Automotive Tire Market Size is Projected to be US$ 24.06 Billion by 2032, at a CAGR of 2.7% from 2024 to 2032 | Polaris Market Research

Increasing vehicle ownership worldwide and investments by companies in developing advanced tires accelerate the automotive tire market growth.

New York, USA, Sept. 16, 2024 (GLOBE NEWSWIRE) — Market Overview:

The global automotive tire market was estimated at USD 19.12 billion in 2023. The market is expected to upsurge from USD 19.44 billion in 2024 to USD 24.06 billion by 2032 at a CAGR of 2.7% during the forecast period from 2024 to 2032.

What is Automotive Tire?

Automotive tires, the round-shaped rubber components that establish the vital connection between the vehicle and the road surface, are constructed from materials such as rubber, steel cord, fiber, and textile. These materials are carefully chosen to provide traction and support the vehicle’s weight, thereby influencing the tire’s performance. Quality plays a crucial role in choosing the right tire. The best one can enhance your car’s safety and performance by controlling steering and braking, as well as reduce maintenance costs and fuel consumption.

Download Free Sample PDF Copy of the Report:

https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/request-for-sample

Market Report Attributes

Report Attributes Details
Market value in 2023 USD 19.12 billion
Market value by 2032 USD 24.06 billion
CAGR 2.7% from 2024 to 2032
Base year 2023
Historical data 2019–2022
Forecast period 2024–2032

Key Highlights of Report:

  • The automotive tire market is expected to grow significantly due to factors including a rising number of car purchases worldwide, an increase in research and development (R&D) activities, technological developments in the car tire sector, and a rising focus on fuel economy.
  • The market is primarily segmented on the basis of rim size, vehicle type, tire type, season type, section width, and region.
  • Based on region, in 2023, the Asia Pacific region accounted for the largest market share.

Automotive Tire Market Key Players:

  • Bridgestone Corporation
  • CEAT Ltd.
  • Continental AG
  • Goodyear Tire and Rubber Company
  • JK Tyre & Industries Ltd.
  • Michelin Group
  • MRF Tyres
  • Pirelli & C. S.p.A.
  • Sumitomo Rubber Industries Ltd.
  • Toyo Tire & Rubber Co. Ltd.

Request for a Discount on this Report Before Purchase:

https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/request-for-discount-pricing

Automotive Tire Market Trends and Drivers

  • Demand For High-Performance Automobiles: The expansion of the automotive manufacturing industry majorly fuels the market growth, driven by increasing vehicle ownership worldwide and rising demand for high-performance vehicles, which in turn boosts the need for tires.
  • R&D investments: Companies aimed at unveiling tires with enhanced performance, longevity, and eco-friendliness are heavily investing in research and development (R&D) activities. As the popularity of these vehicles increases, tire manufacturers are focusing on developing tires specifically designed to match their unique characteristics, such as weight distribution and driving dynamics. Thus, increasing investments by companies in developing advanced tires further propel the automotive tire market growth.
  • Focus On Fuel Economy: Consumers worldwide are increasingly opting for the most durable and cost-effective tire alternatives, encouraging the automotive industry to develop innovative tire solutions. Additionally, as consumers seek tires that offer enhanced fuel efficiency, the emphasis on fuel economy becomes more prominent, driving market growth.

Which Region Dominates Automotive Tire Market Globally?

Asia Pacific accounted for the largest automotive tire market share in 2023 and is predicted to maintain its strong influence during the forecast period. The region has established a strong footprint in auto manufacturing due to low production costs, cheap labor, favorable safety and pollution regulations, and government incentives for foreign direct investment (FDI). This trend has attracted well-known automakers such as BMW AG, Volkswagen Group, Tata, BYD, Nissan, and Mitsubishi to expand their operations in the region, driving market growth.

Inquire more about this report before purchase:

https://www.polarismarketresearch.com/industry-analysis/automotive-tire-market/inquire-before-buying

Segmental Outlook:

By Rim Size:

  • 13–15″
  • 16–18”
  • 19–21″
  • > 21″

By Aspect Ratio:

  • <60
  • 60-70
  • >70

By Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Buses
  • Trucks

By Tire Type:

  • Bias Tire
  • Radial Tire

By Season Type:

  • Winter Tire (Non-Studded & Studded)
  • Summer Tire
  • All-Season Tire

By Section Width:

  • <200mm
  • 200-230mm
  • >230mm

By Region

  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse PMR’s Automotive Tire Market Report Coverage from Different Publications:

The global automotive tire market size is expected to reach USD 24.06 billion by 2032, exhibiting a CAGR of 2.7% during the forecast period

Browse More Research Reports:

Advanced Driver Assistance Systems (Adas) Market

Electric Transporters Market

Electric Vehicles (Ev) Market

Mountain Bike Market

All-Terrain Vehicle (ATV) and Utility Task Vehicle (UTV) Market

About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

Contact:
Likhil G
8 The Green Ste 19824,
Dover, DE 19901,
United States
Phone: +1-929 297-9727
Email: sales@polarismarketresearch.com
Web: https://www.polarismarketresearch.com
Follow Us: LinkedIn Twitter

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. IndiaShorts takes no editorial responsibility for the same.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Privacy & Cookies Policy