Evolve Business Intelligence has published a research report on the Global Automotive Tires Market, 2021–2034. The global Automotive Tires market is projected to exhibit a CAGR of around 4.41%during the forecast period of 2021 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Automotive Tires Market: Bridgestone Corporation, Continental, Michelin, Pirelli Tyre C., The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Sumitomo Rubber Industries Ltd, The Yokohama Rubber Co. Ltd, Hankook Tire & Technology Co. Ltd., Nokian Tyres.
Market Highlights
The Automotive Tires Market size accounted for USD 19.62 Billion in 2023 and is estimated to account for 20.25 Billion in 2024. The Market is expected to reach USD 95.33 Billion by 2034 growing at a compound annual growth rate (CAGR) of 2.81% from 2024 to 2034. An automotive tire is the circular vehicle component that is made of rubber and is used to cover the wheel’s rim externally. The main function of the tire is to protect the wheel rim and provide traction force between the road surface and the vehicle. As it is manufactured from rubber, it additionally provides a flexible cushion, hence lowering the impact of the vibrations and absorbs the shock of the vehicle. The rubber tire is made of thread, beads, jointless cap piles, and other materials such as fabric, synthetic rubber, and carbon black.
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Segmental Analysis
The global Automotive Tires market has been segmented based on Season Type, Vehicle Type, Rim Size, Distribution Channel
Based on the Season Type, the market is segmented based on Summer, Winter And All Season. All Season segment dominates, as these tires offer versatility and convenience for consumers in regions with varying weather conditions, making them a popular choice among drivers.
Based on Vehicle Type, the market has been divided into Passenger Car, Commercial Vehicle, Light Commercial, Heavy Commercial, And Electric Vehicle. Passenger Car segment dominates, driven by the high global demand for personal vehicles and the growing production of passenger cars in both developed and emerging markets.
Based on the Rim Size, the market has been divided into Less Than 15 Inch, 15 To 20 Inch, And More Than 20 Inch. 15 to 20 inch rim size segment dominates, as this range is widely used in passenger vehicles, SUVs, and light trucks, which are popular across various regions.
Based on Distribution Channel, the market has been divided into OEM and Aftermarket. Aftermarket segment dominates, driven by the constant demand for tire replacements and maintenance services as vehicles age, leading to frequent purchases from consumers and businesses.
Regional Analysis
The Automotive Tires market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The Asia Pacific region holds a dominant position in the Automotive Tires market Asia Pacific dominates the global automotive tire market owing to the presence of leading tire manufacturers in the region, such as BMW AG and Volkswagen Group. In addition to this, factors such as low cost of production, government initiatives for FDIs, and lenient emission & safety norms have increased the investment in the Asia Pacific region. Furthermore, Asia- Oceania has some of the biggest tire manufacturers such as Hankook Tires, Bridgestone Corporation, and many more in the region. Europe is estimated to grow at a high CAGR due to increasing demand from the major markets of the European Union. The North America region is witnessing rapid growth and emerging as a significant market for the Automotive Tires industry. The North America Automotive Tires Market is characterized by a solid demand driven by the high vehicle ownership rate and the presence of established tire manufacturers. The market is further stimulated by the region’s emphasis on performance requirements and safety laws, especially for premium and high-performance tires. Specialized tire development is also being facilitated by the increasing trend of electric vehicle use.
