Press release
Automotive Tire OEM Industry Growth Outlook: 7.9% CAGR and $33.14 Billion by 2029
Automotive Tire OEM
What Is the Long-Term Growth Forecast for the Automotive Tire OEM Market Size 2025?
There has been a robust expansion in the size of the automotive tire oem market recently. The market, which is expected to escalate from $23.04 billion in 2024 to $24.49 billion in 2025, will see a compound annual growth rate (CAGR) of 6.3%. This considerable growth during the historical period can be credited to the escalation in global automotive manufacturing, regulatory norms for fuel efficiency, safety regulations, consumer predilection for performance, original equipment fitment deals, seasonal tire requirements, and groundbreaking inventions in the automotive industry.
What CAGR is Forecasted for the Automotive Tire OEM Market Through 2029?
The market size of the original equipment manufacturer (OEM) for automotive tires is anticipated to witness a robust rise in the upcoming years, reaching a figure of $33.14 billion by 2029 with an impressive compound annual growth rate (CAGR) of 7.9%. Factors such as increased adoption of electric vehicles (EVs), emphasis on eco-friendly materials, smart manufacturing methods, the surge in car-sharing services, and the worldwide expansion of automotive markets are the primary reasons behind this growth forecast. The prediction period is likely to witness substantial trends including the amalgamation of cutting-edge sensor technologies, concentration on tire effectiveness and performance, improvements in tire raw materials, run-flat and self-sealing tire technologies, partnerships for pioneering tire technology, smart tires combined with connectivity, and the employment of 3d printing technology.
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What Are the Critical Factors Driving Automotive Tire OEM Market Development?
The automotive tire OEM market is experiencing growth due to enhanced investments in the research and development of automotive tires. This involves tire companies investing in R&D to develop new designs and compounds that enhance the performance of their products. As a result, the automotive tire OEM stands to gain from these investments through the provision of more efficient and sustainable tires. An example of this is the commitment made by Pirelli, a tire company based in Italy, in May 2022 to invest $15 million over a period of two years to establish an advanced technology and digitalization center for tire production in its Silao, Mexico facility. The purpose of this investment is to set up Mexico's first research and development facility, which will utilize innovative tire production technologies for future-oriented mobility solutions like electric, sustainable, and connected transport systems. Consequently, such investments will help fuel the growth of the automotive tire OEM market.
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How Does the Automotive Tire OEM Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Automotive Tire OEM Industry?
Technological advancement is a critical trend emerging in the automobile tire OEM market, with primary industry players prioritizing the creation of new technologies to increase consumer interest in sophisticated tires. An example is Qualcomm Incorporated, an American semiconductor firm, which introduced the Snapdragon Digital Chassis Solution in September 2023. This solution helps clever and connected cars manage the vast amount of data they collect. Once a vehicle is bought, the Snapdragon Digital Chassis ensures constant updates with new features, allowing manufacturers to devise new services and features for enhanced customer interaction and service-based income models.
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Which Players Are Driving Innovation in the Automotive Tire OEM Market?
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.
Which Regions Are Driving Global Automotive Tire OEM Market Expansion?
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.
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