Key trends include the growing adoption of eco-friendly and sustainable tires, reflecting consumer and regulatory pressure for reduced carbon footprints. Smart tires equipped with sensors for monitoring performance and maintenance are gaining traction, especially in EVs and connected vehicles.
According to a new report published by Allied Market Research, titled, “Automotive Tire Market,” The Automotive Tire Market Size was valued at $113.9 billion in 2023, and is estimated to reach $166.1 billion by 2033, growing at a CAGR of 4% from 2024 to 2033.
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There are prominent 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 increasing demand for special purpose tires also propels the growth of the Automotive Tire Market Size. 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. Also, in some undeveloped countries, there is an increase in 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.
The automotive tire market is driven by growing vehicle production, rising demand for fuel efficiency, and increasing safety awareness among consumers. Expanding automotive sales, particularly in emerging economies, fuel the demand for replacement and OEM tires. Advancements in tire technology, such as self-healing tires, smart tires, and low rolling resistance, are reshaping the market. Additionally, the growth of electric vehicles (EVs) has created opportunities for specialized EV tires designed to enhance performance and durability. However, fluctuating raw material costs, stringent environmental regulations, and growing competition among manufacturers pose challenges. The trend toward sustainable and eco-friendly tires, along with a rising preference for premium and all-season tires, is shaping the future dynamics of the global tire market.
The All-Season and Winter tire segment to maintain its leadership status during the forecast period
By season type, the all-season and winter tire segment dominated the global market in 2023, driven by the high demand for versatile and durable tires suitable for varying weather conditions. All-season tires are particularly popular due to their ability to perform well in moderate climates, reducing the need for seasonal replacements.
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The 15 to 20 Inches rim size segment to maintain its lead position throughout the forecast period
By rim size, the 15 to 20 inches segment led the global market in 2023, primarily due to its compatibility with a wide range of passenger cars, SUVs, and light commercial vehicles. This size range offers a balance between performance, comfort, and affordability, making it the preferred choice for both original equipment manufacturers (OEMs) and the aftermarket.
The passenger vehicle segment to maintain its lead position throughout the forecast period
By vehicle type, the passenger vehicle segment dominated the global automotive tire industry in 2023, accounting for the largest share due to the rising number of passenger cars worldwide. Factors such as increase in urbanization, higher disposable incomes, and consumer preference for personal mobility have fueled demand in this segment. Passenger vehicle tires are designed to provide optimal performance, comfort, and safety, catering to a broad customer base.
Asia-Pacific to maintain its dominance by 2033
The Asia-Pacific region emerged as the leading market for automotive tires in 2023, driven by rapid economic development, urbanization, and a booming automotive industry in countries like China, India, and Japan. This region’s dominance is attributed to high vehicle production and sales, along with a large population base with rising income levels.
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Leading Market Players: –
- Thales
- Lockheed Martin Corporation
- Northrop Grumman
- AIRBUS
- Rohde & Schwarz
- Leonardo S.p.A.
- HENSOLDT
- IAI (Israel Aerospace Industries)
- Elbit Systems Ltd.
- L3Harris Technologies, Inc.
- General Dynamics Corporation
- Cubic Corporation
- BAE Systems
- Ultra
The report provides a detailed analysis of these key players in the global automotive tire market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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