What Fueled The Previous Growth In The Automotive Tire OEM Market?
The automotive tire oem market has seen considerable growth due to a variety of factors.
• In the past few years, the automotive tire OEM market has experienced significant growth. This market is expected to expand from a 2024 value of $23.04 billion to $24.81 billion in 2025, which corresponds to a compound annual growth rate (CAGR) of 7.7%. Factors contributing to this growth during the historic period include increases in global automotive production, the implementation of regulatory standards for fuel efficiency and safety, changes in consumer preferences towards performance, contracts for original equipment fitment, fluctuations in seasonal tire demand, and innovations within the automotive industry.
What Can Be Expected from the Automotive Tire OEM Market in the Coming Years?
The Automotive Tire OEM market is expected to maintain its strong growth trajectory in upcoming years.
• The automobile tire original equipment manufacturer (OEM) market is projected to experience considerable expansion in the upcoming years, growing to $34.35 billion in 2029 with a compound annual growth rate (CAGR) of 8.5%.
This predicted growth during the forecast period can be ascribed to factors such as the increasing adoption of electric vehicles (EV), emphasis on environmentally friendly materials, intelligent manufacturing methods, the surge in ride-sharing services, and the global growth of automotive markets. Key trends anticipated during this period comprise the integration of sophisticated sensor technologies, emphasis on tire functionality and efficiency, progression in tire materials, technologies for run-flat and self-sealing tires, alliances to innovate tire technology, intelligent tires and connectivity, and the uptake of 3D printing technology.
What Are the Critical Driver Fuelling The Automotive Tire OEM Market's Growth?
The expansion of the automotive tire OEM market is being propelled by escalating investment in the research and development of automotive tires. Tire manufacturing companies are actively conducting R&D efforts to generate novel tire designs and formulate compounds aimed at performance enhancement. This investment proves advantageous for the automotive tire OEM by paving the way for more effective and environmentally friendly tires. For example, in May 2022, the Italy-based tire producer, Pirelli, revealed an investment plan of $15 million across two years geared towards establishing an advanced technology and digitalization hub for tire production at its Silao, Mexico facility. The focal point of this investment will be the development of the first R&D facility in Mexico dedicated to tire production technologies for the transportation systems of the future, including electric, sustainable, and intertwined transportation methods. Consequently, these investments are anticipated to accelerate the growth of the automotive tire OEM market.
How Is The Automotive Tire OEM Market segmented?
The automotive tire oem market covered in this report is segmented –
1) By Type: Tube Tire, Tubeless Tire
2) By Design: Radial Tire, Bias Tire
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
Subsegments:
1) By Tube Tire: Bias Tube Tires, Radial Tube Tires
2) By Tubeless Tire: Bias Tubeless Tires, Radial Tubeless Tires
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What New Trends Are Influencing The Automotive Tire OEM Market?
The rise in technological innovation is currently a major trend in the automotive tire OEM industry. Big players in the industry are focusing their energy on creating new technologies to meet the rising demand for advanced tires. An example of this is when Qualcomm Incorporated, a US-based semiconductor firm, launched the Snapdragon Digital Chassis Solution in September 2023. The aim of this technology is to help smart, connected cars handle the enormous amounts of data they collect. Once a car with a Snapdragon Digital Chassis is purchased, it will consistently update with new features, allowing the manufacturer to offer new services and features for better customer engagement and service-based revenue models.
Who Are the Key Players In The Automotive Tire OEM Market?
Major companies operating in the automotive tire oem market include:
• Bridgestone Corporation
• Sumitomo Rubber Industries Ltd.
• Pirelli & C. SpA
• Hankook Tire & Technology Co. Ltd.
• Toyo Tire Corporation
• Cooper Tire & Rubber Company
• Kumho Tire Co. Inc.
• Nokian Tyres PLC
• Giti Tire Corporation
• MRF Limited
• Apollo Tyres Ltd.
• Cheng Shin Rubber Industry Co. Ltd.
• Nexen Tire Corporation
• Shandong Linglong Tyre Co. Ltd.
• Zhongce Rubber Group Co. Ltd.
• Triangle Tyre Co. Ltd.
• Sailun Group Co. Ltd.
• Yokohama Rubber Co. Ltd.
• Qingdao Sentury Tire Co. Ltd.
• Goodyear Tyre & Rubber Company
• Aeolus Tyre Co. Ltd.
• Double Coin Holdings Ltd.
• Continental AG
• Shandong Wanda Boto Tyre Co. Ltd.
• JK Tyre & Industries Ltd.
• Hebei Tianyang Rubber Co. Ltd.
• Gui Zhou Tyre Co. Ltd.
What Is The Most Dominant Region In The Automotive Tire OEM Market?
Asia-Pacific was the largest region in the automotive tire OEM market in 2024. The regions covered in the automotive tire OEM market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
