Automotive Tire Market is Expected to Reach USD 928.3 Billion by 2033, with a CAGR of 6.6%

Posted on 2024-08-06 by Future Market Insights in Automotive // 0 Comments

Automotive Tire Industry — Automotive Tire Market

The automotive tire market is projected to grow at a CAGR of 6.6% from 2023 to 2033, reaching a valuation of USD 928.3 billion by 2033, up from USD 503.9 billion in 2023.

This dynamic and rapidly evolving industry is driven by advancements in vehicle technology, changing consumer preferences, and increasing regulatory demands for safety and environmental sustainability. Recent trends show a significant shift towards high-performance and all-season tires that offer improved traction, durability, and fuel efficiency. The rise of electric vehicles (EVs) is also influencing tire design, with a need for tires that handle higher torque and provide lower rolling resistance to maximize battery life. Additionally, the growing emphasis on sustainability is prompting manufacturers to explore eco-friendly materials and recycling initiatives, aiming to reduce the environmental impact of tire production and disposal.

Innovation in tire technology is reshaping the market landscape, led by developments in smart tires and advanced sensor integration. Smart tires, equipped with embedded sensors, offer real-time monitoring of tire pressure, temperature, tread wear, and overall tire health. This data enhances vehicle safety by alerting drivers to potential issues before they become critical and contributes to fleet management efficiency by optimizing maintenance schedules and reducing downtime. Moreover, advancements in tire compounds and tread patterns are improving performance characteristics such as wet and dry grip, noise reduction, and ride comfort, catering to the diverse needs of both consumer and commercial vehicles.

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The global automotive tire market is also experiencing significant regional growth variations, driven by economic conditions, infrastructure development, and automotive industry trends. Emerging markets in Asia-Pacific, Latin America, and Africa are experiencing robust growth due to rising vehicle ownership rates and increased investments in road infrastructure. In contrast, mature markets in North America and Europe are focusing on the replacement tire segment and premium tire categories, driven by high vehicle parc and consumer demand for quality and performance. Ongoing consolidation among tire manufacturers, coupled with strategic partnerships and acquisitions, is further shaping the competitive landscape, leading to enhanced product offerings and expanded market reach.

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 Billion by 2031.

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.”

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 Segmentations

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, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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