Automotive Tires Market Size, Growth and Forecast by 2031

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.

Automotive Tires Market Analysis

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.

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Automotive Tires Market: Strategic Insights

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Automotive Tires Market Drivers and Opportunities

Growing Sales of Commercial Vehicles and Passenger Cars is Propelling the Market Growth

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.

Rising development of the Intelligent System for Monitoring the Tier Pressure is Expected to Create Ample Opportunity for the Automotive Tire 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.

Automotive Tires Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive tires market analysis are vehicle type, rim size, design, and tire type.

• Based on vehicle type, the market is divided into passenger cars, light commercial vehicles, and heavy-duty commercial vehicles. Among these, passenger cars have the largest share in 2023.
• Based on Rim Size, the market is divided into 13’’-15’’, 16’’-18’’, 19’’-21’’, Above 21”
• Based on design, the market is divided into radial and bias. Among these, radial design has the largest share in 2023 during the forecast period.
• Based on tire type, the market is divided into tubeless and tube.

Automotive Tires Market Share Analysis by Geography

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.

Automotive Tires Market Regional Insights

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.

Automotive Tires Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. ABB Ltd.
2. Benteler International AG
3. CIE Automotive
4. Dura Automotive Systems
5. Gestamp Automocion S.A.
6. Kuka AG

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Tires Market News and Recent Developments

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:

• In January 2023- Sumitomo Rubber Industries partnered with Global Data Service for the expansion of the automotive tires and automotive components business. The automotive tire manufacturer designed for the users to access data using tires with the help of RFID technology. (Source: DJI, Press Release/Company Website/Newsletter)
• In October 2022 – Hankook Tire introduced AU06+ Smart iON Radial tire for trucks and buses for premium EVs. (Source: DJI, Press Release/Company Website/Newsletter)

Automotive Tires Market Report Coverage and Deliverables

The “Automotive Tires Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter’s Five Forces analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis