The automotive tire oem global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Automotive Tire OEM Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The automotive tire oem market size has grown strongly in recent years. It will grow from $21.56 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to global automotive production growth, regulatory standards for fuel efficiency, safety regulations, consumer preferences for performance, original equipment fitment contracts, seasonal tire demand, automotive industry innovations.
The automotive tire oem market size is expected to see strong growth in the next few years. It will grow to $31.93 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing electric vehicle (ev) adoption, focus on sustainable materials, smart manufacturing processes, rise in ride-sharing services, global expansion of automotive markets. Major trends in the forecast period include integration of advanced sensor technologies, focus on tire performance and efficiency, advancements in tire materials, run-flat and self-sealing tire technologies, collaborations for tire technology innovation, smart tires and connectivity, adoption of 3d printing technology.
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Scope Of Automotive Tire OEM Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Automotive Tire OEM Market Overview
Market Drivers –
The increasing investments in research and development of automotive tires are driving the growth of the automotive tire OEM market. The tire manufacturers are conducting research and development activities for designing new tires and creating compounds to improve product performance. The automotive tire OEM will benefit from this investment by providing a more efficient and sustainable tire. For instance, in May 2022, Pirelli, an Italy-based tire manufacturer, announced an investment of $15 million over two years to create an advanced technology and digitalization center for tire manufacture at its facility in Silao, Mexico. The investment will focus on establishing the first research and development facility in Mexico, which will use tire production technologies created for future mobility, such as electric, sustainable, and connected transportation systems. Therefore, such investments will propel the automotive tire OEM market.
Market Trends –
Technological innovation is a key trend gaining popularity in the automotive tire OEM market. Major industry participants are focusing on developing novel technologies to shift consumer demand for advanced tires. For instance, in September 2023, Qualcomm Incorporated, a US-based semiconductor company launched Snapdragon Digital Chassis Solution. The purpose of the Snapdragon Digital Chassis is to assist intelligent and networked cars in managing the vast amount of data they gather. After a car is purchased, the Snapdragon Digital Chassis enables platforms to keep continuously updated with new features, enabling the manufacturer to develop new services and features for improved customer engagement and services-based revenue models.
The automotive tire oem market covered in this report is segmented –
1) By Type: Tube Tire, Tubless Tire
2) By Design: Radial Tire, Bias Tire
3) By Vehicle: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
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Regional Insights –
Asia-Pacific was the largest region in the automotive tire OEM market in 2023. The regions covered in the automotive tire oem market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the automotive tire oem market report are Bridgestone Corporation, Sumitomo Rubber Industries Ltd., Pirelli & C. SpA, Hankook Tire & Technology Co. Ltd., The Yokohama Rubber Co. Ltd., Toyo Tire Corporation, Cooper Tire & Rubber Company, Kumho Tire Co. Inc., Nokian Tyres plc, Giti Tire Corporation, MRF Limited, Apollo Tyres Ltd., Cheng Shin Rubber Industry Co. Ltd., Nexen Tire Corporation, Shandong Linglong Tyre Co. Ltd., Zhongce Rubber Group Co. Ltd., Triangle Tyre Co. Ltd., Sailun Group Co. Ltd., Yokohama Rubber Co. Ltd., Qingdao Sentury Tire Co. Ltd., Goodyear Tyre & Rubber Company, Aeolus Tyre Co. Ltd., Double Coin Holdings Ltd., Continental AG, Linglong Tire Co. Ltd., Shandong Wanda Boto Tyre Co. Ltd., JK Tyre & Industries Ltd., Hebei Tianyang Rubber Co. Ltd., Gui Zhou Tyre Co. Ltd.
Table of Contents
- Executive Summary
- Automotive Tire OEM Market Characteristics
- Automotive Tire OEM Market Trends And Strategies
- Automotive Tire OEM Market – Macro Economic Scenario
- Global Automotive Tire OEM Market Size and Growth
…………..
- Key Mergers And Acquisitions In The Automotive Tire OEM Market
- Automotive Tire OEM Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Automotive Tire OEM Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Automotive Tire OEM Market, Segmentation By Design, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Automotive Tire OEM Market, Segmentation By Vehicle, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
………….
Table 74: Bridgestone Corporation Financial Performance
Table 75: Sumitomo Rubber Industries Ltd. Financial Performance
Table 76: Pirelli & C. SpA Financial Performance
Table 77: Hankook Tire & Technology Co. Ltd. Financial Performance
Table 78: The Yokohama Rubber Co. Ltd. Financial Performance
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