The automotive tire market is expected to grow at a CAGR of 6.6% from 2023 to 2033. The market is valued at US$ 503.9 Billion as of 2023, and by 2033, the market is expected to hit a valuation of US$ 958.8 Billion.
The Automotive Tire Market refers to the global industry involved in the manufacturing, distribution, and sale of tires for various types of vehicles, including passenger cars, commercial vehicles, and off-road vehicles. This market is influenced by several factors, including vehicle production trends, technological advancements, regulatory requirements, and consumer preferences. Here are some key aspects and trends in the Automotive Tire Market:
Vehicle Production Trends: The demand for automotive tires is closely tied to the production of vehicles. Growth in the automotive industry, particularly in emerging markets, contributes to increased demand for tires. Factors such as economic conditions, consumer purchasing power, and government policies affecting vehicle production impact tire sales.
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Tire Replacement Market: In addition to new tire sales, the replacement market plays a significant role in the Automotive Tire Market. As vehicles age and tires wear out, there is a continuous demand for replacement tires. Factors such as tire durability, performance, and pricing influence replacement tire purchases.
Tire Types and Segments: The Automotive Tire Market encompasses a wide range of tire types and segments tailored to different vehicles and applications. This includes passenger car tires, light truck tires, commercial truck tires, off-road tires, and specialty tires for specific purposes such as racing or winter driving. Each segment has its own set of requirements and performance characteristics.
Technological Advancements: Advancements in tire technology play a crucial role in the Automotive Tire Market. Innovations such as run-flat tires, low rolling resistance tires, all-season tires, and smart tires equipped with sensors for monitoring tire pressure and temperature contribute to improved safety, fuel efficiency, and overall performance.
Environmental Sustainability: Increasing concerns about environmental sustainability are driving the development of eco-friendly tires. Manufacturers are focusing on reducing tire rolling resistance to improve fuel efficiency, using sustainable materials in tire production, and exploring options for tire recycling and reuse to minimize environmental impact.
Regulatory Requirements: Regulatory standards and requirements related to tire safety, performance, and labeling vary by region and influence the Automotive Tire Market. Compliance with regulations such as tire labeling requirements, tire pressure monitoring systems (TPMS), and tire safety standards impacts tire design, manufacturing processes, and marketing strategies.
Market Competition: The Automotive Tire Market is highly competitive, with numerous global and regional tire manufacturers competing for market share. Competition is based on factors such as product quality, brand reputation, pricing, distribution network, and customer service. Mergers, acquisitions, and strategic alliances among tire manufacturers are common strategies to strengthen market position and competitiveness.
Overall, the Automotive Tire Market is dynamic and influenced by various factors, including vehicle production trends, technological advancements, regulatory requirements, and consumer preferences. Continued innovation and adaptation to evolving market dynamics are essential for tire manufacturers to thrive in this competitive industry.
Thus, from the insights provided by FMI researchers, it can be inferred that “increasing focus on safety norms, technological innovation in the automobile sector and a number of other factors are expected to surge the automotive tires market share during the forecast period.”
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Key Takeaways:
- The automotive tires market is expected to grow at a CAGR of 6.6% during the forecast period.
- As of 2023, the market is valued at US$ 503.9 Bn.
- By 2033, the market is expected to reach a valuation of US$ 958.8 Bn.
- Based on the regional analysis, Asia Pacific is expected to be the largest market during the forecast period.
- The USA automotive tires market is projected to grow at a CAGR of 6.7%.
- The Brazil market is projected to grow at a CAGR of 4.6%.
- The Argentina market is projected to grow at a CAGR of 5.7%.
- The India market is projected to grow at a CAGR of 7.4%.
- The China automotive tires market is projected to grow at a CAGR of 7.3%.
- On the basis of vehicle type, the commercial vehicles segment is expected to hold the largest market share, growing at a CAGR of 6.4% during the forecast period.
- On the basis of sales channel, the aftermarket segment is expected to have the highest market share, growing at a CAGR of 6.6% during the forecast period.
- On the basis of tire structure type, the radial automotive tires are expected to hold the largest market share during the forecast period, exceeding US$ 550.2 Bn by 2031.
Competitive Landscape
The key players operating in the market are focusing on the mergers and acquisitions. The companies are merging with one another mainly to access the technologies available with both parties. Apart from that, the market expansion strategy also happens to be one of the key reasons. The key players are also collaborating with the manufacturers from the electric vehicles niche as the market of electric vehicles has a lot of scope going ahead.
The Major Manufacturers of Automotive Tires Market Are:
- Continental AG
- Bridgestone
- Michelin
- Goodyear tire and rubber company
- Pirelli
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Some of the Recent Developments in the Automotive Tires Market Are:
- In November 2022, Continental AG announced that it would be making use of skai surfaces to deliver a wide range of solutions for interior fittings on board ships.
- In September 2022, Bridgestone announced that it would be investing US$ 60 million to expand the Abilene Bandag Retread Tire Plant.
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
- APEJ
- Japan
- MEA
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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