Lowest Price Guaranteed
Slides
169
Last Updated
January 2025
View Count
11430
The automotive tire market size is projected to grow from $264.2 billion in 2024 to $632.8 billion by 2035, representing a CAGR of 8.26% during the forecast period 2024-2035.
 |
To learn more about this report, request a free sample copy
The new tire market research study consists of industry trends, detailed market analysis, key tire industry trends of market, mega trends, unmet needs, patent analysis, porter five forces, SWOT analysis and value chain analysis.
In the first half of 2024, electric vehicles saw a strong adoption as sales grew by 25% as compared to the previous year. The global automotive tire market is an integral segment of the automotive market, playing a crucial role in vehicle performance and passenger safety. Further, tires provide traction, absorb shocks, fuel efficiency and overall enhanced driving experience in any automotive. It is worth highlighting that there are new advancements in tire technology, such as enhanced safety features, better fuel economy, and longer lifespans. Further, the adoption for ecofriendly automotive tires is expected to grow. As the automotive industry shifts towards electric vehicles from conventional fuel, tired industry has to adapt and modify to meet new industry needs.
The automotive natural gas vehicle industry is continuously changing, driven by innovation and tire technological advancements. This shift has helped in developing automotive tire for providing more efficient and high-performance in automobiles. Further some of the technological innovations and advancement include smart tire technology that provide real-time data on pressure and temperature and introduction of airless tires. One of other advancement includes global shift towards sustainability sources, which has led to a growing adoption of renewable rubbers and optimizing materials, there by addressing environmental concerns. Additionally, it is supported by government incentives and investments in refueling infrastructure.
It is worth noting that, in June 2024, Global tire manufacturers such as Michelin, Bridgestone and Good Year have ramped up their investments in India, spurred by the government's Production-Linked Incentive (PLI) scheme, with total investments projected around Rs 3,000 crore.
The automotive tire market report presents an in-depth analysis of the various service providers that are involved in offering automotive tire market, across different segments, as defined in the table below:
| Key Report Attributes | Details | |
| Historical Trend | 2019-2023 | |
| Base Year | 2023 | |
| Forecast Period | 2024-2035 | |
| Market Size Value in 2024 | $ 264.2 Billion | |
| Market Size Value by 2035 | $ 632.8 Billion | |
| Growth Rate | CAGR of 8.26% from 2024 to 2035 | |
| Type of Tire |
|
|
| Type of Rim Size |
|
|
| Type of Season |
|
|
| Type of Vehicle |
|
|
| Type of Application |
|
|
| Type of Distribution Channel |
|
|
| Geographical Regions |
|
|
| Leading Market Players |
|
|
| PowerPoint Presentation (Complimentary) |
Available | |
| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
|
|
The global automotive tire market is segmented into various types of tires, such as bias and radial. Currently, according to our global tire market analysis, the radial segment augments the segment's growth with the largest market share of around 70% . Further, this segment is expected to grow with the relatively higher CAGR in the near future. This is ascribed to their superior performance characteristics, including enhanced fuel efficiency, better durability, and improved handling at high speeds, making them the preferred choice for modern vehicles.
The global automotive tire market is split into different type of rim size, such as 13"-15", 16"-18", 19"-21" and >21". Currently, among the categories, the 13"-15" segment is expected to gain over 30% automotive tire market share. This can be attributed to increasing demand for small cars, such as hatchbacks and subcompacts, which typically utilize these smaller rim sizes. However, 19"-21" segment is expected to witness the relatively higher growth rate of 9.8% until 2035. This can be ascribed to the increasing popularity of larger vehicles, such as SUVs and crossovers, which typically require larger tires. Additionally, demand for high-performance and premium tires in this segment is also rising as consumers seek enhanced safety and driving experiences.
The global automotive tire market is split into different type of season, such as all season, summer and winter. Currently, among the categories, the all-season segment is expected to gain the more than 45% automotive tire market share. Additionally, this segment is expected to witness relatively higher growth rate of 9.35% until 2035. This can be attributed primarily due to their versatility and adaptability to a wide range of weather conditions, making them a practical choice for consumers seeking year-round usability.
The global automotive tire market is split into different type of vehicle, such as heavy-duty vehicle, light-duty vehicle, medium-duty vehicle, passenger cars and others. Currently, among the categories, the passenger cars segment is expected to gain more than 40% of automotive tire market share. Additionally, this segment is expected to witness relatively higher growth rate of 9.73% until 2035. This can be attributed to increasing consumer demand for personal mobility, technological advancements in tire performance, and a shift towards more efficient and high-performance tires.
The global automotive tire market is split into different type of application, such as on the road and off the road. Currently, among the categories, the on the road segment is expected to gain more than 65% of automotive tire market share. Additionally, this segment is expected to witness relatively higher growth rate of 8.67% until 2035. This can be attributed to increasing demand for passenger vehicles, driven by rising disposable incomes and urbanization, significantly boosting the on-road tire market.
The global automotive tire market is fragmented into multiple types of distribution channel namely direct sales, distributor and retailer. Currently, the distributor segment is anticipated to dominate the segment with the highest market share. Additionally, this segment is expected to witness relatively higher growth rate of 8.65% until 2035. This can be attributed to their ability to efficiently manage the tire supply chain analysis and reach a wider customer base, online tire sales growth and their established extensive networks, allowing them to effectively connect manufacturers with retailers and end-users.
This segment highlights the distribution of the automotive tire market across various geographical regions such as North America, Europe, Asia, Latin America, Middle East, North Africa, and the rest of the world. According to our global premium tire market analysis, North America exhibits dominance in the market with the majority of the automotive tire market share nearly 40%. Primary reasons for this dominance include its well-established automobile manufacturing industry, robust transportation infrastructure, and a strong focus on technological advancements. However, Asia is projected to drive the market at a relatively higher CAGR during this forecast period due to low labor costs, rising living standards, high domestic consumption and growth driven by driven by emerging economies like China and India.
The “Automotive Tire Market, Till 2035: Industry Trends and Global Forecasts" report features an extensive study of the current market landscape, automotive tire market size and future opportunity within their automotive tire market, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the tire manufacturing industry report industry. Key takeaways of the automotive tire market research report are briefly discussed below.
The increasing production and sales of automotives, particularly in the Asia region is one of the notable factors driving the automotive tire market growth. Further, the expanding global automotive fleet necessitates ongoing tire replacements, while technological advancements in tire manufacturing enhance performance and safety have substantially contributed to uplifting the automotive tire market demand. Secondly, rising disposable incomes in emerging markets lead to greater purchases of SUVs and crossovers, influencing consumer preferences towards durable and versatile tires are the key driving factors. For example, in July 2024, Yokohama Rubber announced plans to build a new passenger car tires in its manufacturing facility in China's Hangzhou City, with an initial annual capacity of 9 million tires and potential for future expansion.
Porter’s five forces is a method for analyzing the competitive environment of automotive tire domain, focusing on five key forces that determine industry attractiveness and profitability in the long run.
With the presence of several small and large automotive tire companies, the market is experiencing intense competition and changing tire market dynamics. From large multinational companies to local automotive tire players, companies are striving to enhance their competitive edge. In terms of market share, large enterprises and multinational companies are dominating the market. While small automotive tire players are continuously improving their products to cater to niche markets, or they are offering specialized services. These industry players are focusing on adopting competitive strategies, such as developing innovative efficient techniques, forming strategic alliances and partnerships to expand their portfolios and global footprint, investing in recent developments and new feature launches to enhance their offerings. Recently, Jim Farley, CEO of Ford raised concerns on affordability and profitability of EVs by stating you need to implement a significant transformation as an automaker to achieve profitability with electric vehicles. The initial step is to focus all our resources on developing smaller, more affordable EVs.
The automotive tire market is facing several challenges in the near future, few of the major challenges are workforce recruitment issues and stringent regulatory compliance. The volatility in prices of raw material due to global economic conditions, geopolitical events, and climate impacts can significantly affect production costs and pricing strategies. Further, it can hinder investment in automotive tire technologies. Additionally, the rise of electric vehicle tire market trends, sales necessitate the development of specialized tires, requiring manufacturers to invest in innovative technologies. Addressing these economic, technical, environmental and regulatory challenges will be crucial for the sustainable tires market research development for automotive market.
North America currently holds a substantial share of approximately 45% in the automotive tire industry market opportunity. This dominance can be attributed to several factors, including supportive government regulations, economic growth, high production capacity and cost effectiveness. Further, robust automotive industry, high vehicle ownership rates, and a strong demand for technologically advanced tires are a few of the major governing reasons for growth in this region.
Examples of companies involved in the automotive tire market (which have also been captured in this market report, arranged in alphabetical order) include Bridgestone, CEAT Specialty, Continental, Cooper Tire & Rubber, Dunlop Tires, Goodyear Tire and Rubber, Hankook Tire, Kumho Tires, Michelin, Nexen Tire, Nokian Ti`res, Pirelli, Sumitomo Rubber Industries, Titan Tire, Toyo Tire, Trelleborg, Vogue Tire and Yokohama Rubber. This market report includes an easily searchable Excel database of all the companies who offer automotive tire.
The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain, across different segments. Amongst other elements, the market report includes:
At Roots Analysis, we genuinely care about your success and understand that your business requirements are unique. While our market research reports provide valuable insights, we recognize that they might not cover every aspect you need to make well-informed strategic decisions. To account for that, we offer 15% free report customization tailored to your specific needs. Whether you require additional quantitative analysis, qualitative insights, or any other information related to the automotive tire market, reach out us today at: support@rootsanalysis.com