The Automotive Tire OEM 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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According to The Business Research Company’s Automotive Tire OEM Global Market Report 2024, 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..
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.
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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
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 report table of contents includes:
- 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
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- Global Automotive Tire OEM Market Competitive Benchmarking
- Global Automotive Tire OEM Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Tire OEM Market
- Automotive Tire OEM Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- Bridgestone Corporation
- Sumitomo Rubber Industries Ltd
- Pirelli & C. SpA
- Hankook Tire & Technology Co. Ltd
- The Yokohama Rubber Co. Ltd
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