Automotive Tire Market Size, Share, Growth Analysis, By Type(Radial Tires and Bias Tires), By End-User(Passenger Vehicles and Commercial Vehicles) - Industry Forecast 2024-2031

Automotive Tire Market size was valued at USD 310.05 billion in 2022 and is poised to grow from USD 333.92 billion in 2023 to USD 604,47 billion by 2031, growing at a CAGR of 7.7% in the forecast period (2024-2031).

The 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 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 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 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.