and far less expensive than purchasing new tires. A single tire can be retreaded up to ten times, extending its service life and saving significant energy and time in the manufacturing process, all while lowering landfill waste and carbon emissions. Over the years, the tire manufacturing industry has made significant progress all over the world. Premium technologies are used to produce high-quality tires that will perform flawlessly not only in their first life, but also in their second, third, and even fourth.

Tires are one of the aspects that determine an EV's performance, which encourages the development of high-performance tires such as entirely sustainable material and maintenance-free tires such as airless tires, plastic tires among others. For instance, General Motors revealed plans to launch passenger cars with Michelin airless tires in early 2024. It is engaged in testing the prototype tire on the Chevrolet Bolt EV before moving on to other automobiles. Furthermore, Goodyear is focusing on development of airless tires for EVs to commercialize the entirely sustainable material and maintenance-free tire by 2033.

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Electric vehicle sales in Europe exceeded half a million units in 2020, while the government in the U.S. is proposing incentives to put millions of EVs on the road. Technological advancements in energy-efficient vehicles, enforcement of stringent emission regulations, and low operating cost of EVs are expected to contribute to increasing the sales of automotive tires across the globe. Leading EV manufacturers are working to enhance the all-electric range of their vehicles.

The automotive tire market is segmented on the basis of season type, vehicle type, rim size, distribution channel, load index and region. By season type, it is divided into summer, winter and all-season tires. By vehicle type, it is divided into passenger car, commercial vehicle, and electric vehicle. The commercial vehicles segment is further divided into light & heavy commercial vehicles. By rim size, the market is categorized into less than 15 inch, 15 to 20 inch, and more than 20 inch. By distribution channel, it is bifurcated into OEM and aftermarket. On the basis of load index, it is divided into up to 100, and above 100. By region, the Automotive Tire Industryis analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global key players included in the Automotive Tire Market Analysis are Apollo Tyres Ltd, Bridgestone Corporation, CEAT Limited, Continental AG, Hankook & Company Co., Ltd., JK Tyre & INDUSTRIES LTD., Michelin, MRF Limited, Nokian Tyres PLC, Pirelli & C. S.p.A, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd., Toyo Tire Corporation, Wanli Tire Co., Ltd., and Zhongce Rubber Group Co., Ltd.

The report provides a detailed analysis of these key players in the global automotive tire market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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