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In 2022, the size of the automotive tire market was estimated at USD 120.9 billion. During the projection period (2023 - 2030), the automotive tire market industry is anticipated to increase from USD 134.9 billion in 2023 to USD 334.10 billion, registering a compound yearly growth rate (CAGR) of 13.10%. Low rolling resistance tires and technological developments in tire production are the main market drivers boosting industry expansion.
Automotive tires are pneumatic devices attached on the wheels of the car that transmit the power from the engine to the ground. Natural rubber, synthetic rubber, wire, and fabric are the main components of tires. To protect wheels and ensure that a vehicle has enough traction, tires with rubber ovals are utilized. If the car has enough traction, the driver won't have any trouble steering it. Each tire model is distinct due to its own rubber composition, which comes in a range of hardness and temperature resistance. Both the outer, which touches the road, and the inner, which touches the wheel, of tires are made of rubber with a steel mesh. This boosts the tire's toughness and durability, reducing the likelihood of a blowout.
Due to recent technical improvements, improved road infrastructure, better driving conditions, and other reasons, the average lifespan of a vehicle has increased. The average lifespan and annual mileage of a vehicle have increased, opening up new potential prospects for aftermarket tire makers. The Federal Highway Administration of the US Department of Transportation estimates that a passenger car travels 13,476 miles annually on average. This adds up to more than a thousand kilometers every month. The increased lifespan and mileage of vehicles have had a mixed effect on the automotive tire industry. On the one hand, the decline in tire demand has put pressure on the sector. On the other hand, it has also resulted in a greater focus on tire performance and sustainability, as evidenced by an increase in research and development expenditures.
The price of the component is significantly influenced by the raw material in the car tire business. Natural rubber, synthetic rubber, carbon black, steel, cloth, and plasticizers are all raw materials used to make tires. The most important raw materials are natural and synthetic rubber, therefore changes in demand, use, and price have a big impact on tire costs. The Association of Natural Rubber Producing Countries estimates that there was a 700,000 metric ton deficit in natural rubber supply in 2017. In May 2022, however, there was an increase in the global supply of natural rubber of 991,000 tons. Natural rubber prices have varied significantly over the past ten years, which has had a significant impact on tire producers and vehicle tire prices.
As cars live longer and are driven fewer miles, the demand for new tires has decreased as tire longevity has increased. The aftermarket tire market has been under pressure as a result, as sales have decreased. On the other hand, as tires have lasted longer, there is a greater need for tire maintenance and repair services. Tires need to be rotated, balanced, or repaired more frequently as they last longer. The aftermarket tire business has now been given new prospects, and sales of these services have expanded. The aftermarket tire sector has been adversely affected by the improvement in tire longevity overall. However, by concentrating on tire care and repair services, the business has been able to adapt. This has made it possible for the industry to continue making money when new tire sales have decreased.
The rubber-based, circular automotive tire is used to externally cover the rim of the wheel. The tire's primary job is to provide tractive force between the vehicle and the road surface while also protecting the wheel rim. Because it is made of rubber, it also offers a flexible cushion, decreasing the impact of vibrations and absorbing vehicle shock. The components of a rubber tire are tread, jointless cap heaps, beads, and other materials including synthetic rubber, carbon black, and fabric. Due to the rise in demand for vehicle production to meet the spike in demand for automobiles across all segments, the need for tires is increasing exponentially. As a result, the production of cars ultimately determines tire demand.
The CAGR for the automotive tire industry is being driven by increased rivalry among tire producers. Due to cheap labor costs in emerging countries, which further reduce production costs and aid in meeting the growing demand for vehicles, significant automakers continue to invest there. The demand for autos has expanded significantly over the past 10 years, and the tire industry has used collaborative and consolidation manufacturing techniques. The automotive industry has expanded exponentially at the same time. The automotive tire industry grows as a result. The "Dynapro AT2" is an off-road and on-road SUV tire made by Hankook Tire. These tires deliver excellent performance in all driving circumstances thanks to their silence, smooth ride, and potent off-road prowess.
Rapid industrialization has caused the automobile sector to expand significantly recently, which has increased sales of commercial vehicles like trucks, tractors, and trailers. Growing sales of luxury passenger cars and premium category bikes are influenced by rising disposable income and living standards as well. Additionally, it is anticipated that during the projection period, sales of electric vehicles will rise. The declining cost of electric vehicle components like batteries, transmissions, and alternators is another factor boosting sales of electric cars.
Report Coverage
Global Automotive Tire research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Tire report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Tire competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Tire market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Tire market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Tire market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Michelin (France), Bridgestone (Japan), Continental AG (Germany), Hankook Tire (South Korea) , Pirelli & C S.p.A. (Italy), Toyo Tire Corporation (Japan), Kurho Tire (South Korea) , Giti Tire (Singapore), Maxxis International (Taiwan) . Nexen Tire Corporation (South Korea), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd, CEAT Limited, Hankook & Company Co., Ltd., JK Tyre & INDUSTRIES LTD., MRF Limited, Nokian Tyres PLC, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd.,, Wanli Tire Co., Ltd., Zhongce Rubber Group Co., Ltd.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Tire market based on the below-mentioned segments:
Global Automotive Tire Market, By Vehicle Type
Passenger Vehicle
Commercial Vehicle
Electric vehicle
Global Automotive Tire market, By Rim Size
Less Than 15 Inches
15 to 20 Inches
More than 20 Inches
Global Automotive Tire Market, By Season Type
Summer
All-Season and Winter
Global Automotive Tire market, Regional Analysis
Automotive tires are pneumatic devices attached on the wheels of the car that transmit the power from the engine to the ground. Natural rubber, synthetic rubber, wire, and fabric are the main components of tires. To protect wheels and ensure that a vehicle has enough traction, tires with rubber ovals are utilized. If the car has enough traction, the driver won't have any trouble steering it. Each tire model is distinct due to its own rubber composition, which comes in a range of hardness and temperature resistance. Both the outer, which touches the road, and the inner, which touches the wheel, of tires are made of rubber with a steel mesh. This boosts the tire's toughness and durability, reducing the likelihood of a blowout.
Due to recent technical improvements, improved road infrastructure, better driving conditions, and other reasons, the average lifespan of a vehicle has increased. The average lifespan and annual mileage of a vehicle have increased, opening up new potential prospects for aftermarket tire makers. The Federal Highway Administration of the US Department of Transportation estimates that a passenger car travels 13,476 miles annually on average. This adds up to more than a thousand kilometers every month. The increased lifespan and mileage of vehicles have had a mixed effect on the automotive tire industry. On the one hand, the decline in tire demand has put pressure on the sector. On the other hand, it has also resulted in a greater focus on tire performance and sustainability, as evidenced by an increase in research and development expenditures.
The price of the component is significantly influenced by the raw material in the car tire business. Natural rubber, synthetic rubber, carbon black, steel, cloth, and plasticizers are all raw materials used to make tires. The most important raw materials are natural and synthetic rubber, therefore changes in demand, use, and price have a big impact on tire costs. The Association of Natural Rubber Producing Countries estimates that there was a 700,000 metric ton deficit in natural rubber supply in 2017. In May 2022, however, there was an increase in the global supply of natural rubber of 991,000 tons. Natural rubber prices have varied significantly over the past ten years, which has had a significant impact on tire producers and vehicle tire prices.
As cars live longer and are driven fewer miles, the demand for new tires has decreased as tire longevity has increased. The aftermarket tire market has been under pressure as a result, as sales have decreased. On the other hand, as tires have lasted longer, there is a greater need for tire maintenance and repair services. Tires need to be rotated, balanced, or repaired more frequently as they last longer. The aftermarket tire business has now been given new prospects, and sales of these services have expanded. The aftermarket tire sector has been adversely affected by the improvement in tire longevity overall. However, by concentrating on tire care and repair services, the business has been able to adapt. This has made it possible for the industry to continue making money when new tire sales have decreased.
The rubber-based, circular automotive tire is used to externally cover the rim of the wheel. The tire's primary job is to provide tractive force between the vehicle and the road surface while also protecting the wheel rim. Because it is made of rubber, it also offers a flexible cushion, decreasing the impact of vibrations and absorbing vehicle shock. The components of a rubber tire are tread, jointless cap heaps, beads, and other materials including synthetic rubber, carbon black, and fabric. Due to the rise in demand for vehicle production to meet the spike in demand for automobiles across all segments, the need for tires is increasing exponentially. As a result, the production of cars ultimately determines tire demand.
The CAGR for the automotive tire industry is being driven by increased rivalry among tire producers. Due to cheap labor costs in emerging countries, which further reduce production costs and aid in meeting the growing demand for vehicles, significant automakers continue to invest there. The demand for autos has expanded significantly over the past 10 years, and the tire industry has used collaborative and consolidation manufacturing techniques. The automotive industry has expanded exponentially at the same time. The automotive tire industry grows as a result. The "Dynapro AT2" is an off-road and on-road SUV tire made by Hankook Tire. These tires deliver excellent performance in all driving circumstances thanks to their silence, smooth ride, and potent off-road prowess.
Rapid industrialization has caused the automobile sector to expand significantly recently, which has increased sales of commercial vehicles like trucks, tractors, and trailers. Growing sales of luxury passenger cars and premium category bikes are influenced by rising disposable income and living standards as well. Additionally, it is anticipated that during the projection period, sales of electric vehicles will rise. The declining cost of electric vehicle components like batteries, transmissions, and alternators is another factor boosting sales of electric cars.
Report Coverage
Global Automotive Tire research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Tire report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Tire competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Tire market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Michelin (France), Bridgestone (Japan), Continental AG (Germany), Hankook Tire (South Korea) , Pirelli & C S.p.A. (Italy), Toyo Tire Corporation (Japan), Kurho Tire (South Korea) , Giti Tire (Singapore), Maxxis International (Taiwan) . Nexen Tire Corporation (South Korea), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd, CEAT Limited, Hankook & Company Co., Ltd., JK Tyre & INDUSTRIES LTD., MRF Limited, Nokian Tyres PLC, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd.,, Wanli Tire Co., Ltd., Zhongce Rubber Group Co., Ltd. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Tire Market from 2021 to 2030.
- Market Forecast for Automotive Tire Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Tire competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Tire
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Tire market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Tire market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Michelin (France), Bridgestone (Japan), Continental AG (Germany), Hankook Tire (South Korea) , Pirelli & C S.p.A. (Italy), Toyo Tire Corporation (Japan), Kurho Tire (South Korea) , Giti Tire (Singapore), Maxxis International (Taiwan) . Nexen Tire Corporation (South Korea), Sumitomo Rubber Industries (Japan), Apollo Tyres Ltd, CEAT Limited, Hankook & Company Co., Ltd., JK Tyre & INDUSTRIES LTD., MRF Limited, Nokian Tyres PLC, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd.,, Wanli Tire Co., Ltd., Zhongce Rubber Group Co., Ltd.
Primary Target Market
- Market Players of Automotive Tire
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Tire market based on the below-mentioned segments:
Global Automotive Tire Market, By Vehicle Type
Passenger Vehicle
Commercial Vehicle
Electric vehicle
Global Automotive Tire market, By Rim Size
Less Than 15 Inches
15 to 20 Inches
More than 20 Inches
Global Automotive Tire Market, By Season Type
Summer
All-Season and Winter
Global Automotive Tire market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive automotive tire market market research and competitor analysis for your business to help you develop more profound insights into the automotive tire market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the automotive tire market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.