Global Automotive Tire OEM market report 2024, Forecast To 2033

The automotive tire OEM market has experienced significant growth, ascending from$21.56 billion in 2023 to$23.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The upsurge in the historic period is attributed to the growth in global automotive production, regulatory standards for fuel efficiency, safety regulations, consumer preferences for performance, original equipment fitment contracts, seasonal tire demand, and innovations in the automotive industry. Looking forward, the automotive tire OEM market is anticipated to witness robust growth, reaching$31.93 billion in 2028 with a CAGR of 8.1%. The forecasted growth can be attributed to the increasing adoption of electric vehicles (EVs), focus on sustainable materials, smart manufacturing processes, the rise in ride-sharing services, and the global expansion of automotive markets. Major trends in the forecast period include the integration of advanced sensor technologies, focus on tire performance and efficiency, advancements in tire materials, run-flat and self-sealing tire technologies, collaborations for tire technology innovation, smart tires and connectivity, and adoption of 3D printing technology.