The global automotive tire market size was US$ 144.7 billion in 2021. The global automotive tire market size is forecast to reach US$ 219.87 billion in 2030, growing at a compound annual growth rate (CAGR) of 4% during the forecast period from 2022 to 2030.
An automotive tire is the circular component of the car that covers the wheel rim externally with rubber. Tires perform two primary functions: protecting the wheel rim and providing tractive force between the vehicle and the road. A rubber bumper provides a flexible cushion that reduces vibrations and absorbs shock from a vehicle. Among the rubber tire's components are tread, jointless cap piles, beads, and other materials, such as synthetic rubber, carbon black, and fabric.
Factors Influencing Market Growth
The growth in vehicle production in developing countries and the increase in competition among tire manufacturers drive the global automotive tire market.
Volatile raw material prices and an increase in tire remolding demand may slow down the market's growth.
A rise in the adoption of electric vehicles and the advancement of technology is forecast to create numerous opportunities for market expansion.
Impact Analysis of COVID-19
The COVID-19 impact has adversely affected the automotive tire market. Governments throughout the world implemented strict lockdowns and banned import-export of essential raw materials for most of 2020 and a few months in 2021 after the COVID-19 outbreak. A sudden drop in the availability of important raw materials for the automotive tire market resulted from this. As COVID-19's impact grew, other operations were closed as well, including R&D facilities, distribution channels, supply-demand interactions, retail networks, and other areas involved in the industry's future. Automotive tire sales have a direct relationship with vehicle manufacturing and distribution. As a result of the nationwide lockdown, parts manufacturing facilities had to shut down partially or completely. Due to the pandemic, global automotive sales and tire manufacturing have decreased.
Regional Insights
Asia-Pacific is forecast to have the largest market share in the automotive tires market. The Asia-Pacific region is becoming a hub for automotive production, with companies such as BMW AG (Germany) and Volkswagen Group (Germany) setting up manufacturing units in this region. The low production costs, lenient emissions and safety regulations, and government initiatives to attract foreign direct investment have led to significant investment in the Asia Pacific region, which is driving the automotive tires market in this region. Moreover, Asia Pacific is a hub for considerable tire manufacturers.
Leading Competitors
The leading prominent companies profiled in the global automotive tire market are:
Apollo Tyres Limited
Bridgestone Corporation
CEAT Limited
Continental AG
Hankook & Company Co., Limited
JK Tyre & INDUSTRIES Limited
Michelin
MRF Limited
Nokian Tyres PLC
Pirelli & C. S.p.A
Sailun Group Co., Limited
Salsons Impex Pvt. Limited
Shandong Linglong Group Co. Limited
Sumitomo Rubber Industries, Limited
The Goodyear Tire & Rubber Company
The Yokohama Rubber Co., Limited
Triangle Tire Co., Limited
Toyo Tire Corporation
Wanli Tire Co., Limited
Zhongce Rubber Group Co., Limited
Other Prominent Players
Scope of the Report
The global automotive tire market segmentation focuses on Season Type, Rim Size, Vehicle Type, and Region.
Segmentation based on Season Type
Summer
All-Season and Winter
Segmentation based on Rim Size
Less Than 15 Inches
15 to 20 Inches
More than 20 Inches
Segmentation based on Vehicle Type
Passenger Vehicle
Commercial Vehicle
Electric vehicle
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
