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Surging Vehicle Production Fuels Expansion Of The Automotive Tire Market Driving Market Acceleration in the Automotive Tire Industry, 2025
Automotive Tire
What Is the Expected CAGR for the Automotive Tire Market Through 2025?
The size of the automotive tire market has seen significant expansion in the past few years. The market is projected to increase from $138.64 billion in 2024 to $145.87 billion in 2025, marking a compound annual growth rate (CAGR) of 5.2%. The previous growth can be linked to various factors such as an increase in the automotive industry, adoption of radial tires, changes in regulatory standards and safety requirements, globalization, adjustments in supply chain dynamics, and shifts in consumer preferences.
What's the Projected Size of the Global Automotive Tire Market by 2029?
Over the coming years, the automotive tire market is slated to witness significant expansion. The estimated growth will skyrocket to $185.55 billion by 2029, with a compound annual growth rate (CAGR) of 6.2%. This anticipated growth within the forecast period is largely due to the market's responsiveness to varying vehicle types, the increase in autonomous vehicles, eco-conscious and sustainability efforts, and the demand for all-terrain and all-weather tires, including the shift towards high-performance tires. Prevalent trends within the forecast period are expected to consist of advancements in tire technology, a pivot towards electric vehicles (EVs), and an emphasis on fuel efficiency, environmental sustainability, and eco-friendly materials.
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Top Growth Drivers in the Automotive Tire Industry: What's Accelerating the Market?
The automotive tire market is being fueled by the rising manufacture of vehicles and the increased interest in electric cars, pickup trucks, and similar light commercial vehicles. For example, as reported by the European Automobile Manufacturers Association (ACEA), a trade association based in Belgium, in March 2024, worldwide new car sales experienced an almost 10% rise following a steady period in 2022. This was coupled with a nearly 14% increase in EU sales totaling 10.5 million units. Sales of battery-electric vehicles expanded by 37%, encompassing a 14.6% share of the market. Even though China's car market experienced a slowdown in the first three quarters of 2023, overall annual sales still saw a 4.5% rise. Meanwhile, the U.S. and Japan saw robust growth with sales escalating nearly 16% and over 14% respectively. Consequently, the global rise in vehicle production is anticipated to stimulate the growth of the automotive tire market.
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What Trends Will Shape the Automotive Tire Market Through 2029 and Beyond?
The primary focus for car tire manufacturers is now to design and produce airless tires intended for both personal and commercial vehicle use. The advantage of these zero-pressure tires is that they eliminate downtime and prevent productivity loss for commercial vehicles, while also significantly improving auto safety and performance. An example of this trend can be found in Hankook Tire, a company based in South Korea, which is known for its extensive offer of tire products and services adapted to various market needs. In October 2022, they launched the Smart iON AU06+, which was recognized as the premier Truck and Bus Radial (TBR) tire in their avant-garde iON line. This specific product was designed with the specific needs of high-end electric vehicles (EVs) in mind. It aims to tackle issues such as the extra weight from drive batteries and high torque applied to the wheels. Notably, the Smart iON AU06+ improves traction on damp surfaces by around 10% compared to its previous version, making driving conditions safer.
What Are the Main 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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Which Top Companies are Driving Growth in the Automotive Tire Market?
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
Which Regions Will Dominate the Automotive Tire Market Through 2029?
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.
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