Automotive Tire Market Growth to Capture a CAGR of 12%, Touching Approximately USD 334.1 Billion by 2032 – Report by Market Research Future (MRFR)
Automotive Tire Market Growth Boost by Increased in Vehicle Production Drives the Global Market Sales
New York, US, June 27, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Tire Market Information by Product Type, Season, Propulsion Type, Vehicle Type, Distribution Channel, and Region – Forecast till 2032”, Automotive Tire Market Could thrive at a rate of 12.00% between 2023 and 2032. The market size will be reaching around USD 334.1 Billion by the end of the year 2032.
Automotive Tire Market Overview
Automotive tires serve as vital rubber components that establish the crucial connection between vehicles and the road. These tires are meticulously engineered to withstand diverse road conditions and deliver optimal grip, stability, and maneuverability. Employing a combination of rubber, fabric, and steel belts, automotive tires provide a perfect balance of durability and performance. They are available in various types, such as summer, winter, all-season, and performance tires, each meticulously crafted to cater to specific driving requirements and environmental circumstances.
Automotive tires find versatile applications in an extensive array of vehicles, encompassing passenger cars, commercial vehicles, and motorcycles. Their significance lies in their pivotal role in ensuring safe and comfortable mobility by delivering essential attributes such as grip, stability, and efficient braking. These tires are intelligently designed to adapt to varying weather conditions, thereby augmenting vehicle performance during summer, winter, and all-season driving scenarios. In addition to their adaptability, automotive tires also encompass specialized variants tailored to meet specific requirements. Off-road tires are engineered to tackle challenging terrains, providing enhanced traction and durability for adventurous expeditions. High-performance tires are optimized for exhilarating speeds, enabling precise handling and superior cornering capabilities. Furthermore, eco-friendly tires incorporate advanced technologies to minimize rolling resistance and maximize fuel efficiency, contributing to sustainable and environmentally conscious driving practices.
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Automotive Tire Market Competitive Landscape:
The affluent companies in the Automotive Tire industry include
- Hankook Tire
- Pirelli & C. S.p.A.
- Toyo Tire Corporation
- Kumho Tire
- Giti Tire
- Maxxis International
- Nexen Tire Corporation
- Among others.
Hankook Co Ltd has unveiled iON, a high-performance premium electric vehicle battery aimed at boosting EV efficiency and economy. By introducing iON tires, the company is catering to the increasing demand for electric vehicles and recognizing the need for reliable replacement tire options.
|Market Size 2032||2032: USD 334.1 billion|
|CAGR during 2023-2032||12% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Rim Size, Season, Propulsion Type, Vehicle Type, Distribution Channel, and Region|
|Key Market Opportunities||Governments are continually updating standards. Regulations concerning passenger safety.|
|Key Market Dynamics||Increased vehicle production drives sales.|
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Market USP Covered:
The growth of the automotive tire market is closely tied to the sales and production of vehicles. As the automotive industry expands globally, especially in emerging economies, the demand for tires rises in tandem. Increasing vehicle ownership, growing urbanization, and rising disposable income contribute to the market’s growth. Continuous innovations in tire technology drive market growth. Manufacturers are investing in research and development to create tires that offer improved performance, durability, and fuel efficiency. Innovations such as run-flat tires, self-sealing tires, and eco-friendly tire compounds are gaining traction in the market, attracting consumers seeking advanced features and sustainable options.
The automotive tire market faces certain restraints. Fluctuating raw material prices, especially rubber, impact production costs, and profitability. Moreover, the emergence of alternative mobility solutions, such as ride-sharing and autonomous vehicles, could potentially affect the demand for tires. Additionally, environmental concerns and tire recycling challenges pose obstacles to market growth.
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COVID 19 Analysis
The COVID-19 pandemic significantly impacted the automotive industry, including the tire market. Factory shutdowns, supply chain disruptions, and reduced vehicle sales affected tire production and demand. However, as economies recover and restrictions ease, the automotive industry is witnessing a gradual rebound. The increasing demand for personal mobility and a renewed focus on road safety is expected to drive the post-COVID-19 recovery of the automotive tire market.
By Rim Size
By Rim Size, the segment includes 13″_15″, 16″_18″, 19″_21″, >&21″.
By Season, the segment includes Winter, Summer, and All-Season.
By Propulsion Type
By Propulsion Type, the segment includes ICE and EV.
By Vehicle Type
By Vehicle Type, the segment includes Passenger Cars, LCVs, and HCV.
By Distribution Channel
By Distribution Channel, the segment includes OEM, Aftermarket.
The Asia Pacific region dominates the automotive tire market due to its large population, expanding middle class, and flourishing automotive industry. Growing disposable income, urbanization, and increasing vehicle production contribute to the region’s tire market growth. China, India, and Japan are major contributors, with a strong demand for passenger cars, commercial vehicles, and motorcycles.
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Europe is a prominent region in the automotive tire market, driven by the presence of established automobile manufacturers and stringent safety regulations. The region’s focus on sustainability and eco-friendly transportation fuels the demand for low-rolling resistance tires. Additionally, the popularity of premium vehicles and high-performance cars in countries like Germany, Italy, and the UK further boosts the market.
The North American region is a significant player in the automotive tire market due to its large consumer base, robust automotive industry, and high vehicle ownership rates. The demand for replacement tires and OEM tires remains strong in this region. The U.S. and Canada are major contributors, with a preference for all-season and performance tires.
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