Automotive Tire Market 2022 Actionable Strategy & Insights

Automotive tire market by season type, the all season type segment is dominating the market, in terms of revenue. In addition, by vehicle type segment, the passenger car segment dominated the automotive tire market in 2019. Furthermore, by distribution type, aftermarket segment is expected to dominate the market in terms of revenue. Region-wise, Asia-Pacific is anticipated to be the highest revenue contributor, and the same region is expected to lead in the future, followed by Europe, North America, and LAMEA.

The key players analyzed in the automotive tire market report include Bridgestone Corporation, Continental corporation, MICHELIN, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), The Goodyear Tire & Rubber Company, Toyo Tire Corporation, Sumitomo Rubber Industries Ltd, The Yokohama Rubber Co., Ltd, Hankook Tire & Technology Co., Ltd and Nokian Tyres plc.

Key Findings Of The Study Automotive Tire Market:

• In 2019, by season tire type, the all season type segment generated the highest revenue.
• In 2019, by vehicle type, the passenger car segment was the highest revenue contributor.
• In 2019, by rim size, the 15-20 inch segment was the highest revenue contributor.
• In 2019, by distribution channel, the aftermarket segment was the highest revenue contributor.
• In 2019, by region, Asia-Pacific contributed the highest revenue, followed by Europe, North America, and LAMEA.

According to a recent report published by Allied Market Research, titled, “Automotive tire Market by Season Type, Vehicle Type, Rim Size, and Distribution Channel,: Opportunity Analysis and Industry Forecast, 2020–2027.” The global automotive tire market was valued at $112.16 billion in 2019, and is projected to reach $154.40 billion by 2027, registering a CAGR of 4.1% from 2020 to 2027. By vehicle type, the passenger car segment was the highest revenue contributor in 2019, for $80.33 billion, and is estimated to reach $110.47 billion by 2027, registering a CAGR of 4.1% during the forecast period. In 2019, Asia-Pacific was anticipated to account for the major market share.

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The Asia-Pacific region is dominating the market in term of revenue, followed by Europe, North America, and LAMEA. In Asia-Pacific, China dominated the automotive tire market in 2019, whereas India is expected to grow at a significant rate during the forecast period.

Tires are important for the vehicles, as they protect the wheel rim. The rapid growth of the automobile sector across all segments fuels the growth of the automotive tire market. There are prominent key factors that drive the growth of the automotive tire market such as rise in the competition among global tire manufacturers and an increase in the operating life of automobiles.

The market economy is also responsible for the growth of the automotive tire market. Countries such as China, India, Brazil, and South Africa are growing economies. Thus, the manufacturing sector is witnessing prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive tire market. Moreover, improving economy results in an increase in the standard of living of consumers, which is why people consider vehicles as a necessary mode of transport. This change in the perception of consumers indirectly governs the tire market worldwide, especially in the developed countries. Also, in some undeveloped countries, there is an increase in the automobile sales, which is expected to boost the automotive tire market. In addition, an increase in the operating life of vehicles is anticipated to create after market opportunities for the growth of the global automotive tire market.

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The global automotive tire market is driven by increase in automotive production & sales across different vehicles segment and rise in competition among tire manufacturers. In addition, introduction of advanced technology in the manufacturing process is anticipated to propel the growth of the automotive tire market. However, factors such as volatile prices of raw materials and growing market of retreading tires are expected to hamper the growth of the market. Further, advancement in technology and fuel efficiency and safety concerns coupled with the government support are expected to create numerous opportunities for the growth expansion.

Moreover, automobile manufacturers are inclining toward electric and alternative fuel vehicles due to implementation of vehicle emission regulations. The rise in production of commercial and passenger cars along with the new advanced technology creates a demand for the tire business globally. For instance, Bridgestone came up with new innovative tires “Ecopia EP500 ologic”. These tire are based on “Ologic technology”, which uses synergies of large diameter in conjunction with smaller width. Furthermore, this solution improves fuel efficiency by reducing rolling resistance and environmental impacts. In addition, the Continental started offering different categorized tire as their product such as winter, all seasoned and summer to boost the sales of tire in the global market.

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Press Releases:

Automotive Tire Market Worth $154.40 Bn, Globally, by 2027 at 4.1?GR, Says Allied Market Research – PRNewsWire.com

Automotive Tubeless Tire Market Expected to Reach $198 Billion by 2023 – Allied Market Research – PRNewsWire.com

Advanced Tires Market to Reach $1.34 Bn, Globally, by 2030 at 18.4?GR: Allied Market Research – PRNewsWire.com

ATV-UTV Tire Market to Reach $698.1 Mn, Globally, by 2026 at 7.5?GR, Says Allied Market Research – PRNewsWire.com

Aircraft Tires Market to Garner $2.85 Billion by 2030: Allied Market Research – GlobeNewsWire.com

Southeast Asian Tire Market to Reach $14.48 Billion by 2030: Allied Market Research – GlobeNewsWire.com

Brazil Automotive Tire Market worth $2.05 Billion by 2027: Allied Market Research – GlobeNewsWire.com

Latin America and Caribbean Automotive Tire Market to Portray $4.53 Billion by 2027: Allied Market Research – GlobeNewsWire.com

Similar Reports We Have on Tire Industry:

Automotive Winter Tire Market by Rim Size (13”-15”, 16”-18”, 19”–21”, and 22”–26”), Stud Presence (Studded and Studdless), Sales channel (OEM and Aftermarket), and Vehicle Type (Two-wheeler, Passenger Cars, and Commercial Vehicles)): Global Opportunity Analysis and Industry Forecast, 2018–2030.

Racing Tires Market by Product Application (Auto Racing Tires and Motorcycle Racing Tires), by End User (Replacement Tires and OEMs), and by Tire Type (Racing Slick Tires and Racing Treaded Tires) – Global Opportunity Analysis and Industry Forecast, 2017-2030.

Green Tire Market by type (On-Road Tires, and Off-Road Tire), By Application (Passenger Cars, Light Commercial Vehicle, and Heavy Commercial Car) – Global Opportunity Analysis and Industry Forecast 2017-2030.

Automotive Summer Tire Market by Section Width (Less than 200 Millimeters, 200 to 230 Millimeters, and More than 230 Millimeters), Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle), Aspect Ratio (Less than 60, 60 to 70, and More than 70), Type (Radial, and Bias), and Rim Size (13 to 15 Inches, 16 to 18 Inches, 19 to 21 Inches, and More than 21 Inches): Global Opportunity Analysis and Industry Forecast, 2020–2030.

Off-the-Road Tire Market by Product (Radial Tires, Bias Tires and Non-Pneumatic Tires), Vehicle Type (Earthmovers, Loader & Dozers, Graders, Material Handling Equipment and Tractors & Agricultural Equipment), End-Users (Construction, Industrial, Mining, Agriculture, Ports and Other), Target Market (Original Equipment manufacturers (OEMs) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030.

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