The global automotive tires market size is expected to reach $148.26 Billion by 2028 growing at the CAGR of 4.33% from 2021 to 2028. 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.
|Market Size (2020)||$148.26 Billion|
|CAGR (2021 to 2028)||4.33%|
|Market Classificationt||Season Type, Vehicle Type, Rim Size, Distribution Channel|
|Key Companies Profiled||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|
|Key Countries/Regions Analyzed||US, Canada, Mexico, UK, Germany, France, Italy, Rest of Europe, China, India, Japan, South Korea, Rest of Asia Pacific, Middle East & Africa, and South America|
|Forecast Years||2022 to 2028|
The factors driving the growth of the global automotive tire market include increasing demand for vehicle production to cater to the rise in the need for vehicles across all segments. In addition to this, intense competition among tire manufacturers and the introduction of advanced technology in the manufacturing process is expected to boost the growth of the automotive tire market.
Growth in automotive production and sales across various vehicle segments
The automobile industry has thrived over the years owing to rapid industrialization which has resulted in the rise in the sale of commercial vehicles which includes trailers, tractors, and trucks. Furthermore, the rising in disposable income of people and improvements in the standard of living is responsible for the surge in the sale of luxurious passenger cars and premium bike segments. In addition to this, electric vehicles sales are estimated to rise drastically during the forecast period. Reduction in the prices of electric vehicle parts which includes alternators, batteries, and transmission, boosts the sale of electric vehicles. Therefore, the surge in demand for vehicles across all segments among consumers increases the production of automobiles and tires associated with it.
The factors restraining the growth of the global automotive tire market include fluctuating prices of raw materials and developments in the market of rereading tires.
Key Insight in the report:
The Global Automotive Tires market report covers Executive Summary, Market Dynamics, Trend Analysis, Market Size and Forecast, Competitive Intelligence, Market Positioning, Product Benchmarking, and Opportunity Analysis.
The report covers extensive competitive intelligence which includes the following data points:
- Business Overview
- Business Model
- Financial Data
- Financial – Existing
- Financial – Funding
- Product Segment Analysis and specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
Automotive Tires Market Segmentation
The report covers automotive tires market size and forecasting at the country level as well as at the segment level. Automotive Tires Market analysis across below-mentioned different segments:
By Season Type
- All Season
By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Light Commercial
- Heavy Commercial
- Electric Vehicle
By Rim Size
- Less than 15 Inch
- 15 to 20 Inch
- More than 20 Inch
By Distribution Channel
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 Automotive Tires Market is analyzed across the below mentioned region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
Automotive Tires Market Players:
Some of the key players in the Automotive Tires Market include:
- Bridgestone Corporation
- 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
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Automotive Tires market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Automotive Tires market historical market size for year 2020, and forecast from 2021 to 2028
- Automotive Tires market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.