Automotive Tire Market Size is projected to reach USD 180 Billion by 2030, growing at a CAGR of 4.3%: Straits Research

Increase in Automotive Production and Sales across Different Vehicles Segment to Drive the Global Automotive Tire Market

Due to growing industrialization, the automobile industry has recently experienced fast growth, which has led to a surge in sales of commercial vehicles such as trucks, tractors, and trailers. In addition, increases in people's standard of living and disposable income contribute to the rise in sales of luxury passenger cars and premium sector motorcycles. In addition, sales of electric vehicles are anticipated to expand during the projection period. Additionally, the falling prices of electric vehicle components such as batteries, transmissions, and alternators drive the market for these cars. Thus, increasing consumer demand for vehicles across all categories increases the production of autos and tires. In addition, the worldwide consolidation of the automotive sector, which results in mergers and acquisitions between foreign and domestic vehicle manufacturers, contributes to the expansion of the automotive industry, which impacts the automobile tires market. Consequently, the growth of the vehicle industry is anticipated to raise the global demand for the tire.

Fuel Efficiency and Safety Concerns to Provide Opportunities for the Global Automotive Tire Market

Governments are enacting severe tire performance regulations to enhance safety concerns, including fuel efficiency and wet traction-related braking distance reduction. As a result, tire manufacturers will have numerous growth chances to introduce tires that comply with regulatory rules. As a result, as technical breakthroughs expand, manufacturers are developing tires that improve the overall fuel efficiency of automobiles. "Kumho Tire Co., Inc. introduced Ecsta PA31" pneumatic tires for high-performance automobiles such as sport sedans and coupes.

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Report Scope

Report Metric	Details
Market Size	USD 180 Billion by 2030
CAGR	4.3% (2020-2030)
Historical Data	2019-2020
Base Year	2021
Forecast Period	2022-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Season Tire Type, Rim size, Vehicle Type, Distribution Channel Type, Region
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	Bridgestone Corporation, Continental corporation, MICHELIN, 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
Key Market Opportunities	Fuel Efficiency and Safety Concerns
Key Market Drivers	Increase in Automotive Production and Sales across Different Vehicles Segment The Rise in Competition among Tire Manufacturers

Regional Insights

By region, the global automotive tire market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 4.5%. Due to the rising demand for automobiles in emerging Asian countries, the automobile industry is one of the fastest-growing. In the Asia–Pacific area, tire production is anticipated to expand quicker. The rise of the vehicle industry in this region is fueled by a significant increase in disposable income, which has improved living conditions. In addition, low labor costs and easy access to raw materials are anticipated to cut tire production costs in Asia-Pacific. This is prompting tire manufacturers to expand their market presence in this region. Increases in production capacity and demand for light and heavy cars in nations such as China, Japan, India, and South Korea bolster the demand for automobiles with modern features. This is anticipated to stimulate tire demand during the forecast period.

The North American region is the third largest. North America includes the United States, Canada, and Mexico. The North American car market is regarded to be mature. Manufacturers in North America are attempting to reduce labor costs by increasing capital expenditures or migrating to regions with easy access to raw resources. The expansion of the North American tire market is fueled by the initiatives of significant automakers to create sophisticated tires for passenger vehicles. In addition, an increase in emphasis on reducing carbon footprints and an increase in demand for fuel-efficient automobiles drive the expansion of the automotive tire industry.

Europe is the second largest market. The Europe automotive tire market is projected to reach USD 50 billion by 2030, growing at a CAGR of 4.3%. The European tire business is one of the world's most expansive and inventive sectors. Regular advancements in tire technology enhance the European tire market's competitiveness. The European automobile industry is vibrant and competitive. This is mainly owing to the presence of many automobile OEMs, as many of the world's largest automakers have manufacturing plants in Europe. The amount of light commercial vehicle penetration is increased in all regions. European automobile manufacturers are concentrating on technological advancements for more effective safety measures and improved driving quality. In addition, firms are implementing features that improve their vehicles' fuel economy, fueling the expansion of the European automotive tire market. The growth of the automotive tire market is driven by an increase in vehicle operating life and a rise in automobile sales across all categories.

Key Highlights

• The global automotive tire market size was valued at USD 122 billion in 2021 and is projected to reach USD 180 billion by 2030, registering a CAGR of 4.3% during the forecast period (2022 – 2030).
• By season type, the global automotive tire market is divided into summer, winter, and all-season tires. The all-season segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.2% during the forecast period.
• By vehicle type, the global automotive tire market is divided into passenger, commercial, and electric vehicles. The commercial vehicles segment is further bifurcated into light & heavy commercial vehicles. The passenger car segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.3% during the forecast period.
• By rim size, the global automotive tire market is categorized into less than 15 inches, 15 to 20 inches, and more than 20 inches. The 15-20-inch segment was the highest contributor to the market and is estimated to grow at a CAGR of 4.1% during the forecast period. 
• By distribution channel, the global automotive tire market is bifurcated into OEM and aftermarket. The aftermarket segment was the highest contributor and is estimated to grow at a CAGR of 4.5% during the forecast period. 
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