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
Market Size Value in US$ 233.15 Million in 2017 Market Size Value by US$ 306.44 Million by 2025 Growth rate CAGR of 10.8% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Automotive Tires Market: Strategic Insights
| Market Size Value in | US$ 233.15 Million in 2017 |
| Market Size Value by | US$ 306.44 Million by 2025 |
| Growth rate | CAGR of 10.8% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Tire Type ; Vehicle Type ; and Distribution Channel
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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