Automotive Tire Market Overview:
The Automotive Tire Market is poised for remarkable growth, with a valuation of USD 141.80 billion in 2023, expected to reach USD 217.77 billion by 2030, at a CAGR of 6.32% during the forecast period. Tires are critical components in vehicles, offering tractive force, shock absorption, and protection for wheel rims. The market is driven by technological advancements, a surge in automotive production, and increasing demand for fuel-efficient and eco-friendly tires.
Market Scope:
This report provides a comprehensive analysis of the Automotive Tire Market, segmented by vehicle type, tire type, material, rim size, sales channel, and regions. It includes PESTLE analysis, Porter’s Five Forces analysis, and detailed segmentation insights, offering stakeholders actionable data for strategic decision-making.
Market Drivers:
- Growing Electric Vehicle Adoption:
The rise of electric and hybrid vehicles has spurred demand for lightweight, energy-efficient tires. Leading manufacturers are investing in R&D to produce high-performance tires tailored to EVs. - Increase in Automobile Production:
Expanding automobile manufacturing and the robust demand for passenger cars and SUVs, especially in emerging markets like India and China, are key growth drivers. - Focus on Sustainability:
The popularity of green tires, characterized by low rolling resistance and enhanced fuel efficiency, is growing. These tires are especially sought after in commercial vehicles, contributing to environmental sustainability. - Tire Remolding Practices:
Retreaded tires, which are cost-effective and eco-friendly, are gaining traction among fleet operators, significantly reducing manufacturing costs and landfill waste.
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Market Trends:
- Smart Tire Technology:
Innovations such as sensor-integrated tires, like those developed by JK Tyres and Continental AG, offer real-time data on tire health, enhancing vehicle safety and efficiency. - Noise-Reducing Tires:
Technologies like Goodyear’s Sound Comfort are addressing passenger comfort by minimizing road noise. - Automation in Manufacturing:
Tire manufacturers are embracing automation to enhance productivity and meet increasing global demand.
Segmentation Analysis:
- By Vehicle Type:
- Passenger Cars: Dominating with over 48% market share in 2023.
- LCVs and HCVs: Rapid growth driven by cost-efficiency and rising logistics demand.
- By Tire Type:
- Radial Tires: Holding a significant share with a CAGR of 7%, owing to superior durability and traction.
- Bias Tires: Preferred in specific applications for cost-effectiveness.
- By Rim Size:
- 13-15 Inches: Popular among compact sedans and hatchbacks.
- >21 Inches: Increasing demand in premium and luxury vehicles.
- By Sales Channel:
- OEM: A significant share driven by partnerships with automakers.
- Aftermarket: Growing demand for replacement tires.
For in-depth insights and a detailed competitive analysis, request a free sample report today:https://www.stellarmr.com/report/req_sample/Automotive-Tire-Market/331
Key Players in the Automotive Tire Market:
- The Goodyear Tire & Rubber Company (USA)
- Pirelli & C.S.p.A. (Italy)
- Michelin (France)
- Bridgestone Corporation (Japan)
- Continental AG (Germany)
- Apollo Tyres Ltd. (India)
- Hankook Tire (South Korea)
- Yokohama Tire Corporation (Japan)
- Toyo Tire & Rubber Co., Ltd. (Japan)
- Nexen Tire Corporation (South Korea)
Other notable players include China National Tire & Rubber Co. Ltd., CEAT Ltd., and JK Tyre & Industries Ltd.
Regional Insights:
- Asia-Pacific:
Holding over 40% market share, the region leads due to increasing demand for passenger cars in China and India. The Indian tire industry is projected to grow at a CAGR of 13-14%, driven by urbanization and infrastructure development. - North America and Europe:
Witnessing significant growth, especially in luxury vehicles and off-road tires. Germany leads European sales, with SUVs gaining popularity. - Middle East & Africa:
Growth fueled by rising investments in the automotive sector and increasing sales of commercial vehicles.
Key Questions Answered:
- What is the current size and projected growth of the Automotive Tire Market?
- What are the latest trends shaping the industry?
- Which regions are witnessing the fastest growth?
- How are companies leveraging innovation to remain competitive?
- What are the key challenges and opportunities in the market?
For more insights, detailed analysis, and a free sample report, visit:https://www.stellarmr.com/report/Automotive-Tire-Market/331
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Stellar Market Research:
Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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