The automotive tires market size is projected to reach US$ 216.86 billion by 2031 from US$ 138.15 billion in 2023. The market is expected to register a CAGR of 5.8% in 2022–2031. Increasing automotive production and sales across the globe with stringent rules and regulations for sustainable materials for tires drives market growth. According to the Automotive Industry Associations, the global automotive industry manufacturing sector was valued at around US$ 2.86 trillion in 2022 and is projected to reach US$ 3.2 trillion by 2026. This growth is primarily owing to the increasing sale of new vehicles among consumers across the globe.
The automotive tires market is driven by increasing automotive sales and production along with the rapid growth of off-highway vehicles across the agriculture and mining sectors. The off-highway vehicles are subjected to wear and tear conditions. Hence, the automotive tire demand is high in these off-highway vehicles. The increasing construction sector at a rapid pace, along with growing demand from developing nations across the globe, is the major driving factor for market growth. Automotive tires are required to change after a certain period. Also, increasing sales of automobiles and growing commercial vehicle sales among consumers created a massive demand for automotive tires market growth. Passenger cars sale has the largest share in the overall market. Motor vehicle sales across the globe have increased by 5% from 2020 to 2021. Such growth in automotive sales across the globe is expected to create ample opportunity for the market growth during the forecast period.
Increasing automotive sales and production across developing countries, including China, India, Mexico, Brazil, and Japan, is driving the automotive tires market during the forecast period. According to the China Association of Automobile Manufacturers Organization, in March 2023, passenger car sales increased to more than 1.05 million units which was an increased by 20.4% compared with the previous month, 2023. Also, increasing global automotive sales across the globe is driving the global automotive tire market growth. According to the International Energy Agency, in 2023, the global automotive production reached 93.0 million units increased by 11.2% compared to 2022. Such growth in automotive production and sales has created massive demand for the market growth during the forecast period.
Advancements in automotive tire manufacturing, such as the integration of intelligent tires with built-in sensors to reduce overall driving costs, drive the market opportunity. Several key players in the market, such as Continental AG and Hankook, are investing in these advanced technologies to offer safe driving and enhance vehicle efficiency. Intelligent tires monitor accurate pressure and temperature readings from sensors in the tire's inner liner. For instance, in February 2023, Continental AG launched Conti Connect Tire with Live cloud-based solution assistance in the fleets in real-time. It is built with an intelligent digital tire monitoring system for the vehicles in the fleet. Continental tires consist of sensors to collect data inside the tires.
Key segments that contributed to the derivation of the automotive tires market analysis are vehicle type, rim size, design, and tire type.
The geographic scope of the Automotive Tires Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The Asia Pacific is expected to dominate the market during the forecast period owing to increasing sales of vehicles in this region. The leading countries such as India, Japan, and China, drive the automotive tires market growth during the forecast period. This is primarily owing to increased demand from the huge population base in China and India are the major driving factors for the automotive tires market growth in India and China.
Europe is also growing at a rapid pace in the automotive tires market growth owing to the growing sales of the automotive and increased disposable income of the people in this region.
The regional trends and factors influencing the Automotive Tires Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Tires Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 138.15 Billion |
| Market Size by 2031 | US$ 216.86 Billion |
| Global CAGR (2023 - 2031) | 5.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Material Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive Tires Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive Tires Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Automotive Tires market and strategies:
The “Automotive Tires Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: