PUBLISHER: The Business Research Company | PRODUCT CODE: 1435690
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435690
An automotive tire is a rubber ring positioned around the rim of a vehicle's wheel. It serves multiple functions within automobiles, including supporting the vehicle's weight, absorbing shocks from the road, transmitting traction, torque, and braking forces to the road surface, as well as aiding in changing and maintaining the direction of travel. These tires are affixed to rims, and they are typically filled with pressurized air to ensure proper functioning.
The primary rim categories for automotive tires encompass sizes less than 15 inches, 15 to 20 inches, and more than 20 inches, designed to suit vehicles with corresponding rim sizes. Specifically, "less than 15 inches" denotes tires for vehicles equipped with rims smaller than 15 inches. These tires are utilized across various vehicle types including passenger vehicles, commercial vehicles, and electric vehicles. Automotive tires are manufactured in two main types such as radial tires and bias tires. Distribution channels for automotive tires comprise Original Equipment Manufacturer (OEM) sales and aftermarket distribution. These tires are further categorized by seasonal use such as summer, winter, and all-season variations.
The automotive tire market research report is one of a series of new reports from The Business Research Company that provides automotive tire market statistics, including automotive tire industry global market size, regional shares, competitors with a automotive tire market share, detailed automotive tire market segments, market trends and opportunities, and any further data you may need to thrive in the automotive tire industry. This automotive tire market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive tire market size has grown strongly in recent years. It will grow from $132.89 billion in 2023 to $140.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to the growth of the automotive industry, the adoption of radial tires, globalization and changes in supply chain dynamics, adherence to regulatory standards and safety requirements, and shifts in consumer preferences.
The automotive tire market size is expected to see strong growth in the next few years. It will grow to $176.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. Projected growth is driven by market adaptation to changing vehicle types, the rise in autonomous vehicles, sustainability initiatives, demand for all-terrain and all-weather tires, and a shift towards high-performance tires. Key trends include advancements in tire technology, a shift towards electric vehicles (EVs), focus on fuel efficiency, and the use of sustainability and eco-friendly materials.
The automotive tire market is experiencing growth driven by the increasing production of vehicles and the rising popularity of electric cars, pickup trucks, and similar light commercial vehicles. Notably, statistics from the International Organization of Motor Vehicle Manufacturers reveal a substantial increase in the total number of vehicles produced from January to September 2021, reaching 57.2 million units compared to 52.1 million units in the same period in 2020. This surge in vehicle production is anticipated to propel the automotive tire market as it caters to the expanding automotive fleet globally.
The automotive tire market is poised for growth, driven by the ongoing development of electric and hybrid vehicles. Electric vehicles, powered by electricity through electric motors, and hybrid vehicles, which combine multiple power sources, have specific requirements for optimizing energy efficiency, range, and overall performance. Automotive tires play a crucial role in meeting these demands, catering to the distinct characteristics of electric and hybrid drivetrains. The market is witnessing an upswing as reflected in the European Environment Agency's report, indicating a 28.35% increase in registered battery electric cars in Europe, reaching 1,126,682 in 2022 compared to 878,092 in 2021. Additionally, the International Energy Agency reports a nearly doubled sales figure of electric vehicles, totaling 6.6 million in 2021, representing almost 9% of total sales. This surge underscores the pivotal role of automotive tires in supporting the growth of electric and hybrid vehicles.
Automotive tire companies are increasingly investing in the development of airless tires designed for both passenger and commercial vehicles. These zero-pressure tires offer significant advantages, ensuring zero downtime and enhanced productivity for commercial vehicles, while also contributing to improved safety and performance for all vehicle types. In a notable move, Goodyear entered the airless tire market in November 2021, introducing its own airless tire to rival Michelin's Uptis. The innovative design of non-pneumatic tires, shared by Goodyear and Michelin, employs a network of spokes to maintain wheel stiffness, enabling it to function without traditional air pressure. This approach represents a notable shift in tire technology, providing enhanced durability and performance compared to conventional tires.
Major players in the automotive tire market are actively engaged in developing cutting-edge solutions, including tire pressure sensors, to secure a competitive advantage in the industry. Tire pressure sensors, also referred to as TPMS sensors, are compact electronic devices incorporated into each wheel as part of a vehicle's tire pressure monitoring system (TPMS). A recent example is the launch of the XENSIV SP49 tire pressure monitoring sensor by Infineon Technologies AG in September 2023. This sensor integrates pressure and temperature sensors with an application-specific integrated circuit (ASIC), providing enhanced functionality and performance. Featuring a robust 32-bit Arm M0+ core, the sensor enables advanced tire capabilities such as on-tire auto-position sensing, tire inflation assistance, tire blowout detection, and load detection. This innovation reflects the ongoing efforts within the automotive tire market to introduce state-of-the-art technologies that enhance safety, efficiency, and overall tire performance.
In June 2021, the Goodyear Tire and Rubber Company, a well-known US-based tire manufacturing company, successfully acquired the Cooper Tire and Rubber Company for an undisclosed amount. This strategic acquisition brings together two prominent tire companies, merging their complementary product portfolios, services, and capabilities. The aim is to establish a more robust U.S.-based leader in the global tire industry. Cooper Tire and Rubber Company, also based in the United States, is recognized for its expertise in tire manufacturing.
Major companies operating in the automotive tire market report are Continental AG, Bridgestone Corporation, Michelin Group, Goodyear Tire & Rubber Company, Nankang Rubber Tire Corp. Ltd., Sumitomo Rubber Industries Ltd., Hankook & Company Co. Ltd., Pirelli & C. S.p.A, The Yokohama Rubber Co. Ltd., MRF Limited, Trelleborg AB, Toyo Tire Corporation, Sailun Group Co. Ltd., Cheng Shin Rubber Ind. Co. Ltd., Cheng Shin Rubber Industry Co., Apollo Tyres Ltd., Giti Tire Global Trading Pte. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire Co. Inc., Linglong Tire Co. Ltd., Cooper Tire & Rubber Company, Nexen Tire Corporation, Nokian Tyres PLC, JK Tyre & Industries Ltd., CEAT Limited, Triangle Tyre Co. Ltd., Double Coin Holdings Ltd., Aeolus Tyre Co. Ltd., Salsons Impex Pvt. Ltd., Shinko Tires USA
Asia-Pacific was the largest region in the automotive tire market in 2023. The regions covered in the automotive tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive tire market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive tire market consists of sales of synthetic polymers, natural rubbers, fillers, antioxidants, and antiozonants. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Tire Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive tire market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive tire ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive tire market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.