The automotive tire market growth is poised for substantial growth, with an estimated value of US$ 503.91 billion in 2023, projected to generate US$ 928.3 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 6.3%. This growth is fueled by several key factors shaping the automotive tire industry.
Firstly, the increasing popularity of electric vehicles (EVs) has heightened the focus on minimizing rolling resistance to enhance energy efficiency. As consumers seek to maximize the range and performance of their EVs, tire manufacturers are innovating to develop tires that offer lower rolling resistance, thereby contributing to improved energy efficiency and longer battery life.
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Furthermore, consumer preferences are shifting towards tires that deliver high performance under various conditions, including different weather and road conditions. This trend is driving demand for tires with advanced traction, handling, and durability characteristics, ensuring optimal performance and safety across diverse driving environments.
Additionally, all-season and all-terrain tires are experiencing significant popularity due to their versatility and capability to handle a wide range of weather and road conditions. As consumers prioritize convenience and versatility in their tire choices, the demand for these types of tires continues to grow, further propelling market growth.
Overall, the automotive tire market is witnessing robust growth driven by the increasing adoption of EVs, consumer demand for high-performance tires, and the popularity of versatile all-season and all-terrain tires. These trends underscore the dynamic nature of the automotive tire industry as it evolves to meet the changing needs and preferences of consumers worldwide.
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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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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