Demand for automotive tires fueled by popularity of synthetic rubber, creating US$593.5 billion market opportunity in 2032
Automotive tire makers will capitalize on growing demand for SUVs and light commercial vehicles by India and China
The Automotive Tires Market research report published by Fact.MR delves into the major observations regarding the major expansion parameters prevailing across crucial segments for the next decade. It provides details on growth drivers, trends and opportunities in major segments, including vehicle type, tire structure, tire type, distribution channel and region.
NEW YORK, September 19, 2022 /PRNewswire/ — The Global Automotive Tire Market Is Expected To Be Valued At US$593.5 billion in 2032 and is expected to post a robust CAGR of 4.5% over the next 10 years. The automotive tire market is expected to grow owing to the increasing emphasis on sustainability and the increasing number of environmentally conscious consumers.
As more and more people start driving cars, there is a greater desire for high-performance automobiles, leading to an increase in vehicle manufacturing across the world. The automotive tire market is expected to be driven by increasing vehicle production and strong demand for passenger cars across the globe during the forecast period.
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SUVs are increasingly popular in China and India, thereby creating an attractive potential for market expansion. Market expansion will be further accelerated by the growing demand for pickup trucks and other comparable light commercial vehicles.
Increasing investment by the governments of the aforementioned countries in the development of green tires and growing demand for retreaded tires are also expected to boost the market. According to the India Brand Equity Foundation (IBEF), in FY22, the country’s annual automobile production was 22.93 million vehicles. It is expected to grow at a rapid rate in India in the coming years, thus pushing the demand for automotive tires.
According to Fact.MR, as tire producers work with automakers to meet their unique needs, the aftermarket sector is expected to see increased sales. Strong demand for synthetic rubber tires, supported by their lower tread loss and longer life, compared to natural rubber-based tires, is likely to push the aftermarket sector.
Key points to remember:
- Based on tire structure, the radial tire segment is expected to account for around 93% of the automotive tire market share by 2032.
- By region, North America is expected to grow at 3.5% CAGR in the automotive tire market from 2022 to 2032.
- Based on vehicle type, the passenger vehicle segment is estimated to witness a CAGR of 6.5% over the next few years in the automotive tire market.
- Top 5 automotive tire market key players are expected to generate a share of nearly 45% by the end of 2022.
- India dominate South Asia automotive tire market supported by an increase in automotive manufacturing in the country
- The growing popularity of electric vehicles (EVs) thanks to the availability of tax rebates and subsidies in emerging countries is expected to support growth.
- The increasing number of traffic accidents is forcing governments to implement stricter safety regulations, which is expected to fuel the expansion of the market.
- Underinflated tires have a high risk of flat tires, are more subject to general wear and have an increased risk of understeer, which can lead to collisions.
- Emergency braking can cause instant tire wear in a particular area, which can further lead to poor vehicle handling.
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Despite the presence of well-established tire manufacturers, OEMs and distributors, the global automotive tire market appears to be extremely fragmented. In order to gain momentum, they are focusing on research and development (R&D) expenditures, the development of production facilities and merger and acquisition (M&A) activities, while seeking integration opportunities across the vast value chain.
- In June 2021, Michelin launched its MICHELIN Primacy 4ST tires in India. The tire’s revolutionary tread design, which has 1.5 times more grooves to evacuate more water, contributes to its superb wet grip. A smoother ride with more comfort is produced by next-generation Silent Rib technology, which forms interlocking bands between tread blocks. The new technique also reduces tire rolling noise caused by air pumps.
- In 2021, Vredestein, a Dutch tire company owned by Apollo Tyres, has announced the launch of a new range of tires in India specifically for high-end cars and bikes. With the introduction of these new tires, the company seeks to take control of the premium automotive tire market.
- In January 2021, Purcell Tire & Rubber Firm has joined the retreading networks MICHELIN Commercial Service Network (MCSN), Michelin Retread Technologies, Inc. (MRTI) and Oliver Rubber Company, LLC (Oliver), according to Michelin North America, Inc., a global tire manufacturing company. Through this cooperation, Michelin would be able to establish a connection with its customers for all of its on- and off-road business-to-business goods and services.
- In September 2020, Alliance Tire Group (ATG), a producer of off-road tires and a subsidiary of Yokohama Rubber Manufacturing, announced a 165 million US dollars investment to build its third factory in Visakhapatnam (India). More than 20,000 tons of additional rubber would be produced annually by the proposed plant.
Top Companies Featured by Fact.MR
- Continental SA
- Yokohama Rubber Company Limited
- Sumitomo Rubber Industries Ltd.
- Madras Rubber Factory Limited
- Apollo Tires Ltd.
- Sailun Tires Ltd.
- Bridgestone Corp.
- Goodyear Tire and Rubber Company
- Pirelli and CSPA
- Shandong Linglong Tire
- Nexen Tire America Inc.
- Kumho Tire Co. Inc.
- Nokian Renkaat Ojy
- Cheng Shin Rubber Industries
- Toyo Tire & Rubber Company
- Trelleborg AB
- Cooper Tire & Rubber Company
- Hankook tire
- Titan Tire Corporation
More valuable information about automotive tire market
In the latest study, Fact.MR offers a detailed study on the global Automotive Tires Market for the forecast period 2022 to 2032. This study also highlights the key drivers of Automotive Tires sales promotion through segmentation detailed as follows:
By type of vehicle:
- 2/3 wheels
- Passenger vehicles
- Commercial vehicles
By tire structure:
- Radial tires
- Tube tires
- Tubeless tires
- bias tires
By tire type:
- Winter tires
- Summer tires
- All-season tires
By distribution channel:
- North America
- Latin America
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Key Questions Answered in the Automotive Tires Market Report
- What is the projected value of the automotive tire market in 2022?
- At what rate will the global automotive tire market grow up to 2032?
- What are the factors restraining the growth of the automotive tire market?
- Which region is expected to lead the global automotive tire market in 2022-2032?
- What are the factors driving the automotive tire market during the forecast period?
- What is the expected market value of the Automotive Tires market during the forecast period?
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automotive tubeless tire market: The global automotive tubeless tire market is expected to grow at a CAGR of 6% by 2030. The demand for radial tubeless tires is expected to increase as the number of infrastructure projects increases and that regional governments adopt safety requirements for heavy equipment.
Automatic Tire Changers Market: The global automotive tire changer market size is poised to grow at a CAGR of 4.8% between 2022-2032, reaching a valuation of US$667.4 million by 2032. Moreover, the growing number of vehicle service centers has further increased the demand for automatic tire changers globally.
wheel and tire service equipment market: The market for wheel and tire service equipment is expected to witness considerable growth due to the increasing number of aging cars, increasing annual mileage and owner loyalty habits. Large tire service equipment tools have been reduced due to convergence so they can now fit inside cars.
Market analysis of retreaded tires: The low cost of retreaded tires is one of the key factors driving the growth of the retreaded tire market. This growth is further boosted by robust growth in the transport sector.
Winter tire market outlook: The global winter tire market is estimated at US$24.1 billion in 2022. Europe dominates the global winter tire market with 32.3% market share in 2022. Studded winter tires hold 54.3% of global winter tire sales.
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