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.
In terms of market demand for automobile tires, the UK is in the lead. Over the course of the projected period, a CAGR of 7.2% is anticipated for the market. Concerns about the environment and fuel economy can have a big impact on tire demand.
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The stringent safety norms pertaining to road are expected to surge the sales of automotive tires during the forecast period. A sharp increase in the number of accident cases owing to bad quality tires has motivated the investors to spend huge amounts behind the development of top-notch tires.
Rise in the disposable income, coupled with rapid urbanization is also expected to surge the demand for automotive tires during the forecast period. Apart from that, low production cost and lenient emission rules in certain parts of the world is also expected to have a positive outlook on the market.
Moreover, the current generation automotive tires have been designed on the grounds of latest technology. This has led to the development of properly mounted, correctly inflated, and balanced automotive tires. This is expected to have a positive effect on the automotive tires market key trends and opportunities.
Furthermore, an increase in the sales of passenger cars is also expected to bring about optimism in the market. The SUVs in general are having a strong penchant in Asia Pacific, particularly in India and China. Even the technological advancements are expected to surge the market share of automotive tires. Owing to this, the manufacturers have developed green tires which are gaining traction especially amongst the youngsters.
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
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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.
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