The global automotive tire market reached US$ 130.5 billion in 2022 and is expanding to US$ 211.6 billion by 2032, growing at a CAGR of 5.00% from 2023 to 2032.
Automotive tires are the most important part of any vehicle, made up of rubber and used to cover the rim of the wheel externally. Its prime function is to protect the rim and provide tractive force between vehicle and road surface.
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Increasing sale of passenger vehicles across the globe propel the market growth of automotive tire. In addition, ever-increasing global population along with rising disposable income of the public triggers the market growth. As per World Population Clock, the growth rate of global population is 1.05% per year. Besides this, the Organization for Economic Co-operation and Development (OECD) report 2018, Southeast Asia, China and India experienced firm growth in GDP in the last few years and expected to grow prominently in the coming years.
However, volatile prices of automotive tire analyzed to hinders the market growth. Petroleum reinforcing materials for example polyester and nylon are used as raw materials to manufacture tire. The prices of these materials fluctuate significantly due to frequent ups and downs in the global economy. Thus, uncertainty in the price of raw material repels the market growth.
Regional Snapshots
The Asia Pacific and Europe are the most prominent regions in the global automotive tire market. The Asia Pacific held significant value share of nearly 40% in the year 2019 and promises an opportunistic growth over the forecast period. The growth of the region is mainly due to the significant investment by major market players for their regional as well as product expansion in the region. The region offers low labor cost and significant consumer base for the manufacturers to tap maximum revenue out here. In addition, China and India are the two most flourishing automotive market that experienced prominent growth rate in the last few years. For instance, in India the automotive tire replace sales growth rate was projected to be 7-8% in the coming years and mainly from the passenger vehicles segment.
Europe garnered a growth rate of nearly 6.5% during the forecast period. The prominent growth of the region is attributed to the increased sales of passenger vehicles in the region especially the advanced vehicles such as electric vehicles and battery-powered vehicles. Furthermore, the European government has imposed stringent norms for the use the gas emission that encourages pubic as well as automotive players to switch to reliable and environment-friendly vehicle; this triggers the growth for automotive tire in the region.
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Key Players & Strategies
The global automotive tire market has numerous regional and international players however the market is still consolidated in nature. Four major players that are Continental AG, MICHELIN, Bridgestone Corporation, and The Goodyear Tire & Rubber Company capture approximately 50% of the market value. Meanwhile, cheap and low quality tires provided by some of the regional players give tough price competition to these major market players. However, advanced tire technology and excellent driving experience offered by the players propel their growth.
In addition, product development and investment is the key market strategy adopted by various industry players. For instance, in August 2019, The Hankook Tire launched Dynapro AT2 for off & on-road SUVs. These tires offer optimal performance in all driving condition irrespective of the road type. Similarly, in Jan 2020, Bridgestone Corporation launched BATTLECROSS E50 motorcycle tire for motorbike race to test the tire endurance.
Some of the key players operating in the market are Continental corporation, Bridgestone Corporation, Pirelli Tyre C. S.p.A. (China National Chemical Corporation), MICHELIN, Toyo Tire Corporation, Hankook Tire & Technology Co., Ltd., The Goodyear Tire & Rubber Company, The Yokohama Rubber Co., Ltd, Sumitomo Rubber Industries Ltd, and NokianTyres plc among others.
Report Highlights
By Season Tire Type
By Rim Size
By Vehicle Type
By Distribution Channel
By Regional Outlook
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