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Global Automotive Tire Market Is Projected To Reach US$ 593.5 Billion By 2032

As of 2022, the global automotive tire market enjoys a valuation of US$ 381.5 billion and is projected to reach US$ 593.5 billion by the end of 2032. Sales of automotive tires are anticipated to increase at a CAGR of 4.5% over the next ten years.

Radial tire demand is anticipated to be more than other types of tires owing to their characteristic properties such as high durability, low rolling resistance, and high heat dissipation. As a result, the radial tire segment is anticipated to account for a whopping 93% share by 2032-end.

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The report offers actionable and valuable market insights into Automotive Tires. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of the Automotive Tire Market across various industries and regions.

The market study was done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of the Automotive Tire market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with production and supply. The latest report by Fact.MR provides a detailed Market Analysis of Automotive Tire

Key Companies Profiled

  • Continental AG
  • Yokohama Rubber Company Limited
  • Sumitomo Rubber Industries Ltd.
  • Madras Rubber Factory Limited
  • Apollo Tyres Ltd.
  • Sailun Tires Ltd.
  • Bridgestone Corp.
  • Michelin
  • Goodyear Tire And Rubber Company
  • Pirelli & C. S.P.A
  • Shandong Linglong Tyre
  • Nexen Tire America Inc.
  • Kumho Tire Co. Inc.
  • Nokian Renkaat Ojy
  • Cheng Shin Rubber Industries
  • Toyo Tire & Rubber Company
  • Trelleborg AB
  • Cooper Tire & Rubber Company
  • Hankook Tire
  • Titan Tire Corporation

Automotive Tire Market — Competitive Landscape

  • With the traction for sustainability in the automotive tire market on the rise, Continental A.G recently revealed that it had developed a sustainable adhesive for bonding rubber with textile reinforcement material in collaboration with Turkey-based Kordsa Tecnik Tekstil A.S. The German-based tire manufacturers plan to leverage the sustainable adhesive for production of a new line of tires in the foreseeable future.
  • Vehicle performance and fuel efficiency are gradually becoming key parameters of vehicle selection. In order to tap into the growing consumer base, Daimler, North America, has decided to equip its Freightliner trucks with Michelin X Line EnergyTM D+ long-haul tires. Daimler plans to enhance the fuel efficiency of its Cascadia Class 8 heavy-duty truck from its previous models launched in 2017.
  • Intensifying innovation in the automotive tire market saw another development complementing the concept after Goodyear launched a new aero concept tire. The company claims the tires will pave way for the development of flying cars with the propeller blades installed in the tire providing the mechanism for helping cars to transition from land to air.
  • To meet the growing demand for automotive tires Sumitomo Rubber Industries announced it would be doubling its production of truck tires at its production facility in Fazenda, Rio Grande, Brazil. With an investment of $37 million, the company expects the production of 1000 truck tires per day at the production plant.

With a strong focus on fuel efficiency, and demand for low-rolling resistance tires, along with stringent environment regulations, the global market for automotive tires is likely to witness an upsurge in the near future. The market is also expected to benefit from increasing prevalence of green tires on the back of rapidly growing concerns associated with overflowing landfills of scrap tires, and inadequate recycling efforts. OEMs are now focusing on performance and efficiency of tires as imperative engineering parameters. Fact.MR offers a detailed analysis on the global automotive tire market in its recent research for the forecast period 2017 to 2022.

Key Segments Covered in Automotive Tire Industry Research

  • By Vehicle Type:
    • 2/3 Wheelers
    • Passenger Vehicles
    • Commercial Vehicles
      • LCVs
      • HCVs
  • By Tire Structure:
    • Radial Tires
    • Tube Tires
    • Tubeless Tires
    • Bias Tires
  • By Tire Type:
    • Winter Tires
    • Summer Tires
    • All-season Tires
  • By Distribution Channel:
    • OEMs
    • Aftermarket
  • By Region:
    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

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