Automotive Tires Market by Type (Tubed Tire, Tubeless Tire), Rim Size (12”-17”, 18”-21”, >22”), Material, Distribution Channel, Vehicle Type - Global Forecast 2024-2030

Automotive Tires Market by Type (Tubed Tire, Tubeless Tire), Rim Size (12”-17”, 18”-21”, >22”), Material, Distribution Channel, Vehicle Type - Global Forecast 2024-2030

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.

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.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Automotive Tires Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Surge in automotive production and sales worldwide
    • Growing awareness about tire safety and the need for frequent vehicular maintenance
    • Rising shift toward sustainable and green automotive tires
    • Market Restraints
      • Incidences of product recall of automotive tires
      • Market Opportunities
        • Advancements in automotive tire materials and designs and tire manufacturing technology
        • Introduction of next-generation smart tires for autonomous and self-driving vehicles
        • Market Challenges
          • Technical limitations and safety issues of automotive tires
          • Market Segmentation Analysis
            • Type: Increasing adoption of tubeless tires for safety features
            • Rim Size: Significance of automotive tires based on rim size
            • Material: Improved preference of synthetic rubbers for tire manufacturing
            • Distribution Channel: Provision of tailor-made tires for specific vehicle models by OEMs
            • Vehicle Type: Introduction of tire technologies with improved comfort and efficiency for passenger vehicles
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Tires Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Automotive Tires Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Kumho Announces New Solus 4S HA32 All-Weather Tire
              
              Kumho Tire USA aimed to redefine all-season driving with the launch of the Solus 4S HA32, a superior grand touring tire that promises unparalleled performance for passenger cars, CUVs, and SUVs. Masterfully engineered with a V-shaped directional tread and expansive lateral grooves, the tire ensures exceptional traction across all weather conditions. Further elevating its versatility, it boasts the prestigious 3-Peak Mountain Snowflake certification, making it a reliable companion in harsh winter climates.
              
              Hankook Tire to Add Truck and Bus Tire Production Line to its European Plant
              
              Hankook Tire announced enhancing its European operations by introducing a state-of-the-art Truck Bus Radial (TBR) production line at its Rácalmás facility in Hungary, a decision greenlit. With an investment of EUR 540 million, the project anticipates creating 450 new jobs and aims to be operational by 2027, generating an estimated 2,380 TBR units daily, which scales up to 800,000 units annually. This strategic move is expected to bolster Hankook Tire’s global presence and total international production to over 102 million tires annually across its global network of eight plants.
              
              PIF and Pirelli Announce Joint Venture to Establish Tire Manufacturing Facility in Saudi Arabia
              
              The Public Investment Fund (PIF) of Saudi Arabia, in partnership with Pirelli Tyre S.P.A, announced the formation of a joint venture to erect a state-of-the-art tire production facility within Saudi Arabia. This initiative aligns with Saudi Arabia's vision to transform into a pivotal automotive hub by 2030, a venture further exemplified by PIF's recent collaborations, such as a USD 500 million automotive plant with Hyundai Motor Company and the establishment of Tasaru, aimed at catalyzing the automotive and mobility sectors.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Tires Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            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
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year