Global Automotive Tire Market Size Study, by Rim Size (Less than 15 Inch, 15 to 20 Inch, More than 20 Inch), by Season Type (Summer, All Season, Winter), by Vehicle Type (Electric Vehicle, Commercial Vehicle, Passenger Vehicle), by Load Index (Up to 100,

Global Automotive Tire Market Size Study, by Rim Size (Less than 15 Inch, 15 to 20 Inch, More than 20 Inch), by Season Type (Summer, All Season, Winter), by Vehicle Type (Electric Vehicle, Commercial Vehicle, Passenger Vehicle), by Load Index (Up to 100, More than 100) and Regional Forecasts 2022-2032

The Global Automotive Tire Market is valued approximately at USD 153.49 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.2% over the forecast period 2024-2032. An automotive tire is a crucial component of a vehicle’s chassis, serving as the point of contact between the vehicle and the road surface. Tires are designed and manufactured meticulously to meet specific performance requirements, encompassing a blend of rubber, fabric, and steel to endure various environmental conditions and road stresses. These components optimize performance characteristics such as grip, handling, and durability, ensuring vehicle safety, fuel efficiency, and overall driving comfort. The diverse range of tire types, including all-season, summer, and winter variants, caters to different driving conditions and preferences, underscoring their significance in the performance and safety of motor vehicles.

The market is set to experience significant growth due to rising consumer demand for high-performance tires, increased vehicle production in developing countries, and an emphasis on fuel efficiency and environmental sustainability. The adoption of electric vehicles, innovations in tire design and materials, and a focus on tire recycling and sustainability are key factors propelling market growth. However, fluctuating raw material prices, shifts in consumer preferences, and stringent regulatory standards pose challenges. Nonetheless, technological advancements in tire manufacturing and the growing automotive industry present substantial growth opportunities.

The initial phases of the COVID-19 pandemic led to disruptions in manufacturing and supply chains, temporarily reducing tire production. Lockdowns and restrictions impacted global mobility, causing a decline in vehicle sales and consequently, tire demand. Economic uncertainties influenced consumer spending, delaying tire replacements and upgrades. As economies reopened and the automotive sector rebounded, there was a renewed focus on personal transportation, stimulating recovery in the tire market. The pandemic also highlighted the importance of resilient supply chains, prompting manufacturers to optimize production processes.

Asia Pacific holds the largest share of the market revenue due to rapid economic growth and industrialization in the region. The demand for tires is driven by expanding automotive markets, increasing urbanization, and infrastructure development. Diverse driving conditions necessitate a range of tire types, boosting market growth. The shift towards electric vehicles and sustainable mobility influences tire preferences, with a demand for eco-friendly and fuel-efficient options. Strategic initiatives by manufacturers to establish production facilities and distribution networks further support market expansion in the region.

Major market players included in this report are:

Bridgestone Corporation

Continental AG

The Goodyear Tire & Rubber Company

Hankook & Company Co., Ltd.

Michelin

Nokian Tyres Plc

Pirelli & C. S.P.A

Sumitomo Rubber Industries, Ltd.

The Yokohama Rubber Co., Ltd.

Toyo Tire Corporation

The detailed segments and sub-segment of the market are explained below:

By Rim Size:
• Less than 15 Inch
• 15 to 20 Inch
• More than 20 Inch

By Season Type:
• Summer
• All Season
• Winter

By Vehicle Type:
• Electric Vehicle
• Commercial Vehicle
• Passenger Vehicle

By Load Index:
• Up to 100
• More than 100

By Region: North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC

Latin America
• Brazil
• Mexico

Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.

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