Automotive Tire Market to Estimate US$ 209.2 Billion by 2031 Owing to Rapid Expansion in Automotive Sector across the Globe | Transparency Market Research, Inc.
- Investment in advanced automotive technologies for consumers and OEMs fosters market growth
- Increase in demand for electric vehicles across the world boosts demand for specialized tires
WILMINGTON, Del., Jan. 12, 2023 -- The global automotive tire market was valued at US$ 134.8 Bn in 2021. According to Transparency Market Research, the global market is anticipated to grow at a CAGR of 4.4% from 2021 to 2031 and reach US$ 209.2 Bn by the end of 2031. Increase in demand for tires with high-performance properties is driving the global market. These tires are designed for use in high-speed and high-performance vehicles, and are characterized by their ability to provide excellent grip, handling, and stability. The growing popularity of high-performance vehicles, particularly among younger consumers, is driving market demand.
Surge in demand for electric vehicles (EVs) is another trend propelling the market. Adoption of EVs is driven by a range of factors, including rise in concerns about air pollution & climate change and increase in government incentives and subsidies. Rise in the number of EVs on the road is likely to increase demand for specialized tires designed specifically for these vehicles. These tires are designed to provide optimal performance and efficiency in the unique operating conditions of EVs.
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Automotive Tire Market: Key Findings of Report
- Growing demand for tires with high-performance properties: Demand for tires with high-performance properties is driven by the increasing popularity of high-performance vehicles. These vehicles, which include sports cars, luxury vehicles, and performance SUVs, are characterized by high levels of acceleration, handling, and stability. High-performance tires are designed to provide excellent grip and handling, and are often used in high-speed vehicles. The growing popularity of these vehicles, particularly among young consumers, is driving the demand for tires with high-performance properties.
- Rise in Sales of Commercial and Passenger Vehicles: As more and more people purchase new cars, the demand for tires also increases. In addition, the increasing trend of globalization and urbanization has led to a higher number of vehicles on the road, further driving the demand for tires. The market is expected to continue growing in the coming years, as the automotive industry continues to expand and innovate. There is also a growing trend towards specialized tires, such as those for electric and autonomous vehicles, which is expected to further contribute to the market's growth.
Automotive Tire Market: Growth Opportunities
- Increase in popularity of automotive sporting activities, such as racing, off-road driving, safaris, and adventure tours, propels the demand for specialized tires
- Favorable and stringent government initiatives regarding automotive specifications also contribute to market expansion
- Growing integration of several safety features in advanced and specialized automotive tires propel market development
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Automotive Tire Market: Key Players
The automotive tire market is highly competitive, with a number of players competing for market share. These players include Bridgestone Corporation, Continental AG, Goodyear Tire & Rubber Company, Michelin, Sumitomo Rubber Industries, Ltd., The Yokohama Rubber Co., Ltd., and Toyo Tire & Rubber Co., Ltd. The competitive landscape of the automotive tire market is intensified by the presence of private label brands and store brands, which offer products at competitive prices. These brands are often able to leverage the distribution networks and brand recognition of the retailers they are associated with, making it difficult for other players to compete.
Automotive Tire Market: Regional Growth Assessment
Asia Pacific is anticipated to dominate the global market in the near future owing to increase in demand for automobiles and rise in number of manufacturers in the region. Additionally, rise in disposable income of consumers in the region is expected to propel the automotive tire market growth. The global automotive tire market in North America and Europe is expected to record decent growth due to the presence of well-established automotive industries. Increase in adoption of EVs in these regions is expected to drive the demand for specialized tires.
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Automotive Tire Market: Segmentation
Automotive Tire Market, by Rim Size
- 12" – 17"
- 18" – 21"
- More than 21"
Automotive Tire Market, by Aspect Ratio
Automotive Tire Market, by Material
- Synthetic Rubber
- Natural Rubber
Automotive Tire Market, by Ply Type
- Radial Ply
- Bias Ply
Automotive Tire Market, by Tire Type
- Tubed Tire
- Tubeless tire
Automotive Tire Market, by Season
- Winter Tire
- All-season Tire
Automotive Tire Market, by Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Automotive Tire Market, by Sales Channel
Automotive Tire Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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