Global Automotive Tire Market

Global Automotive Tire Market Size, Share, Growth Analysis, By Type(Radial Tires and Bias Tires), By End-User(Passenger Vehicles and Commercial Vehicles) - Industry Forecast 2023-2030


Report ID: SQMIG25B2003 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 59 | Figures: 75

Global Automotive Tire Market Insights

Global Automotive Tire Market size was valued at USD 266.8 billion in 2021 and is poised to grow from USD 310.05 billion in 2022 to USD 521.10 billion by 2030, growing at a CAGR of 7.7% during the forecast period (2023-2030).

The automotive tire market is highly competitive, prompting companies to prioritize product differentiation through innovative technologies. These technologies provide exceptional performance and durability. One example is a self-regenerating tread pattern that maintains a high level of grip even as the tire wears down. With the global increase in sales of passenger and commercial vehicles, the demand for tires is expected to grow significantly. The International Organization of Motor Vehicle Manufacturers reported the production of over 90 million new vehicles worldwide, marking a growth rate of 1.1% compared to previous years. Europe accounted for approximately 17 million vehicles, representing 19% of global production and contributing to the rising demand for automotive tires. Tire manufacturers are actively involved in developing sustainable tire solutions that are both cost-effective and meet stringent performance standards. Lehigh Technologies, for instance, offers Micronized Rubber Powder (MRP), an environmentally friendly and high-performance material used in the production of over 300 million tires. This low-cost and customizable feedstock supports sustainability efforts in the industry. The adoption of Low Rolling Resistance (LRR) and self-inflating technologies by tire manufacturers is on the rise due to increasing awareness about fuel efficiency. LRR tires reduce energy wastage and minimize rolling effort, aligning with the industry's goal to improve fuel mileage. As a result, all manufacturers are compelled to incorporate these tires to meet the growing pressure for enhanced fuel efficiency. Automotive tire suppliers competing for original equipment fitments are striving to improve Corporate Average Fuel Economy (CAFE) standards. The federal mandate of achieving 54.5 miles per gallon drives their efforts to enhance fuel efficiency.

Market snapshot - 2023-2030

Global Market Size

USD 266.8 billion

Largest Segment

Radial Tires

Fastest Growth

Radial Tires

Growth Rate

7.7% CAGR

Global Automotive Tire Market ($ Bn)
Country Share for North America Region (%)
Global Automotive Tire Market Size By Type ($ Bn)
Global Automotive Tire Market Size By Type (%)

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Global Automotive Tire Market Segmental Analysis

The Global Automotive Tire Market is segmented by type, end-user, and region. Based on type, the market can be segmented into radial tires, and bias tires. Based on end-user, the market is segmented into passenger vehicles, and commercial vehicles. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Automotive Tire Market Analysis by Type

By type, the market can be segmented into radial tires and bias tires. Radial tires dominated the global automotive tire market. The increasing demand for passenger vehicles worldwide, coupled with the advantages provided by radial tires, has contributed to their market dominance. Factors such as fuel efficiency, improved vehicle handling, and enhanced safety have made radial tires the preferred choice for consumers and original equipment manufacturers (OEMs). The dominance of radial tires is expected to continue in the foreseeable future, driven by ongoing technological advancements and consumer preference for vehicles equipped with radial tires.

The bias tire segment is experiencing notable growth. The demand for bias tires is primarily driven by the commercial vehicle sector, including heavy-duty trucks and agricultural machinery. These vehicles require tires that can withstand challenging conditions, heavy loads, and rough terrains. Additionally, the growth of construction and mining industries in emerging economies further contributes to the demand for bias tires. As a result, the bias tire segment is expected to witness steady growth, albeit at a slower pace compared to radial tires, due to its niche applications and specific requirements.

Automotive Tire Market Analysis by End-User

By end-user, the market can be segmented into passenger vehicles and commercial vehicles. Passenger vehicles dominated the global automotive tire market. The increasing demand for personal transportation, coupled with rising consumer expectations for safety, comfort, and performance, has fueled the growth of this segment. The dominance of passenger vehicles is expected to continue due to factors such as urbanization, increasing population, and improving economic conditions in emerging markets. OEMs and tire manufacturers focus on developing innovative tire technologies to meet the evolving demands of passenger vehicle owners, ensuring their continued dominance in the market.

The commercial vehicle segment is the fastest-growing segment in the global automotive tire market. Factors such as economic growth, infrastructure development, and expanding e-commerce activities contribute to the increasing demand for commercial vehicles. This, in turn, drives the demand for tires designed specifically for commercial applications. As industries such as logistics, construction, and agriculture continue to expand, the need for commercial vehicles and their corresponding tires is expected to grow steadily. Tire manufacturers are investing in research and development to develop technologically advanced tires that offer enhanced load-carrying capacity, fuel efficiency, and durability to cater to the evolving needs of the commercial vehicle segment.

Global Automotive Tire Market Size By Type (%), 2021 (%)

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Global Automotive Tire Market Regional Insights

North America dominated the global automotive tire market, largely driven by the presence of well-established automobile manufacturing industries and a high demand for vehicles. The region's dominant position is further strengthened by a robust transportation infrastructure and a strong emphasis on technological advancements. Key market players in North America, such as Goodyear, Bridgestone, and Michelin, contribute to the region's dominance through their extensive distribution networks, brand recognition, and continuous innovation efforts. Additionally, the region's strict safety and quality regulations create a favorable environment for tire manufacturers, boosting their market position.

While the Asia-Pacific region is experiencing the fastest expansion in the global automotive tire market. The rising population, urbanization, and expanding automotive industry in the region are propelling the demand for tires. Moreover, governments in APAC countries are focusing on infrastructure development, including road construction projects, which further drives the demand for automotive tires. Additionally, the region's growing emphasis on eco-friendly and fuel-efficient vehicles is leading to the adoption of advanced tire technologies, such as low rolling resistance and self-inflating tires, further stimulating market growth.

Global Automotive Tire Market By Geography, 2023-2030
  • Largest
  • Fastest

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Global Automotive Tire Market Dynamics

Automotive Tire Market Drivers

Increasing demand for tires

  • One major driver in the global automotive tire market is the increasing demand for tires driven by the growing sales of passenger and commercial vehicles worldwide. As reported by the International Organization of Motor Vehicle Manufacturers, the production of new vehicles has been consistently rising, leading to a surge in tire consumption. This trend is expected to continue as countries strive to improve transportation infrastructure and meet the rising demand for vehicles, thereby fueling the need for automotive tires.

Automotive Tire Market Restraints

Fluctuating prices of raw materials

  • One significant restraint in the global automotive tire market is the fluctuating prices of raw materials, particularly rubber. Rubber is a key component in tire manufacturing, and its price volatility can significantly impact production costs. Factors such as unpredictable weather conditions, supply chain disruptions, and geopolitical factors can lead to fluctuations in rubber prices. This poses a challenge for tire manufacturers to maintain profitability and stable pricing, requiring them to closely monitor and manage their supply chains and explore alternative sourcing strategies to mitigate the impact of raw material price fluctuations.

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Global Automotive Tire Market Competitive Landscape

The global automotive tire market is characterized by intense rivalry among numerous companies striving to differentiate their products and gain a larger market share. Companies in this industry focus on innovation, offering technologies that enhance performance, durability, and fuel efficiency. They also emphasize sustainability, aiming to develop cost-effective and eco-friendly tire solutions. Continuous research and development, strategic partnerships, and effective distribution networks are key factors driving competitiveness in the market, enabling companies to meet evolving customer demands and navigate the dynamic regulatory landscape.

Automotive Tire Market Top Player’s Company Profiles

  • Continental AG (Germany)
  • Pirelli & C. S.p.A (Italy)
  • Hankook Tire & Technology Co., Ltd. (South Korea)
  • Sumitomo Rubber Industries, Ltd. (Japan)
  • Yokohama Rubber Company, Ltd. (Japan)
  • Cooper Tire & Rubber Company (US)
  • Toyo Tire Corporation (Japan)
  • Kumho Tire Co., Inc. (South Korea)
  • Cheng Shin Rubber Ind. Co., Ltd. (Taiwan)
  • Giti Tire (Singapore)
  • Apollo Tyres Ltd. (India)
  • Nokian Tyres plc (Finland)
  • MRF Limited (India)
  • Nexen Tire Corporation (South Korea)
  • Sailun Group Co., Ltd. (China)
  • Maxxis International (Taiwan)
  • CEAT Limited (India)

Automotive Tire Market Recent Developments

  • In May 2023, Continental launched a new line of electric vehicle tires called EcoContact Electric, specifically designed to optimize range, reduce rolling resistance, and enhance braking performance for electric vehicles.
  • In March 2023, Bridgestone announced an investment of $40 million in ClearMotion, a technology company specializing in active suspension systems, to collaborate on developing advanced tire technologies and improve ride comfort.
  • In January 2023, Michelin announced a partnership with General Motors to develop airless and puncture-proof tires, aiming to enhance vehicle safety and reduce environmental impact.
  • In September 2022, Pirelli launched a new line of tires called Cyber Fleet, equipped with embedded sensors and connected technology, providing real-time monitoring and data analysis for fleet operators to optimize tire performance and maintenance.
  • In July 2022, Goodyear unveiled a new concept tire, the ReCharge, which uses a renewable and customizable tread compound, demonstrating the company's commitment to sustainable tire solutions.

Global Automotive Tire Key Market Trends

  • One key market trend in the global automotive tire industry is the increasing demand for eco-friendly and sustainable tire solutions. With growing concerns about environmental impact and stricter regulations, there is a rising emphasis on developing tires that are energy-efficient, have reduced carbon emissions, and promote recycling and reuse. Tire manufacturers are investing in research and development to introduce innovative materials, such as bio-based or recycled rubber, as well as incorporating technologies like low rolling resistance and self-inflating tires to enhance fuel efficiency and reduce environmental footprint, aligning with the evolving preferences of consumers and the industry's sustainability goals.

Global Automotive Tire Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global automotive tire market analysis, the market is driven by the increasing sales of passenger and commercial vehicles worldwide. With a focus on product differentiation, tire manufacturers strive to offer innovative technologies that enhance performance, durability, and fuel efficiency. Additionally, there is a growing demand for eco-friendly and sustainable tire solutions to address environmental concerns. Fluctuating prices of raw materials, particularly rubber, pose a challenge for manufacturers in maintaining stable pricing. The competitive landscape is characterized by intense rivalry, requiring companies to invest in research and development, strategic partnerships, and effective distribution networks.

Report Metric Details
Market size value in 2021 USD 266.8 billion
Market size value in nbsp 266.8 billion
Growth Rate 7.7%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) Billion
Segments covered
  • Type
    • Radial Tires and Bias Tires
  • End-User
    • Passenger Vehicles and Commercial Vehicles
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Continental AG (Germany)
  • Pirelli & C. S.p.A (Italy)
  • Hankook Tire & Technology Co., Ltd. (South Korea)
  • Sumitomo Rubber Industries, Ltd. (Japan)
  • Yokohama Rubber Company, Ltd. (Japan)
  • Cooper Tire & Rubber Company (US)
  • Toyo Tire Corporation (Japan)
  • Kumho Tire Co., Inc. (South Korea)
  • Cheng Shin Rubber Ind. Co., Ltd. (Taiwan)
  • Giti Tire (Singapore)
  • Apollo Tyres Ltd. (India)
  • Nokian Tyres plc (Finland)
  • MRF Limited (India)
  • Nexen Tire Corporation (South Korea)
  • Sailun Group Co., Ltd. (China)
  • Maxxis International (Taiwan)
  • CEAT Limited (India)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Automotive Tire Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Automotive Tire Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Automotive Tire Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Tire Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Tire Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Automotive Tire Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Automotive Tire Market size was valued at USD 266.8 billion in 2021 and is poised to grow from USD 310.05 billion in 2022 to USD 521.10 billion by 2030, growing at a CAGR of 7.7% during the forecast period (2023-2030).

The global automotive tire market is characterized by intense rivalry among numerous companies striving to differentiate their products and gain a larger market share. Companies in this industry focus on innovation, offering technologies that enhance performance, durability, and fuel efficiency. They also emphasize sustainability, aiming to develop cost-effective and eco-friendly tire solutions. Continuous research and development, strategic partnerships, and effective distribution networks are key factors driving competitiveness in the market, enabling companies to meet evolving customer demands and navigate the dynamic regulatory landscape. 'Bridgestone Corporation (Japan)', 'Michelin Group (France)', 'Goodyear Tire & Rubber Company (US)', 'Continental AG (Germany)', 'Pirelli & C. S.p.A (Italy)', 'Hankook Tire & Technology Co., Ltd. (South Korea)', 'Sumitomo Rubber Industries, Ltd. (Japan)', 'Yokohama Rubber Company, Ltd. (Japan)', 'Cooper Tire & Rubber Company (US)', 'Toyo Tire Corporation (Japan)', 'Kumho Tire Co., Inc. (South Korea)', 'Cheng Shin Rubber Ind. Co., Ltd. (Taiwan)', 'Giti Tire (Singapore)', 'Apollo Tyres Ltd. (India)', 'Nokian Tyres plc (Finland)', 'MRF Limited (India)', 'Nexen Tire Corporation (South Korea)', 'Sailun Group Co., Ltd. (China)', 'Maxxis International (Taiwan)', 'CEAT Limited (India)'

One major driver in the global automotive tire market is the increasing demand for tires driven by the growing sales of passenger and commercial vehicles worldwide. As reported by the International Organization of Motor Vehicle Manufacturers, the production of new vehicles has been consistently rising, leading to a surge in tire consumption. This trend is expected to continue as countries strive to improve transportation infrastructure and meet the rising demand for vehicles, thereby fueling the need for automotive tires.

One key market trend in the global automotive tire industry is the increasing demand for eco-friendly and sustainable tire solutions. With growing concerns about environmental impact and stricter regulations, there is a rising emphasis on developing tires that are energy-efficient, have reduced carbon emissions, and promote recycling and reuse. Tire manufacturers are investing in research and development to introduce innovative materials, such as bio-based or recycled rubber, as well as incorporating technologies like low rolling resistance and self-inflating tires to enhance fuel efficiency and reduce environmental footprint, aligning with the evolving preferences of consumers and the industry's sustainability goals.

North America dominated the global automotive tire market, largely driven by the presence of well-established automobile manufacturing industries and a high demand for vehicles. The region's dominant position is further strengthened by a robust transportation infrastructure and a strong emphasis on technological advancements. Key market players in North America, such as Goodyear, Bridgestone, and Michelin, contribute to the region's dominance through their extensive distribution networks, brand recognition, and continuous innovation efforts. Additionally, the region's strict safety and quality regulations create a favorable environment for tire manufacturers, boosting their market position.

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Global Automotive Tire Market

Product ID: SQMIG25B2003

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