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. During the projection period, The global automobile industry’s expansion, improvements in vehicle tyre technology, and increased attention to safety requirements will all lead to growth in the automotive tyre market. The market is growing as a result of longer vehicle lifespans, higher annual miles, and more emphasis on maintenance and safety.
The automotive tyre market saw a CAGR of 6.3% from 2017 to 2022. The market has a value of US$472.9 billion in 2022. The demand for high-performance cars has surged, vehicle ownership has risen quickly, and the output of the automotive sector has expanded recently. These factors are projected to quicken market expansion in the near future, and the current trend of significant investments in R&D to increase productivity will favourably affect market prospects in the mid-term.
The huge demand for electric and hybrid cars also pushes tyre manufacturers to develop specialised, lightweight tyres for these automobiles. Many of these businesses now collaborate with online retail platforms to reach more consumers, improve service, and increase both sales and profit. This is seen to be positive for the market in the long run.
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The market is supported by a booming automotive sector that is seeing rising output, robust demand for passenger automobiles, and an increase in the usage of cutting-edge technology in the manufacture of automotive tyres. Retreading tyres is expected to impede the growth of the automotive tyre market, nevertheless. Tyre remanufacturing is quickly gaining favour these days because of the enormous resources and money it saves. Because of this, the advantages of tyre manufacturing or retreading are becoming more known, which is expected to limit the growth of the automotive tyre industry in the years to come.
Key Takeaways:
- The automotive tire market in the US will expand at a CAGR of 6.7%; driven by favorable government policies.
- Increasing production of motorcycles will propel the Indian automotive tires market to a value of US$ 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.
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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
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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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.
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