Automotive Tire Market: Increasing Vehicle Sales and Demand for Safety and Performance Drive Market Growth

The automotive tire market refers to the market for tires used in vehicles such as cars, trucks, buses, and motorcycles. Tires are essential components of vehicles and play a critical role in ensuring safety, performance, and comfort on the road. The automotive tire market is highly competitive, with several major players operating globally. The automotive tire market is driven by several factors, including the growing demand for vehicles, increasing disposable incomes, and rising urbanization. In addition, government regulations mandating the use of fuel-efficient and eco-friendly tires are also contributing to the growth of the market

The automotive tire market can be segmented based on various factors, such as vehicle type, tire type, material type, and geography. Passenger cars and light commercial vehicles are the largest segments in terms of vehicle type, while radial tires are the most popular tire type in the market. In terms of material type, synthetic rubber and natural rubber are the most widely used materials. The Asia-Pacific region is the largest market for automotive tires, driven by the growing demand for vehicles in countries such as China, India, and Japan. North America and Europe are also significant markets for automotive tires, driven by the presence of major automotive manufacturers in these regions.

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5 Projections of Fact.MR’s Report on Global Automotive Tire Market

1. Based on product type, the market is bifurcated into radial tires and bias tires. Although bias tires will remain preferred in the market, sales of radial tires are estimated to register a comparatively higher CAGR through 2022.
2. Sales of automotive tires in LCVs and two-wheeler vehicles are expected to register parallel expansion during the forecast period, with LCVs estimated to account for a comparatively larger revenue share than two-wheeler vehicles. In addition, sales of automotive tires in passenger cars are expected to exhibit the highest CAGR through 2022. In contrast, M&HCV segment is projected to register the lowest CAGR in the global automotive tire market.
3. Aftermarket will remain the largest sales channel for automotive tires, expanding at 5.3% CAGR through 2022. Revenues from sales of automotive tires through OEM are anticipated to surpass US$ 10,000 Mn by 2022-end. Asia Pacific Excluding Japan (APEJ) accounts for the largest share of automotive tire sales through OEM.
4. APEJ is estimated to continue its dominance in the global automotive tire market, in terms of revenues. The automotive tire market in APEJ is estimated to create a robust incremental opportunity between 2017 and 2022.
5. Although sales of automotive tires in North America will register a comparatively higher CAGR than Europe, Europe will account for a higher revenue share by 2022-end. In contrast, Middle East & Africa (MEA) will account for the lowest revenue share in the global automotive tire market.

Key Segments Covered in Automotive Tire Industry Research

• By Vehicle Type:
  • 2/3 Wheelers
  • Passenger Vehicles
  • Commercial Vehicles
    • LCVs
    • HCVs
• By Tire Structure:
  • Radial Tires
  • Tube Tires
  • Tubeless Tires
  • Bias Tires
• By Tire Type:
  • Winter Tires
  • Summer Tires
  • All-season Tires
• By Distribution Channel:
  • OEMs
  • Aftermarket
• By Region:
  • North America
  • Latin America
  • Europe
  • APAC
  • MEA

Competitive Landscape:

In order to meet the high demand from various regions, auto tire manufacturers are concentrating on extending the scope of their business.

• Hankook Tire, a South Korean tire supplier, declared in August 2022 that it would increase the manufacturing capacity of its Clarksville, Tennessee, United States, facility. By 2026, the company aimed to more than double the facility’s local manufacturing capacity through an investment of about US$ 1.6 billion.

Key Companies Profiled

• Continental AG
• Yokohama Rubber Company Limited
• Sumitomo Rubber Industries Ltd.
• Madras Rubber Factory Limited
• Apollo Tyres Ltd.
• Sailun Tires Ltd.
• Bridgestone Corp.
• Michelin
• Goodyear Tire And Rubber Company
• Pirelli & C. S.P.A
• Shandong Linglong Tyre
• Nexen Tire America Inc.
• Kumho Tire Co. Inc.
• Nokian Renkaat Ojy
• Cheng Shin Rubber Industries
• Toyo Tire & Rubber Company
• Trelleborg AB
• Cooper Tire & Rubber Company
• Hankook Tire
• Titan Tire Corporation

More Valuable Insights on Automotive Tire Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Automotive Tire, Sales and Demand of Automotive Tire, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.