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Automotive Tires Market: By Season Type (Summer, All-Season, Winter), By Rim Size (Less Than 15 Inches, 15 to 20 Inches, More than 20 Inches), By Vehicle Type (Passenger Vehicle, Commercial Vehicle, Electric Vehicle) And Region - Global Analysis of Market Size, Share & Trends For 2019-2021 And Forecasts To 2031
Tire is an important part of any vehicle that has wheels. They are ring-shaped rubber rings that surround the rim of the vehicle wheel. They assist in providing traction on whatever surface the vehicle is moving on by transferring the vehicle's load from the axle to the wheel. The majority of bicycle and automotive tires are pneumatically inflated, providing a tolerant cushion that absorbs shock as the vehicle rolls over any rough elements on the present surface. The worldwide automotive tire market is being impacted by the increasing production and sales of passenger and light commercial vehicles.
Global Automotive Tires Market is expected to witness significant growth till USD 169.6 billion by 2031 from USD 126 billion in 2021 at a CAGR of 3% in the coming years, i.e., 2021-2031. Increased average vehicle life, higher kilometres driven per year, growing concern for maintenance and safety, technological developments leading to longer tire life, and other factors are boosting the automotive tires market. Furthermore, increased investments by leading industry vendors are having an impact on market growth.
The passenger car sector accounts for the greatest share of the market, owing to increased passenger vehicle manufacturing in response to rising demand and sales. Minivans, pickup trucks, and buses are examples of commercial vehicles. Commercial vehicles are in high demand due to continued growth in the manufacturing, processing, logistics, and tourism and hospitality industries.
This rim size is commonly found on passenger automobiles with a GVWR of less than 3.0 tonnes. These rim sized tires are found on passenger cars in the hatchback and compact sedan segments. Hyundai Avante, Volkswagen Polo, VW Rapid, Hyundai Accent, and other models, for example, come with 13"-15" rim size tires. These passenger automobile types are the most popular in Asian countries and other parts of the world. As a result, the largest demand is for 13"-15" rim size tires.
Governments have updated progressively more stringent safety laws as a result of rising traffic accident rates, which drives market growth. Monitoring bodies in developed regions are making it mandatory to put modern automobile tires in vehicles in order to reduce rising accident rates. Furthermore, rising car production and sales boost the market to further progress. The global increase in car sales has resulted in a significant demand for automotive tires.
Other reasons driving the automotive tire market include people's growing interest in sports like automobile and bike racing and extreme terrain rallies. OEMs use these events as a marketing platform for their products and to raise brand awareness. Customers in emerging economies are increasingly purchasing higher-capacity vehicles such as SUVs and crossovers as their disposable income rises.
The market's growth is expected to be hampered by price volatility and a demand-supply mismatch in the raw materials necessary for tire production. In addition, achieving a duty-free process presents commercial and compliance problems for both car and components producers.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa make up the worldwide automotive tire market. During the forecast period, the Asia Pacific region is expected to increase at the fastest rate. Several government programmes encouraging FDIs, as well as low production costs, affordable labour, and lax pollution and safety regulations, have boosted investment in the Asia Pacific region.
In the short term, the COVID-19 pandemic has had a substantial impact on the automotive tire business, with new vehicle production and sales declining in 2020. Furthermore, due to the restrictions, car owners reduced their driving time, which resulted in missed maintenance or tire replacement appointments.
REPORT ATTRIBUTE |
DETAILS |
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Market size value in 2021 |
USD 126 billion |
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Revenue forecast in 2031 |
USD 169.6 billion |
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Growth Rate |
CAGR of 3% from 2021 to 2031 |
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Base year for estimation |
2020 |
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Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Season Type, Rim Size, Vehicle Type, and Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key companies profiled |
Apollo Tires Ltd, Bridgestone Corporation, CEAT Limited, Continental AG, Hankook & Company Co., Ltd., JK Tire & INDUSTRIES LTD., Michelin, MRF Limited, Nokian Tires PLC, Pirelli & C. S.p.A, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd.,, Toyo Tire Corporation, Wanli Tire Co., Ltd., and Zhongce Rubber Group Co., Ltd. |
Automotive Tires Market size was estimated at USD 126 billion in 2021 and is expected to reach USD 169.6 billion in 2031.
The primary function of tires is to support the weight of the vehicle and transmit traction and braking force to the road surface. The manufacturers are also focused on allowing their customers to enjoy the most comfortable driving experience.
Passenger Vehicle segment accounted for the largest Automotive Tires Market share.
Key players involved in the market include Apollo Tires Ltd, Bridgestone Corporation, CEAT Limited, Continental AG, Hankook & Company Co., Ltd., JK Tire & INDUSTRIES LTD., Michelin, MRF Limited, Nokian Tires PLC, Pirelli & C. S.p.A, Sailun Group Co., Ltd., Salsons Impex Pvt. Ltd, Shandong Linglong Group Co. Ltd., Sumitomo Rubber Industries, Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd., Triangle Tire Co., Ltd.,, Toyo Tire Corporation, Wanli Tire Co., Ltd., and Zhongce R
Government regulations and support for safe driving and increasing income of consumers is driving the sales of modern cars, impacting the market growth.
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