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.
From 2017 to 2022, the automotive tyre market experienced a CAGR of 6.3%. In 2022, the market was worth US$ 472.9 billion. In the last few years, we’ve seen a rapid increase in vehicle ownership, increased demand for high-performance cars, and rising automotive industry output. While the current trend of significant investments in research and development to increase efficiency will have a beneficial impact on market prospects in the medium term, these factors are anticipated to fuel market growth over the short term.
The enormous demand for electric and hybrid vehicles also drives tyre producers to create adapted and lightweight tyres specifically for these vehicles. In order to reach more consumers and provide better service, many of these manufacturers now work with online retail platforms revenue. This is anticipated to augur well for the market in the long term.
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The market is driven by a thriving automotive industry, which is seeing soaring output, strong demand for passenger cars, and an increase in the use of cutting-edge technologies in the production of automotive tyres. However, it is anticipated that tyre retreading may hinder the expansion of the automobile tyre market. Due to the significant material and money it saves, tyre remanufacturing is gaining popularity quickly these days. As a result, the benefits of tyre retreading or tyre manufacture are becoming more widely known, which is anticipated to restrain the expansion of the automotive tyre market 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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