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.
By Rim Size
By Vehicle Type
By Road Season
By Manufacturing
By Distribution Channel
By Region
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
Restraints
The report also provides in-depth analysis of key market trends:
The report also provides in-depth analysis of recent News Developments and Investments
The unique insights provided by this report also includes the following:
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Table of Contents Automotive Tire Market:
Section 1: Introduction
Section 2: Research Methodology
Section 3: Executive Summary
Section 4: Premium Insights
Section 5: Market Overview & Competitive Landscape
Section 6: Market Size and Share Analysis
Section 7: Market Dynamics
Section 8: Future Forecast & Impact of COVID-19
Section 9: Regional Market Size and Share Analysis
Section 10: Company Profile
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