Press release
Automotive Tire Industry Set to Achieve $179.04 Billion Milestone by 2029 | Steady 5.6% CAGR
Automotive Tire
What Is the Long-Term Growth Forecast for the Automotive Tire Market Size 2025?
In recent times, the automotive tire market has seen a consistent growth. It is projected to escalate from $138.64 billion in 2024 to $143.87 billion in 2025, achieving a compound annual growth rate (CAGR) of 3.8%. The expansion during the historical period is credited to the growth of the automotive industry, the adoption of radial tires, globalization, alterations in supply chain dynamics, regulatory standards and safety norms, and changing consumer preferences.
What CAGR is Forecasted for the Automotive Tire Market Through 2029?
We predict a robust expansion in the automotive tire market in the upcoming years, with its worth estimated to reach $179.04 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.6%. This projected growth during the forecast period can be linked to the market's adaptation to the evolving nature of vehicle types, the increasing number of autonomous cars, sustainability and eco-friendly initiatives, and a surge in demand for all-terrain and all-weather tires, as well as a shift towards high-performance tires. Noteworthy trends during this forecast period involve advancements in tire technology, a move towards electric vehicles (EVs), an emphasis on fuel efficiency, and the pursuit of sustainability and environmentally friendly materials.
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What Are the Critical Factors Driving Automotive Tire Market Development?
The surge in vehicle production and the rising demand for electric cars, pickup trucks, and other light commercial vehicles are fueling the expansion of the automotive tire market. For example, in March 2024, the European Automobile Manufacturers Association (ACEA), a Belgium-based trade group, reported that worldwide new car sales had jumped by approximately 10% after seeing stabilization in 2022. EU sales surged by almost 14% to 10.5 million units. The sales of battery-electric vehicles rose by 37%, thus acquiring a market share of 14.6%. Despite the deceleration in China's car market over the first three quarters of 2023, total annual sales rose by 4.5%. Conversely, Japan and the U.S. experienced significant growth, with individual sales rising nearly 16% and slightly over 14% respectively. Consequently, the global uptick in vehicle production is anticipated to boost the automotive tire market.
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How Does the Automotive Tire Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Automotive Tire Industry?
Companies in the automotive tire sector are directing their efforts towards the creation of airless tires designed for both passenger and commercial automobiles. Such tires, owing to their zero-pressure feature, offer uninterrupted service eliminating any productivity loss for commercial vehicles and also contribute to the enhancement of automotive safety and performance standards. Hankook Tire, a South Korean company, has been a key player in offering an extensive portfolio of tire-related products and services across diverse areas. As a recent addition in October 2022, the company launched Smart iON AU06+ under its innovative iON product line. The product has the distinction of being their first Truck and Bus Radial (TBR) tire. It has been meticulously crafted to meet the specific needs of premium electric vehicles (EVs), tackling issues related to increased weight due to drive batteries and high wheel torque. The improved grip on wet roads provided by the Smart iON AU06+ stands 10% better than its previous version, thereby enhancing safety on roads.
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Which Players Are Driving Innovation 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 Are Driving Global Automotive Tire Market Expansion?
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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Email: saumyas@tbrc.info
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