What Is The Current and Historic Market Size Analysis Of Automotive Tire Market?
The automotive tire market has seen considerable growth due to a variety of factors.
• The size of the automotive tire market has experienced significant expansion in the past few years. The market, valued at $138.64 billion in 2024, is projected to rise to $145.87 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.2%.
This historic growth can be ascribed to various factors such as the expansion of the automotive industry, the uptake of radial tires, shifts in global trade and supply chain dynamics, the enforcement of regulatory standards and safety requirements, and changes in consumer preferences.
What Will Be The Automotive Tire Market Size In The Future?
The automotive tire market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the automotive tire market is predicted to witness significant expansion, surging to a value of $185.55 billion in 2029 with a compound annual growth rate (CAGR) of 6.2%.
This growth during the forecast period is likely due to the market's adaptability to the evolving types of vehicles, the emergence of autonomous vehicles, sustainable and green initiatives, demand for all-weather and all-terrain tires, and a shift towards high-performance tires. Key trends for this period include advancements in tire technology, a shift towards electric vehicles, emphasis on fuel efficiency, sustainability and the use of eco-friendly materials.
Which Key Drivers Are Propelling Th Automotive Tire Market's Growth?
The automotive tire market growth is being driven by the increasing output of vehicles and the evolving fondness for electric cars, pickup trucks and similar light commercial vehicles. As an example, the European Automobile Manufacturers Association (ACEA), a trade association located in Belgium, reported in March 2024 that global new car sales had most noticeable increment of nearly 10% after being steady in 2022, and sales within the EU surged by almost 14% to 10.5 million units. Sales of battery-electric vehicles experienced a 37% surge, seizing a 14.6% portion of the market. Even though China's car market experienced diminished growth till the third quarter of 2023, yearly sales still marked an increase of 4.5%. In the meanwhile, both Japan and the U.S. experienced robust growth, with sales rocketing by nearly 16% and over 14% respectively. As such, the worldwide increase in vehicle production is projected to push the automotive tire market's growth.
What are the Market Segments in the Automotive Tire Market?
The automotive tire market covered in this report is segmented –
1) By Rim Size: Less Than 15 Inches, 15 To 20 Inches, More Than 20 Inches
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
3) By Manufacturing: Radial Tire, Bias Tire
4) By Distribution Channel: Original Equipment Manufacturer (OEM), After market
5) By Season Type: Summer, Winter, All Seasons
Subsegments:
1) By Less Than 15 Inches: Passenger Car Tires, Light Truck Tires, Motorcycle Tires, Other Specialty Tires
2) By 15 To 20 Inches: Passenger Car Tires, SUV Tires, Light Truck Tires, Performance Tires
3) By More Than 20 Inches: SUV Tires, Light Truck Tires, Performance Tires, Heavy-Duty Truck Tires
Pre-Book The Automotive Tire Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends are Shaping the Automotive Tire Market?
Companies producing automotive tires are shifting their focus to the manufacture of airless tires suitable for both passenger and commercial transport. These no-pressure tires guarantee uninterrupted operations and no productivity loss for commercial automobiles, while enhancing safety and efficiency. For example, in October 2022, South Korea's Hankook Tire, which offers a broad spectrum of tire products and services for numerous segments, launched the Smart iON AU06+, marking the first-ever Truck and Bus Radial (TBR) tire in its inventive iON product range. This tire is crafted specifically to accommodate the distinct requirements of premium electric vehicles (EVs). It is designed to tackle issues such as the elevated weight due to drive batteries and high torque transmitted to the wheels. The Smart iON AU06+ improves grip on wet surfaces by an estimated 10% in comparison to its earlier model, thereby assuring safer navigation.
Who Are the Key Players in the Automotive Tire Market?
Major companies operating in the automotive tire market include:
• 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
What are the Regional Insights into the Automotive Tire Market?
Asia-Pacific was the largest region in the automotive tire market in 2024. The regions covered in the automotive tire market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
