The global automotive tire market is predicted to witness a positive CAGR of 6.6% from 2023 to 2033. The target market is slated to amass a revenue of US$ 958.8 billion by 2033, rising from an estimated US$ 503.9 billion in 2023. The advancing automobile market across the globe, technological innovations in automotive tires, and heightened emphasis on safety norms are certain aspects that drive the growth of the automotive tire market during the projection period. The increased average life of vehicles, a surge in miles driven per year, and emphasis on maintenance and safety further aid the growth of the market.
Historically, the automotive tire market registered a CAGR of 6.3% from 2017 to 2022. The market was valued at US$ 472.9 billion in 2022. Recent years have observed a sharp incline in vehicle ownership, rising demand for high-performance vehicles, and growing production in the automotive sector. These factors are expected to fuel the market growth during the short term while the prevailing trend of heavy investments in research and development to enhance efficiency will have a positive impact on market prospects in the medium term.
Additionally, the immense popularity of electric vehicles encourages manufacturers to produce modified and lightweight tires specially made for electric and hybrid vehicles. Many of these manufacturers also collaborate with online retail services to expand consumer reach and improve service and revenue. This is anticipated to augur well for the market in the long term.
Get Access to Sample Now:
https://www.futuremarketinsights.com/reports/sample/rep-gb-2686
A booming automobile sector with surging production coupled with a high demand for passenger cars and rising adoption of advanced technology in the manufacturing of automotive tires drive the market and create new opportunities for growth for the same. However, tire retreading is expected to obstruct the growth of the automotive tire market. The tire re-manufacturing process is gaining rapid traction in recent years as it saves a considerable amount of material and cost. Thus, the growing awareness of the benefits of tire retreading or tire manufacturing is popularizing the same and will likely limit the growth of the automotive tire market in the forthcoming years.
Key Takeaways:
- The automotive tire market in the US will expand at a CAGR of 6.7%; driven by favorable government policies.
- Increasing production of motorcycles will propel the Indian automotive tires market to a value of US$ 77.6 billion by 2033.
- By tire structure type, the radial category will exceed US$ 550.2 billion by 2031.
- In terms of vehicle type, the commercial vehicles category will expand at a CAGR of 6.4% between 2023 and 2033.
Competitive Landscape
Continental AG, Bridgestone, Michelin, Pirelli, and Goodyear Tire and Rubber Company, among others, are some of the leading players in the automotive tire market profiled in the full version of the report.
Eminent market players are keen on partnerships and collaborations with other participants to adopt new technologies into product development which, in turn, would assist with novel product launches and increase their product portfolio. A few of the market participants are keen on establishing manufacturing units in emerging units to capitalize on cheap labor and the availability of raw materials. In recent developments, Michelin launched its MICHELIN Primacy 4ST tires in India in June of 2021. Michelin tires also partnered with Hyundai Motor on a technical basis with a focus on developing next-generation tires for electric and luxury vehicles. In 2021, Apollo tires also announced the launch of its new range of tires under its Dutch brand, Vredestein, in India.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-2686
Automotive Tires Market Segmentation
By Vehicle Type:
- 2/3 Wheeler (<18”, >=18”)
- Passenger Vehicle (<=15”, 16”-19”, >=20”)
- Commercial Vehicle
- Light Commercial Vehicle (<=15”, 16”-19”, >=20”)
- Heavy Commercial Vehicle (<=20”, 21”-24”, >=24”)
- Specialty Vehicle
By Tire Structure:
- Radial (Tube, Tubeless)
- Bias
By Sales Channel:
- OEM
- Aftermarket
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
Speak to our Research Expert:
https://www.futuremarketinsights.com/ask-question/rep-gb-2686
More Insights Into Automotive Tire Market
In its latest report, FMI offers an unbiased analysis of the global automotive tire market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. This report offers a detailed analysis of the sales forecast, market drivers, restraints, opportunities, and recent developments in the automotive tire market for 2023 and 2033. To offer a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of vehicle type, tire structure, sales channel, end-user, and region.
According to the reports, based on segmentation, the aftermarket sales channel category will undergo a notable upsurge in sales due to many automobile manufacturers partnering with tire manufacturers to meet their specific demands. The commercial vehicle type will continue to dominate the market with a CAGR of 6.4%. Based on region, the automotive tire market in the US will demonstrate substantial growth with a value of US$ 112.8 billion in 2033. Increasing sales of electric vehicles, the emergence of technologically advanced autonomous vehicles, and the activities of key market players will drive market growth in the US. Other countries like Germany, Japan, and India, among others, will also contribute to the global growth of the automotive tire market.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact:
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Browse All Reports: https://www.futuremarketinsights.com/reports
LinkedIn| Twitter| Blogs
