Automotive Tires Market

An automotive tire is a type of circular component which is made of a flexible, strong rubber casing which is connected to the rim of a wheel. The tires offer a gripping surface for traction between the road surface and vehicles and provide a cushion for the wheels of moving vehicles to decrease the impact of vibrations. The tires in most of the vehicles are pneumatic in which the air is held under pressure inside the tire; earlier, the pneumatic tires comprise an inner tube to hold the air pressure, but now such tires are developed to form a pressure seal with the rim of a wheel.

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The factors fueling the automotive tires market growth include the increasing automotive production, ongoing technological development to extend the life of tires, and accelerating sales of passenger and commercial vehicles. According to the International Organization of Motor Vehicle Manufacturers, nearly 55.83 million passenger cars and 21.78 million commercial vehicles were produced globally in 2020. Leading Companies in the automotive tire industry are emphasising on product differentiation by offering innovative technologies to maintain their competitiveness in the market. For example, in February 2021, Michelin Group collaborated with IFP Energies Nouvelles, Pyrowave, Carbios, Enviro, and BlackCycle to make its tires 100% sustainable by 2050. Moreover, factors like emerging need for a fuel-effective economy, growing demand for convenience, rising concern towards safety, and high replacement cost of traditional tires are projected to expand the market growth over the upcoming years. In addition, as per the Automotive Tires Market Global Forecast, the incorporation of advanced technologies, which include 3D printing and additive manufacturing and growing demand for fuel-effective tires has inclined producers towards developing new tires with superior low rolling resistance, driving the Automotive Tires Market size.

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Based on the type, the radial segment is anticipated to increase at a higher CAGR in the global automotive tires market during the forecast period owing to the increasing usage of such type of tires as a result of various advantages offered such as decrease the machine costs, greater productivity, and lowers consumption of fuel.

Based on the vehicle type, the passenger car segment is projected to grow at a higher compound annual growth rate over the forecast period in the global automotive tires market due to the increasing demand for automotive tires as a result of the growing penetration of passenger cars across various countries. In addition, an increase in disposable income, enhancement in the economic conditions, and inclination towards comfortable and convenient transportation are also some key factors paving various growth opportunities for the automotive tires in this segment.

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Based on the region, the Asia-Pacific region is expected to increase at a higher CAGR in the global automotive tires market during the forecast period due to the rising adoption of automotive tires in this region as a result of the presence of various automotive manufacturers and tire manufacturers across countries like Japan and South Korea. In addition, the expansion of the automotive industry in countries like India and china is also driving the growth of the market. For instance, the government of China expects the output of the automobiles is expected to reach 30 million units by 2020 and 35 million by 2025. Moreover, an increase in the development of infrastructure across various countries has resulted in the adoption of commercial vehicles, which is also a key factor surging the demand for automotive tires in the market across the region.

Various notable players operating in the market include Continental AG, Bridgestone Corporation, MICHELIN, The Goodyear Tire & Rubber Company, Sumitomo Rubber Industries, Ltd., Pirelli & C. S.p.A., THE YOKOHAMA RUBBER CO., LTD., Hankook Tire & Technology Co., Ltd, Toyo Tire Corporation, and Cooper Tire & Rubber Company, among others. 

Key Developments: 

• • In 2022, Hankook Co, Ltd. announced the launch of iON, specially designed for exclusive electric vehicles, to optimize the efficiency of Electric vehicles. With the launch of iON tires, the company is emphasising on increasing demand for EVs and the need for appropriate tires in replacement twems
  • In 2021, The Goodyear Tire & Rubber Company acquired the Cooper Tire & Rubber Company. The merger incorporated the portfolios, capabilities, and services of two leading tire companies. The resulting company is projected to provide more options across the value spectrum
  • In 2021, The Yokohama Rubber Co. Ltd., launched a latest technology to detect wear and tear s of tires. The feature offers a timely alert to the vehicle owner to replace damaged tires, which provides safety while increasing the service life of tire and minimizing environmental effects
  • In 2019, MICHELIN launched a new tire range Energy XM2+ for small and mid-sized passenger cars in India. This range is an enhancement in the previous tire range Energy XM2.
  • In 2020, The Goodyear Tire & Rubber Company collaborated with Lordstown motors on tires and service along with future tire intelligence opportunities. In this collaboration, the company planned to acquire new endurance vehicles to incorporate in its own service fleet organizations acknowledging the sustainable footprint of all-electric vehicles.

The global automotive tires market has been segmented on the basis of type, season, vehicle type, rim size, distribution channel, and regions. Based on type, the market is segmented into bias and radial. Based on the season, the market is segmented into summer, winter, and all seasons. Based on vehicle type, the market is segmented into the passenger car, LCV, buses, and trucks. Based on rim size, the market is segmented into less than 15 inch, 15-20 inch, and more than 20 inch. Based on the distribution channel, the market is segmented into OEM and aftermarket. 

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Key questions answered in this research report:

• • At what pace is the global automotive tires market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the automotive tires market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global automotive tires market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various distribution channels of the global automotive tires market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Automotive Tires Market by Type

• • Bias
  • Radial

Global Automotive Tires Market by Season

• • Summer
  • Winter
  • All Seasons

Global Automotive Tires Market by Vehicle Type

• • Passenger Car
  • LCV
  • Buses
  • Trucks

Global Automotive Tires Market by Rim Size

• • Less than 15 Inch
  • 15-20 Inch
  • More than 20 Inch

Global Automotive Tires Market by Distribution Channel

• • OEM
  • Aftermarket

Global Automotive Tires Market by Region

• • North America Automotive Tires Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Season
    • By Vehicle Type
    • By Rim Size
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Automotive Tires Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Season
    • By Vehicle Type
    • By Rim Size
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Automotive Tires Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Season
    • By Vehicle Type
    • By Rim Size
    • By Distribution Channel
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Automotive Tires Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Season
    • By Vehicle Type
    • By Rim Size
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Automotive Tires Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Continental AG
  • Bridgestone Corporation
  • MICHELIN
  • The Goodyear Tire & Rubber Company
  • Sumitomo Rubber Industries, Ltd.
  • Pirelli & C. S.p.A.
  • THE YOKOHAMA RUBBER CO., LTD.
  • Hankook Tire & Technology Co., Ltd
  • Toyo Tire Corporation
  • Cooper Tire & Rubber Company