Categories: Chemicals

Automotive Tire Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Automotive Tire Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/automotive-tire-global-market-report

According to The Business Research Company’s Automotive Tire Global Market Report 2024, The automotive tire market size has grown strongly in recent years. It will grow from $132.89 billion in 2023 to $140.64 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to automotive industry growth, radial tire adoption, globalization and supply chain dynamics, regulatory standards and safety requirements, shifts in consumer preferences.

The automotive tire market size is expected to see strong growth in the next few years. It will grow to $176.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to market adaptation to changing vehicle types, rise in autonomous vehicles, sustainability and green initiatives, demand for all-terrain and all-weather tires, shift towards high-performance tires. Major trends in the forecast period include advancements in tire technology, shift towards electric vehicles (EVs), focus on fuel efficiency, sustainability and eco-friendly materials.

Increasing production of vehicles and the growing popularity of electric cars and pickup trucks and similar light commercial vehicles propels the market growth of the automotive tire market. According to statistics from the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced from January to September 2021 increased to 57.2 million units from 52.1 million units in 2020, during the same period. Therefore, the increasing production of vehicles around the world is expected to drive the automotive tire market.

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The automotive tire market covered in this report is segmented –

1) By Rim Size: Less Than 15 Inches, 15 to 20 Inches, More Than 20 Inches

2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle, Electric Vehicle

3) By Manufacturing: Radial Tire, Bias Tire

4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket

5) By Season Type: Summer, Winter, All Seasons

Major companies operating in the automotive tire market are focused on developing innovative solutions, such as tire pressure sensor, to gain a competitive edge in the market. A tire pressure sensor, also known as a TPMS sensor, is a small electronic device installed in each wheel of a vehicle’s tire pressure monitoring system (TPMS). For instance, in September 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturer, launched XENSIV SP49 tire pressure monitoring sensor. It combines pressure and temperature sensors along with an application-specific integrated circuit (ASIC) for enhanced functionality and performance. It is equipped with powerful 32-bit Arm M0+ core that enables advanced tire features like on-tire auto-position sensing, tire inflation assistance, tire blowout detection, and load detection.

The automotive tire market report table of contents includes: