Prominence of green tires, demand diversity amongst end users, and enhanced utilization of digital platform are the key trends prevailing in automotive tires market. The top five companies in automotive tire market hold around 48% of the total market share in 2021. North America Automotive Tires Market will exhibit 5.9% CAGR in terms of value between 2021 and 2031
NEWARK, Del. , Aug. 11, 2022 /PRNewswire/ -- The global automotive tire market is projected to exceed a value of US$ 550 Bn by the end of 2031. Automotive tires market was valued at an estimated US$ 366,092 Mn in 2021. Demand for replacement of worn-out tires is expected to increase over the forecast period. Further, there's been a notable rise in the demand for low-rolling resistance tires as well. Both these factors are accountable for the expansion of the automotive tires market.
Elevated demand for passenger cars coupled with an upsurge in automobile production all over the world will propel the market growth over the forecast period. Also, major tire manufacturers and automobile giants are partnering with each other to introduce advanced technology tires. Thus, incorporation of new technology into tire production is ensuring growth and development of the target market.
Moreover, innovations like green tires are gaining favor among the younger consumer base due to their eco-friendliness and the fact that they enhance the mileage capabilities, especially of heavy motor vehicles. Green tires have low rolling resistance and are capable of increasing the fuel economy of vehicles by at least 2% in commercial ones. All of these factors combine to foster growth for the automotive tires market over the assessment period.
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"A prosperous automobile industry coupled with the integration of advanced technology into these tires are will to fuel the market growth over the forecast period," says an FMI analyst.
- Radial automotive tire segment to present US$ 550.2 Bn market opportunity.
- Expanding automobile industry in India to propel market growth.
- Germany automotive tire market will undergo significant growth over the assessment period.
- Commercial vehicles tire market to grow at 6.1% CAGR.
Continental AG, Bridgestone Corp., Michelin, Goodyear Tire And Rubber Company, Pirelli & C. S.P.A, Yokohama Rubber Company, Limited, Cheng Shin Rubber Industries, Sumitomo Rubber Industries Ltd., Toyo Tire & Rubber Company, Trelleborg AB, Cooper Tire & Rubber Company, Hankook Tire, Madras Rubber Factory Limited, Kumho Tire Co. Inc., Apollo Tyres Ltd, Sailun Tires Ltd, Shandong Linglong Tyre, Nokian Renkaat Ojy, Titan Tire Corporation, and Nexen Tire America Inc. among others major players in the automotive tire market profiled in the full version of the report.
Major market players are concentrating on releasing new and innovative products to expand their product portfolios. These major players are collaborating with various research institutes for novel product development. These businesses are also keen on penetrating emerging economies and establishing their manufacturing units in these regions
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More Insights into the Automotive Tires Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive tire market, providing historical data from 2017 to 2027 and forecast statistics for 2021 to 2031. To understand the global market potential, growth, and scope, the market is segmented based on vehicle type (2/3 wheeler (<18", >=18"), passenger vehicle (<=15", 16"-19", >=20"), commercial vehicle, light commercial vehicle (<=15", 16"-19", >=20"), heavy commercial vehicle (<=20", 21"-24", >=24", specialty Vehicle)), tire structure (radial, tube, tubeless, bias), sales channel (OEM, aftermarket), and region.
According to the latest FMI reports, based on region, the automotive tire market in North America is anticipated to account for a major market share while growing at a CAGR of 3.5% during the assessment period. This growth is mainly driven by the market domination of the U.S. Growing usage of electric vehicles, rapid adoption of technological advancements, shifting consumer preferences, a rising inclination for comfort and safety, and changes in taxation policy in the U.S. is accountable for the regional market expansion.
The automotive tire market in Japan is anticipated to present impressive growth over the forecast period. This growth can be attributed to the continued development and release of new products by key businesses in the market that are focused on expanding their product portfolios.
Based on segmentation, radial automotive tire segment is expected to exceed US$ 550.2 Bn by 2031 while passenger vehicle segment is predicted to exhibit high potential with a 6.8% CAGR. OEM sales channel is anticipated to grow significantly over the forecast period.
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Automotive Tire Market by Category
By Vehicle Type:
- 2/3 Wheeler
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- specialty Vehicle
By Tire Structure:
By Sales Channel:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East and Africa (MEA)
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Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
2.3. Parent Market Overview
2.4. Automotive Tire Production: Snapshot
2.5. Technology Roadmap
3. Market Dynamics
3.1. Macro-Economic Factors
3.2. Forecast Factors – Relevance and Impact
4. Global Historical Market Analysis 2016 – 2020 and Forecast 2021 – 2031
4.1. Market Size (US$ Mn) and Forecast
4.2. Market Overview
About FMI – Automotive
The Automotive division of FMI provides exclusive coverage and actionable insights about automotive industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders' right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
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About Future Market Insights (FMI)
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SOURCE Future Market Insights