Driven by Vehicle Production Surge and Electric Vehicle Popularity
Driven by Vehicle Production Surge and Electric Vehicle Popularity

Automotive Tire Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032

The Business Research Company’s Automotive Tire Global Market Report 2023 – Market Size, Trends, And Market Forecast 2023-2032

The size of automotive tire market is expected to grow to $176.22 billion in 2027 at a CAGR of 7.0%.”

— The Business Research Company

LONDON, GREATER LONDON, UK, January 4, 2024 / — The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

The global automotive tire market is set to undergo substantial growth, transitioning from $125.85 billion in 2022 to $134.36 billion in 2023, reflecting a robust compound annual growth rate (CAGR) of 6.8%. The market is poised for sustained growth, with a projected size of $176.22 billion in 2027, at a slightly increased CAGR of 7.0%.

Factors Fueling Market Growth:
•Vehicle Production Surge: The increasing production of vehicles globally acts as a key driver for the automotive tire market. Data from the International Organization of Motor Vehicle Manufacturers indicates a rise in the total number of vehicles produced from January to September 2021, reaching 57.2 million units compared to 52.1 million units in the corresponding period of 2020. This surge in vehicle production is expected to contribute significantly to the growth of the automotive tire market.
•Rise of Electric Vehicles: The growing popularity of electric cars, pickup trucks, and similar light commercial vehicles further propels market growth. As electric vehicles gain prominence, the demand for specialized tires adapted to the unique characteristics of these vehicles is on the rise.

Explore the Global Automotive Tire Market with a Detailed Sample Report:

Major Market Players:
Leading participants in the automotive tire market include Bridgestone Corporation, The Goodyear Tire and Rubber Company, Continental AG, Michelin, Sumitomo Rubber Industries, Hankook and Company Co. Ltd., Pirelli, The Yokohama Rubber Co. Ltd., Apollo Tyres Ltd. S.p.A, Toyo Tire Corporation, MRF Limited, JK Tyre and Industries Ltd., CEAT Limited, Nokian Tyres PLC, Sailun Group Co. Ltd., Salsons Impex Pvt. Ltd., Shandong Linglong Group Co. Ltd., Kumho Tire, Giti Tire, Maxxis International, Nexen Tire Corporation, Cooper Tire and Rubber Company, and Cheng Shin Rubber Industry Co.

Innovation Trend: Airless Tires:
Companies in the automotive tire sector are actively engaged in developing airless tires for both passenger and commercial vehicles. Airless tires, also known as zero-pressure tires, eliminate the risk of downtime and productivity loss for commercial vehicles while enhancing auto safety and performance. Goodyear, for instance, launched its airless tire as a competitive offering to Michelin’s Uptis, both presenting a novel approach to tire design with a network of spokes maintaining wheel stiffness.

Regional Overview:
•Asia-Pacific Dominance: In 2022, Asia-Pacific emerged as the largest region in the automotive tire market.
•Growth Outlook for Asia-Pacific: The Asia-Pacific region is anticipated to witness the fastest growth during the forecast period.

Segmentation Insights:
The global automotive tire market is segmented based on several key criteria:
•Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches
•Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle
•Manufacturing: Radial Tire, Bias Tire
•Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket
•Season Type: Summer, Winter, All Seasons

Access the Complete Report for In-Depth Analysis:

Automotive Tire Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Automotive Tire Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on automotive tire market size, automotive tire market drivers and trends, automotive tire market major players, competitors’ revenues, market positioning, and automotive tire market growth across geographies. The automotive tire market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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About The Business Research Company
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