Automotive Tires Market – Global Forecast to 2025

The Automotive Tires Market is projected to grow at a CAGR of 1.8% to reach a market size of $113.1 billion by 2025 from $101.7 billion in 2019. The replacement market is primarily driven by the increasing average life of vehicles and average annual miles travelled by light-duty vehicles.

Some of the key manufacturers operating in the market are Bridgestone Corporation (Japan), Continental AG (Germany), Goodyear Tire & Rubber Company (The U.S.), Michelin (France), and Pirelli & C. S.p.A (Italy). There are certain key innovators gaining attention in the tires market including CODA Development (Czech Republic), Kumho Tires (South Korea), and Nokian Tyres (Finland).

Passenger car vehicle type is expected to dominate the tires market for OE and replacement. According to OICA, the passenger car production is estimated to be 58.7 million units. Also, passenger car production is expected to account for ~70% of the total vehicle production in 2019 for select countries. With an increase in sales and an increased average life of passenger cars, the passenger car fleet has also risen over the period. Based on another report from OICA, the passenger car parc is estimated to witness slight growth in 2019 as compared to 2018. This rise in sales and parc of passenger cars has influenced the demand for tires in OE as well as in the replacement market. However, factors such as increased average replacement life of tires with the advancement in the technologies, and fluctuating raw material prices may hamper the tire demand in the aftermarket.

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This rim size is usually used in passenger cars with GVWR <3.0 tons. Passenger cars that fall in hatchbacks, & compact sedan segments are equipped with these rim sized tires. For instance, models such as Hyundai Avante, Volkswagen Polo, VW Rapid, Hyundai Accent, and others are equipped with 13”-15” rim size tires. These passenger car types are leading in terms of sales in Asian countries as well as other parts of the globe. Hence, the demand for 13”-15” rim size tires is the highest. For instance, top-selling passenger cars in China are Hyundai Avante, Nissan Bluebird, Toyota Corolla, Ford Escort VW Santana among others and they are equipped with 13”-15” rim size tires. Hence, an increasing number of hatchbacks and compact sedans on the road is driving the aftermarket for 13”-15” rim size tires.

Asia-Oceania is estimated to dominate the tires market for OE and replacement. The growth in Asia-Oceania is attributed to increasing vehicle production in Asian countries, which includes China, India, Japan, and South Korea. The Asia Pacific spearheaded by China and India holds the lion’s share in vehicle production across the globe. The increase in sales of the vehicles is owing to various factors such as increasing per capita income coupled with the growing demand for SUVs and premium segment vehicles. On the other hand, the tires aftermarket is driven by growth in automobile ownership per capita and the shifting demand of customers towards the use of low rolling resistance tires.

Key questions addressed by the report:

• How does the OE and Aftermarket demand vary by region and vehicle type?
• What would be the demand for tire rim size by vehicle type and region?
• How will the tires retreading market shape up in the future?
• What are the current and future tire material trends in the market?
• How the penetration of season tires varies by region (summer, winter, and all-season)?
• Which are the key players in the global automotive tire market?

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