Automotive Tire Market by Rim Size (Less than 15, 15-20 inches, More than 20 inches), By Vehicle Type (Two-Wheeler, Passenger Car, Light Commercial Vehicle, Buses and Trucks), By Season (Summer Tire, Winter Tire, All-Season Tire and Other), By Manufacturing (Radial tire, Bias tire), By Distribution Channel (OEM, and Aftermarket), by Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa): Opportunity Analysis and Industry Forecast, 2017-2027

Automotive Tire Market Overview:

The Global Automotive Tire Market was valued at US$ 108.18 billion in 2020, and it is expected to reach USD 134.42 billion by 2027, with a CAGR of 4.1% during the forecast period (2021-2027). Automotive tire is a vehicle component made of made up of carbon black, synthetic rubber, fabric, wire, natural rubber, and other chemical compounds that is used to cover the wheel’s rim externally. The most important function of the tire is to protect the wheel rim and offer tractive force between the paved surface and therefore the vehicle. The best quality tires help in enhancing the vehicle’s performance, decreases wear and tear, improves mileage and traction, minimizing rolling resistance and boosts grip for safety.

Emergence of advanced technology within the manufacturing process, surge in automotive production & sales across different vehicle segments, rising competition among tire manufacturers have improved the growth of global automotive tire market. Moreover, with the rising demand for replacement tyres and rising demand of two wheelers, commercials and SUVs further fosters the automotive tire industry demand. The increasing research and technological developments in the tires to make it more efficient in order to satisfy the rising demand for energy efficient and high-quality tires are few of the many factors propelling to the growth of the global automotive tire market. The tire manufacturers are inclining towards green energy in their production, as the companies are working closely to achieve carbon neutrality by the year 2050, with investment in the zero-carbon technology, green energy, and energy efficiency. For instance, in the year 2021, Michelin Group has announced that they are working toward making its tires 100% sustainable by 2050, for that the company has been partnered with various organizations such as Nouvelles, Axens, IFP Energies Enviro, Pyrowave, Carbios, and BlackCycle, Thus, further fosters the automotive tire market growth.

Global Automotive Tire Market Segmentation:

By Rim Size

• Less than 15
• 15-20 inches
• More than 20 inches

By Vehicle Type

• Two-Wheeler
• Passenger Car
• Light Commercial Vehicle
• Buses
• Trucks

By Road Season

• Summer Tire
• Winter Tire
• All-Season Tire
• Other

By Manufacturing

• Radial Tire
• Bias Tire

By Distribution Channel

• OEM
• Aftermarket

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Automotive Tire Market Company Profiles and Competitive Intelligence:

• Bridgestone Corporation
• MICHELIN
• Toyo Tire Corporation
• Continental corporation
• Pirelli Tyre C. S.p.A. (China National Chemical Corporation)
• The Goodyear Tire & Rubber Company
• Sumitomo Rubber Industries Ltd
• The Yokohama Rubber Co., Ltd
• Hankook Tire & Technology Co. Ltd.
• Nokian Tyres

Based on Vehicle Type, passenger car segment dominated the Automotive Tire industry and is expected to witness the similar growth rate over the forecast period.

Based on vehicle type, the global automotive tire industry has been segmented as Two-Wheeler, Passenger Car, Light Commercial Vehicle, Buses and Trucks. Among which, passenger car segment held the largest market share in 2020, and it is anticipated to dominate the automotive tire market during the forecast period. This segment is witnessing growth owing to the rising demand for SUVs and CUVs across the globe, and rising disposable income in the countries like India and China.

Based on the Season, the winter tyre in the global automotive tire market is expected to grow with a high growth rate during the forecast period

By season type, the global automotive tire industry can be divided into the summer tire, winter tire, and all-season tire. The all-season segment held the highest market share in the global automotive tire market, as these tires have strong traction in both wet and dry conditions. In addition, the winter segment is growing with the highest CAGR of 6.2% during the forecast period, owing to the latest research & development done in winter tire fabrication and manufacturing process and rise in the sale of the winter tires across the globe.

Based on Distribution Channel, the aftermarket segment is projected to show a high growth rate during the forecast year (2021-2027).

By distribution channel, the global automotive tire market has been segmented into OEM and aftermarket. Among which, the aftermarket segment holds the major market share in the year 2020 followed by OEM segment. This is due to the factor that the average life span of vehicles on the road is increasing gradually and the replacement tires needed due to the increased longevity of the age of the vehicle. The average age of vehicles on the road is rising, even as consumers snap up more new vehicles - a paradox attributable to substantial increases in reliability.

Based on Regions, the Asia Pacific region is growing with a high CAGR in the Global Automotive Tire Market during the forecast period

Based on the regions, the global automotive tire market has been segmented as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among which Asia Pacific region is expected to grow with the highest CAGR of 4.5% during the forecast period. The global automotive tire market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market. The countries that contribute to the tire market’s major share in Asia-Pacific region include India, China and South Korea. The Chinese Automakers sold 19.29 million passenger vehicles in the year 2020. Whereas in April 2021, the China Association of Automobile Manufacturers (CAAM) announced that according to aggregated data of sales figures for major companies, cumulative sales from January to March reached 6.344 million units. Several government initiatives for FDIs, low production costs, availability of economic labour, lenient emission and safety norms, and have led the boosting investment in the Asia Pacific region. In addition, the key players in the region are introducing new tires to gain an advantage over their competitors. For instance, in March 2021, Apollo Tires has launched Apterra Cross tires for the compact SUV segment in India.

Automotive Tire Leading Players Company Profiles with Competitive Intelligence:

The major players operating in the Global Automotive Tire Market includes Bridgestone Corporation, MICHELIN, Continental corporation, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Sumitomo Rubber Industries Ltd, The Yokohama Rubber Co., Ltd, Hankook Tire & Technology Co. Ltd., Nokian Tyres. The companies are investing in the R&D spending to incorporate innovations with performance excellence, has further resulted to the rise in the production of premium quality tires.

The report also provides in-depth analysis of market dynamics such as drivers, restraints opportunities and challenges:

Drivers

• Increasing concern towards maintenance and safety
• Rapid improvement in technology and fuel efficiency

Restraints

• Volatile prices of raw materials

The report also provides in-depth analysis of key market trends:

• The governing bodies in many countries have updated their safety regulations progressively in response to rising road accident rates, which is driving business growth. To reduce escalating accident rates, many countries are mandating the installation of advanced automotive tires in automobiles.
• Emerging trends in the market such as the increased use of bio-oils in the manufacturing process of tires and increasing demand for the environment friendly process of productions.

The report also provides in-depth analysis of recent News Developments and Investments

• In January 2021, Michelin North America, Inc., a global tire manufacturing corporation has informed that Purcell Tire & Rubber Company would collaborate with the MICHELIN Commercial Service Network (MCSN), Michelin Retread Technologies, Inc. (MRTI), and Oliver Rubber Company, LLC (Oliver) networks. This collaboration will help Michelin to secure a relationship across their entire line of business-to-business on- and off-road products and services.
• In March 2021, India’s ride-hailing company Ola (ANI Technologies Pvt Ltd.) has announced to set up a new electric two-wheeler plant in Tamil Nadu with a production capacity of 10 million units per annum. The company is investing more than $320 million for the plant and is expected to be completed by mid-2022.This would trigger the growth of the automotive tire market.
• In September 2020, Alliance Tire Group (ATG), a Yokohama Rubber Manufacturing company has invested $ 165 million in its third plant in Visakhapatnam (India). The proposed plant would increase rubber production by over 20,000 tonnes per year.
• In September 2020, Telle Tire & Auto Centers Inc., an auto repair dealership based out of St. Louis, has announced the purchase of J&W Automotive. Telle Tire & Auto Centers accounted to nearly USD 11.3 million in sales in 2018. After the J&W purchase, Telle Tire will function in 16 locations across America.

The unique insights provided by this report also includes the following:

• In-depth value chain analysis
• Opportunity mapping
• Sector snapshot
• Key Players Positioning Matrix
• Regulatory scenario
• Strategies Adopted-Benchmarking Heat Map
• Market trends
• Covid-19 impact analysis
• Product comparison
• Pre & Post COVID 19 impacts on Automotive Tire Market
• Competitive Landscape

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