[196 Pages Report] The Automotive Tires Market size was estimated at USD 226.96 billion in 2023 and expected to reach USD 239.94 billion in 2024, at a CAGR 5.91% to reach USD 339.30 billion by 2030.
The automotive tire market comprises various tires designed for use on multiple types of vehicles, including passenger cars, commercial vehicles, and two-wheelers. It covers tire manufacturing, sales, and distribution across diverging segments, such as all-season, winter, and performance tires, with significant activity in the replacement tire aftermarket. Growth within this market is propelled by advancements in tire technology, which increase durability and performance, alongside stricter environmental regulations fostering eco-friendly tire production. Economic development, particularly in emerging economies, translates to surging vehicle ownership and tire demand, paralleled by an upswing in automotive manufacturing. Current opportunities are ripe in sustainable tire advancements, the emergence of smart tire technologies, and potential gains in burgeoning automotive markets. Conversely, challenges persist with raw material cost volatility, fierce competition, regulatory compliance costs, and technological shifts, such as the rise of electric vehicles. Tire research is advancing new materials for better tire lifespan and fuel economy, integrating IoT for enhanced tire monitoring, experimenting with eco-conscious raw materials, and customizing tires for niche markets. The development of advanced materials enhances tire longevity, fuel efficiency, and recyclability. Integration of IoT and sensor technologies for smart and connected tire solutions has spurred market growth. Exploration into alternative sustainable raw materials to reduce dependency on traditional rubber and mitigate environmental impact is a lucrative opportunity for the market. Customization and personalization of tires for specific market segments, such as high-performance sports tires or durable commercial vehicle tires.
Type: Increasing adoption of tubeless tires for safety features
Tubed tires are a conventional type of automotive tire that require an inner tube to hold the air pressure that inflates to support the vehicle’s weight and allow proper tire functionality. Tubed tires are often used in applications where the tires are subject to heavy-duty use in commercial vehicles along with bicycles, motorcycles, and off-road vehicles. Tubeless tires represent a more modern advancement in tire technology and are widely used across the automotive industry, particularly in passenger vehicles. Tubeless tires eliminate the requirement for an inner tube by relying on an airtight seal between the tire and the rim of the wheel and reduce the risk of a tire blowout.
Rim Size: Significance of automotive tires based on rim size
Tires with rim sizes ranging from 12 to 17 inches are commonly found on standard passenger vehicles, including subcompacts, compacts, and some mid-size cars. Typically, tires in the 12’’ to 17’’ size range offer a broad selection of tread patterns designed for various weather conditions and driving expectations. The 18 to 21 inch rim size range caters largely to sports sedans, performance vehicles, and lighter SUVs and crossovers. The consumer base for 18- to 21-inch rim-size tires often demands an optimal mix of performance, including improved handling, lower road noise, and higher speed ratings, without significantly compromising comfort. Tires for rims above 22 inches cater to a lucrative segment of the automotive market that includes luxury SUVs, high-performance cars, and custom vehicles.
Material: Improved preference of synthetic rubbers for tire manufacturing
Natural rubber is a crucial material in the tire industry and is derived from the latex found in the bark of rubber trees. Natural rubber is preferred for unique properties that make it ideal for use in automotive tires, such as high tensile strength, excellent abrasion resistance, and the ability to undergo strain crystallization. Synthetic rubber refers to artificial elastomers produced through the polymerization of monomers into long, chain-like molecules. Synthetic rubber is preferred over natural rubber for tire manufacturing due to thermal stability, resistance to aging, and specific mechanical properties.
Distribution Channel: Provision of tailor-made tires for specific vehicle models by OEMs
The aftermarket for automotive tires refers to the secondary market where consumers purchase tires after the vehicle’s initial sale, including replacement tires purchased due to wear and tear, seasonal tire changes, or upgrades for improved performance. Aftermarket tires are chosen based on need, often influenced by price, brand preference, specific tire features, vehicle compatibility, and consumer reviews. Original equipment manufacturers (OEMs) channels include tires supplied directly to vehicle manufacturers and fitted to vehicles before being sold to the customer. This segment operates based on long-term contracts between tire manufacturers and automotive companies. The quality, performance specifications, durability, and strategic relationship between tire manufacturers and automakers typically guide the choice of OEM tires. Tires in this segment must meet stringent requirements set by the automakers and often involve co-branding. The aftermarket is driven by consumer choice and the replacement cycle, offering a broad range of products catering to diverse consumer needs and budgets. Various suppliers and brands in the aftermarket provide consumers with flexibility and competitive pricing.
Vehicle Type: Introduction of tire technologies with improved comfort and efficiency for passenger vehicles
Heavy light commercial vehicles typically include larger vans, minibusses, and small trucks, serving diverse purposes such as freight transport, logistics, and passenger conveyance over long distances. Tires designed for this segment prioritize durability, load-carrying capacity, and fuel efficiency to withstand long hours of operation and variable road conditions. Consequently, manufacturers often develop tires with reinforced sidewalls, deeper treads, and specialized rubber compounds tailored to these needs. Light commercial vehicles, such as smaller vans and pickup trucks, are designed for urban navigation and shorter-distance goods transportation. This subcategory demands tires that provide strength, load-bearing abilities, flexibility in maneuverability, and comfort to accommodate frequent stopping and starting in city environments. The tires for LCVs need to balance wear resistance with comfortable ride characteristics. HLCVs require robust, high-endurance tires that can handle significant loads and provide long service life even under harsh driving conditions. LCV tires, while also needing to be sturdy, prioritize balancing performance and comfort to navigate variable urban settings. Passenger vehicles encompass cars, SUVs, and crossovers used predominantly for personal transportation. Tires in this category focus on providing a comfortable ride, low noise level, and superior handling properties for everyday driving situations. They also vary widely, including economy tires, performance tires, and all-season varieties according to consumer preferences.
Regional Insights
In the Americas, particularly in the United States and Canada, the automotive tires market is mature, with a steady demand for replacement tires. Recent investments in the United States and Canada focus on sustainable tire technologies, such as using alternative materials to reduce environmental impact. Partnerships with advanced technology-providing companies are prevalent to incorporate sensors enabling smart monitoring of tire health. In Europe, EU regulations on tire labeling have promoted consumer awareness regarding fuel efficiency, wet grip, and noise levels, significantly influencing purchasing decisions. The market is keen on adopting green technologies and is responsive to innovations that offer environmental benefits. The increasing adoption of electric and hybrid vehicles is generating a demand for specialized tire designs tailored to the unique requirements of these vehicles. Investment in the EU is directed toward enhancing tire technology to comply with stringent environmental standards. In the Middle East, consumers have a penchant for luxury and high-performance vehicles, leading to demand for premium tires. Conversely, in Africa, the focus is on affordability and the ability to withstand rough terrain. The Asia-Pacific region is increasing and diversified, with China leading as one of the largest automotive tire markets backed by its massive automotive industry. Japan is renowned for technological innovation, while India presents a vast potential for growth due to its burgeoning vehicle population. Investment in Asia-Pacific is robust, focusing on capacity expansion to meet the growing domestic and export demands. R&D centers are burgeoning, with initiatives to develop tires specifically designed for electric vehicles, reflecting the global shift towards sustainable mobility.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Automotive Tires Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Tires Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Automotive Tires Market, highlighting leading vendors and their innovative profiles. These include Apollo Tyres Limited, Bridgestone Corporation, CEAT Ltd., Cheng Shin Rubber Ind. Co. Ltd., Continental AG, Giti Tire Pte Ltd., Hankook Tire & Technology Group, Haulmax Tyres, Hefei Wanli Tire Co., Ltd., Inoac Corporation, JK Tyre & Industries Ltd., Kumho Tire Co., Inc., Madras Rubber Factory Limited, Magna Tyres Group, Michelin Corporation, Nexen Tire Corporation, Nokian Tyres PLC, Pirelli & C.S.p.A., Ralson (India) Limited, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd. by Atlas Group, Sinochem Group, Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Triangle Tyre Co., Ltd., TVS Srichakra Ltd., Xingyuan Tires Group, Yokohama Rubber Co. Ltd., and Zhongce Rubber Group Co., Ltd..
Market Segmentation & Coverage
This research report categorizes the Automotive Tires Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Type
- Tubed Tire
- Tubeless Tire
- Rim Size
- 12”-17”
- 18”-21”
- >22”
- Material
- Natural Rubber
- Synthetic Rubber
- Distribution Channel
- Aftermarket
- OEM
- Vehicle Type
- Heavy Light Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Automotive Tires Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Tires Market?
- What are the technology trends and regulatory frameworks in the Automotive Tires Market?
- What is the market share of the leading vendors in the Automotive Tires Market?
- Which modes and strategic moves are suitable for entering the Automotive Tires Market?
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